Why should I enroll?
401(k) and 457(b) contributions are automatically deducted from your paycheck, making it easy to contribute. You can contribute in two ways: select Percentage of Pay or identify a dollar amount. When you select Percentage of Pay, your contribution amount automatically increases each time you receive a salary increase. You can change your investment mix and contribution amount at any time.
Your contributions and any earnings are continually reinvested, giving you the benefits of compounding. While compounding doesn’t guarantee that you will have enough money through retirement, it can be a powerful engine for potential asset growth. Don’t forget – even though it’s better to start saving earlier, there is never a bad time to start.
Complete the three steps below to enroll in Savings Plus:
- Select a pre-tax or Roth (after-tax) 401(k) or 457(b) Plan. You can establish more than one type of Plan. Since we deduct a quarterly administrative charge of $6 from each plan, we recommend you select only one, unless you will contribute more than the annual limit for one Plan. For a side-by-side summary of the Plans, review the 401(k) and 457(b) Plan Comparison Chart that includes both the pre-tax and Roth options. If you choose to enroll in both Plans, you must enroll in one Plan at a time. Note: Roth assets are not available for loans.
- Decide your monthly contribution amount. The minimum and maximum contribution amounts are listed on the 401(k) and 457(b) Plan Comparison Chart. You can use the State Controller's Take-Home Pay Calculator to determine what impact your contribution will have on your take-home pay.
- Have the following information handy:
- Social Security number
- Pay center (check your pay stub or ask your Personnel Office)
- Annual salary
- Beneficiary(ies) (person or organization/trust) including name, birth date, relationship and designation percentages
How much should you save from each check?
Savings Plus allows participants to begin with a minimum contribution amount of $50 per month. Increasing your contributions, even by a small amount/1%, can make a big difference. Contribution limits
are determined by the IRS each year. Understanding the IRS annual contribution limit is important, especially when your goal is to contribute the maximum amount to your account each year.
What should you invest in?
Fixed income, bonds, stocks, Target Date Funds and more – there are so many options. So much to understand.
How do you want to handle making investment decisions?
Option 1: Do it for me
Select a Target Date Fund that aligns with the year closest to when you think you will start taking distributions.
Option 3: Manage it for me
For a fee, a Nationwide ProAccount® professional picks investments for you and manages them over time to help you stay on target with your goals. Learn more about Nationwide ProAccount.
Enrolling & investing videos