ENCOVA INSURANCE 401(K) PLAN Contribution & Employer Match

How MOTORISTS MUTUAL INSURANCE COMPANY Supports Your Retirement Savings

MOTORISTS MUTUAL INSURANCE COMPANY provides retirement savings benefits through ENCOVA INSURANCE 401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

ENCOVA INSURANCE 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Eligible employees may elect to contribute a percentage of their compensation limited to the maximum allowable under the Internal Revenue Code for such plan year, with an automatic pre-tax deferral rate starting at 4% and increasing by 1% each year until it reaches 10%.

2. Employer Match/Contribution Conditions: The employer matches contributions at 100% of the first 7% of employee contributions.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions, Company matching contributions, and additional discretionary amounts contributed by the Plan. Full-time employees are immediately eligible to participate after their employment date; temporary employees, seasonal employees, and interns must complete 1,000 hours of service to become eligible.

4. Roth 401(k) Contribution: Participants may also make Roth deferral contributions.