401(k)
All new employees are eligible for NRP’s 401(k) plan on the first pay period that includes the first day of the quarter (January, April, July, and October) following six months of service.
NRP matches 100% of the first 3% of each employee’s contribution and 50% of the next 2%. For example:
- An employee earning $1,000 per pay contributes 5% to the plan, or $50, NRP will match the employee’s contribution at 4% with an additional $40.
- An employee earning $1,000 per pay contributes 4% to the plan, or $40, NRP will match the employee’s contribution at 3.5% with an additional $35.
- An employee earning $1,000 per pay contributes 3% to the plan, or $30, NRP will match the employee’s contribution at 3% with an additional $30.
Employees are immediately 100% vested in employer contributions. The IRS maximum that an individual can contribute in 2024 is $23,000 with an additional $7,000 catch-up amount for individuals over 50 years old.
Employees can make elections, change their contribution amount, and the fund selection at any time on our record keeper’s website – EmpowerMyRetirement.com.
