Retirement

One of the best ways to ensure a secure retirement is to start saving as early as possible. Our retirement savings plans allow you to save for the future on a pretax basis while taking advantage of employer contributions. You can begin participating in the plan once you become eligible and make contributions through convenient payroll deductions.

AVID offers both a 403(b) and 457(b) plan through Principal to help you reach your retirement goals while enjoying significant tax advantages. You can contact Principal at any time at (800) 986-3343 or by logging in to principal.com for more information about the plan, your account balance, making contributions, changing investment elections, initiating a rollover or requesting a loan or withdrawal.

403(b) Plan

    In-Network Benefit Highlights

    Deductible (Individual/Family)
    $XX/$XX

    Out-of-Pocket Max (Individual/Family)
    $XX/$XX

    Preventive Care
    $XX

    Primary Care Visit
    $XX

    Specialist Visit
    $XX

    Urgent Care
    $XX

    Emergency Room
    $XX

    Who all is eligible for the 403(b)?

    All regular, full-time employees are eligible to participate in the 403(b) plan. 

    Contributions

    • You will be automatically enrolled at your date of hire.
    • Automatic contributions will be 6% of your eligible pay each period. However, you can choose to contribute more, less or even nothing.
    • AVID also contributes 10% of your eligible pay each period which begins at 90 days of employment.
    • Vesting begins after 1 year of service.
    • Unless you elect not to participate in the automatic increase program, the percentage withheld from your pay will be increased by 1% every January. The amount withheld from your pay and contributed to the plan under the automatic increase program will not exceed 12%.

    How do I enroll?

    You will be automatically enrolled on your date of hire. You may increase, decrease, or opt out at any time by logging into principal.com.

    457(b) Plan

      In-Network Benefit Highlights

      Deductible (Individual/Family)
      $XX/$XX

      Out-of-Pocket Max (Individual/Family)
      $XX/$XX

      Preventive Care
      $XX

      Primary Care Visit
      $XX

      Specialist Visit
      $XX

      Urgent Care
      $XX

      Emergency Room
      $XX

      Who all is eligible for the 457(b)?

      All directors and above are eligible to participate in the 457(b) plan.

      Contributions

      •  You may choose to contribute as little as nothing or as much as the IRS maximum. Catch up provisions apply.
      • AVID will begin contributions on the 1st payday after the enrollment window has closed. AVID contributes $5,000 per year.

      How do I enroll?

      Enrollment opens upon hire or transfer into an eligible role. Action is required within the enrollment window. Visit principal.com to get started.

      Increase Your Retirement Savings

      • Contribute using convenient payroll deductions up to the IRS limit of $23,000 per year.
      • Change the amount of your contributions or stop your payroll contributions at any time.
      • Decide how to invest your funds or allow the plan to choose for you.
      • The retirement contribution limit for employees age 50 or older is $30,500 in 2024.