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.