401(k) Savings Plan

ELIGIBILITY

Full-time employees who are at least 21 years of age are immediately eligible to participate in the 401(k) plan. 

Part-time employees who are at least 21 years of age and have worked 1,000 hours or more in the previous 12-month period are also eligible to participate in the plan. 

EMPLOYEE CONTRIBUTIONS

The maximum employee deferral amount for 2023 is $22,500 with a catch-up contribution maximum of $7,500. If you are 50 or older, you may contribute a maximum of $30,000 for 2023.

Employees can contribute up to 60% of their eligible compensation through either pre-tax or ROTH contributions, up to the IRS limits. All funds contributed by the employee and Brookfield are 100% vested. 

EMPLOYER CONTRIBUTIONS

Through the 401(k) Company Matching contribution program, you have an opportunity to receive dollar for dollar of what you contribute to the 401(k) Plan up to 5% of your eligible pay. 

  • Contributions of up to 5% receive 100% of your contributions up to the maximum Employer Contribution (match) 
  • Maximum Employer Contribution is 5% of eligible compensation up to the IRS limit of $330,000 in 2023

Additional benefits to participating in your 401(k) Plan include: pre-tax contributions, to lower your taxable income, investment options, saving convenience and personal and home loan options. 

AUTO ENROLLMENT

All new hires will be automatically enrolled into the Plan at a 5% pre-tax contribution rate. Employees are eligible to participate in the Plan beginning on the first of the month following 30 days of their hire date. If no elections are made within this period, these employees will be auto-enrolled at 5%. These elections can be decreased or increased at any time by the employee. In addition, auto-enrolled participants will be able to direct contributions to any of the investments available in the Plan. However, if you do not make an investment election, your money will be invested in the default fund for the Plan, the American Centuries target date fund (based on age and estimated retirement age of 65).

AUTO INCREASE

The Plan also provides the opportunity to elect automatic rate increases to help you reach your goals. Also, if you have been auto-enrolled into the Plan, Brookfield will increase your contribution by 1% each year until you reached 10%. You may change this amount or opt-out at any time. 

OPTING OUT OF AUTO ENROLLMENT

If you want to contribute a different amount or do not want to contribute to the Plan, you will have 30 days from your hire date to opt out using one of the two ways below: 

  • By phone: Contact Empower Retirement at 844-465-4455, then enter 0# to speak with an Empower representative. You cannot opt out using the automated telephone system. Representatives are available to take your call weekdays between 8 am and 10 pm Eastern time and Saturdays between 9 am and 5:30 pm Eastern time
  • Online: Log on to www.brookfieldretirement.com using your username and password
    • Click on the Brookfield 401(k) Savings Plan link
    • Choose “Paycheck Contributions” under the Account Information menu
    • Choose the amount (whole percentages) that you would like to contribute (enter 0% if you do not wish to contribute)