401(k) & Catch-up Contributions

The Bank offers a 401(k) Retirement Plan to help you save for retirement through Vanguard.

You can make two types of contributions:

  • Pre-Tax Contributions – Amounts you contribute and any investment earnings are not taxed until you withdraw the money after you retire.
  • Roth After-Tax Contributions – Your contributions are taxed as regular income in the year you make the contributions. Future withdrawals of your contributions and investment earnings occur tax-free. To help you decide whether Roth contributions are right for you, visit the easy-to-use tool at www.vanguard.com/rothfeature.

You can contribute through automatic payroll deductions, up to the IRS annual maximum of $23,000. If you are age 50 or older by December 31, 2024, you may increase this election by $7,500 up to a maximum total of $30,500.

You can choose from a variety of investment options that meet your personal investment goals. Your contributions and any investment earnings are immediately vested, which means they belong to you and you can take them with you if you leave the Bank.

Did You Know Apple Bank makes matching contributions?

Apple Bank will match 100% of the first 3% of your contributions and 50% of the next 2% of your contributions, for a total of up to 4%.

Apple Bank’s Contribution to Your 401(k)
401(k) Plan Employee Contribution % Apple Bank’s 401(k) Company Match %
1.0% 1.0%
2.0% 2.0%
3.0% 3.0%
4.0% 3.5%
5.0% 4.0%
ROTH AFTER-TAX CONTRIBUTIONS
The 401(k) plan at Apple Bank for Savings includes an option that lets you pay taxes today and take tax-free income in retirement.
If you think your income tax rate will be higher in retirement than it is now, consider the Roth after-tax contributions plan feature. This is money that’s taxed before you put it in the plan.
By paying the taxes up-front, you can take out your Roth savings plus any earnings tax-free – if you are at least age 59 ½ and you made your first Roth contribution at least five years before your first withdrawal.
To help you decide whether Roth contributions are right for you, visit the easy-to-use tool at vanguard.com/rothfeature.
HOW TO CHANGE OR STOP 401(K) CONTRIBUTIONS
Please contact Vanguard at:
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