Retirement may seem a long way off — but it’ll be here before you know it.
Prepare for your future by building a retirement nest egg in the 401(k) Plan. You can make pre-tax and/or Roth contributions, and after-tax contributions if you’re an Allstate employee. If you're age 50 or older, you can also make catch-up contributions. The company helps you save by making matching contributions to your account.
If you’re an Allstate employee, you can elect to deposit specific dollar amounts of Choice Dollars into your 401(k) account. These deposits are in addition to any other percentage contributions you may choose to make.
2019 Internal Revenue Service (IRS) limits listed below
If you hit the IRS limit during the year, your 401(k) payroll deductions will end. If you have any remaining Choice Dollars 401(k) deposits, they will be paid to you as earnings through payroll. Choice Dollars cannot be used for age 50+ catch-up contributions or to repay 401(k) Plan loans.
To help provide for your financial security in retirement, the company matches your 401(k) contributions, including any Choice Dollars you elect to deposit.