Simplifying the Start
To jump-start savings, eligible employees who are not yet contributing, or who contribute below 1%, can now be automatically enrolled at 1% of regular pay, on a pre-tax basis, into the Servant Solutions Retirement Plan.
- Contributions are invested in the default LifeFund option matched to the member's age, unless directed otherwise.
- If a member already contributes 1% or more, their contribution amount won't change.
Growing Savings Over Time
Many people start contributing and then forget about it. That works fine if you begin at 10%, but most people don’t. Automatic annual increases make it easier to reach your goals, because saving more happens on its own.
- If an employee contributes less than 10% of pay (pre-tax and Roth combined), their contribution rate can now increase automatically by 1% once each year, as designated by the employer, up to a maximum of 10%.
- Employees are notified each year before the increase takes effect.
- Employees who prefer not to increase their rate can opt out annually.
As your income and financial capacity grow, Auto Escalation helps your savings grow with them, reducing the risk of falling short in retirement.
Why It Matters
At Servant Solutions, we understand the unique challenges ministry leaders face. Auto Enrollment and Auto Escalation are built to make retirement planning as seamless and effective as possible. These tools simplify the process and strengthen your financial security for the years ahead.
What You Need to Do
1. Notify employees annually (30–90 days before the start of your fiscal year).
Let them know:
- Your HR/Payroll team will automatically increase each account holder's contribution rate by 1%, unless the employee already contributes 10% (employer and employee amounts combined).
- They must opt out annually if they choose not to participate. (You may use the sample form linked below.)
2. Increase contribution rates annually (at the start of your fiscal year).
Raise each account holder's rate by 1%, but do not do so for an employee if:
- They have completed an opt-out form for the year, or
- They already contribute 10% or more (employer and employee amounts combined) and do not wish to contribute more.
What You Need to Do
If you already contribute to the Servant Solutions Retirement Plan:
You don't need to do anything to take advantage of the new plan features.
Increase contribution rates annually (at the start of your fiscal year).
If you do not yet contribute to the Servant Solutions Retirement Plan:
Prefer to opt out?
If the plan’s automatic savings features aren’t right for you, you may opt out or choose a different contribution percentage by contacting your employer or HR Department to complete an opt-out form. Be sure to submit the completed form to HR/Payroll by your organization’s deadline.