Retirement Benefits
One of the best ways for you to prepare for the future is through active participation in the Inspire 401(k) retirement plan through T. Rowe Price. Inspire is pleased to provide this benefit to all employees as of the first of the month following hire, provided they are at least 21 years of age. Visit rps.troweprice.com for more information.
401(k) Retirement Plan
Employee Contributions
You may contribute as little as 1%, or as much as 75%, of your eligible compensation, pre-tax or post-tax up to the 2023 IRS maximum. In general, eligible compensation means base pay, plus overtime pay, plus bonus. You can change your contribution, or even stop contributions, at any time without penalty. The maximum deferral is $22,500. If you are at least 50 years old during the plan year, you may make additional catch-up contributions up to $7,500.
Inspire 401(k) Employer Match
For every $1 you contribute to your 401(k) account after you become match eligible, the company will also contribute $1—up to the first 3% you contribute. Then Inspire will contribute an additional 50 cents of each $1 from the next 2% of your contributions. Maximum employer contribution is 4%.
In 2023, Inspire will begin matching your 401(k) contributions on the first of the month following six months of service as long as you are 21 years of age.
See the table below for an example:
