Employment | Retirement Plan

Your retirement plan is the best way to save for the future, especially with the convenience of automatic payroll deductions and the power of tax-deferred benefits. 

The money in your account is tax-deferred, which means that you pay taxes on the money only when you take it out of your account.  This method reduces your gross salary and you pay less in taxes on the amount that remains.

You are 100% vested in the money you contribute to your Plan.  You own it!  You will be 100% vested in the Company contributions to your Plan upon completion of two years of continuous service.

You must have completed one year of service (or 1000 hours) to be eligible to make employee contributions to the Plan.

You must have completed two years of continuous employment to be eligible for TAP to make Company contributions of 8% of your base salary to your retirement account.

• Employees completing one year of service will automatically be enrolled in the Plan at 3% of base pay, unless you elect not to participate in the Employee Contribution to the Plan.  Electing out of the Plan requires notification in writing to Human Resources Department.
• After completing two years of continuous service, TAP will automatically contribute 8% of your base salary to the Plan.
• Plan entry dates are quarterly (Jan 1, April 1, July 1 and October 1).

• You will receive a quarterly account statement at your home address on file.
• You may access your account by the Internet: www.wachovia.com/401k.
• You may access your account by phone at 1-800-377-9188

If you leave TAP or your employment ends, you have the following options:

• Keep your money invested in the plan until age 70-1/2 (if you have at least $5,000 in your account), not including rollovers.
• Roll your money over to another qualified retirement plan or IRA.
• Take a distribution payout (if under age 59-1/2 you will pay ordinary income taxes and tax penalty).
• In the event of your death, your designated beneficiaries will receive your account balance.  A Beneficiary Designation Form can be obtained from the Receptionist at Central.

Employees leaving TAP should contact Human Resources at Ext. 4302 to schedule an Exit Interview immediately upon notification.