401(k)

401(k) Match*

WoodmenLife currently provides a dollar for dollar match, up to 5%, for those eligible.

Coupled with the below referenced Service-Related Contributions, an eligible participant with at least one of year of service, taking advantage of the full match opportunity after January 1, 2019 would be receiving an employer contribution of 6.5%.

Service-Related Contributions*

For eligible participants, WoodmenLife will match your contribution, dollar for dollar, up to 5% of your eligible compensation. In addition to the matching contribution, WoodmenLife will make a service-related contribution based on your years of service:

  • 1-5 years: 1.50%

  • 6-14 years: 3.00%

  • 15 years+: 6.00%

You receive the above contributions regardless of the percentage you are personally contributing.

Vesting

The money you contribute to your 401(k) always remains 100% yours. WoodmenLife’s contributions will be available to you based on your years of service. For each year of service, you increase your vesting percentage by 25%.

  • One Year: 25%

  • Two Years: 50%

  • Three Years: 75%

  • Four Years: 100%

Pre-Tax v. After-Tax

You can elect to have your contributions be pre-tax which will reduce your taxable income and you will pay less is taxes today or after-tax (Roth), which you pay current federal, state and local taxes today.

There are many variables to consider when determining what type of contributions make sense for you. The three main factors to include in your decision process: 1. Your current tax rate, 2. Your expected tax rate in retirement, and 3. The length of time until you retire.

Generally, if you think you will be in a higher tax bracket at the time you withdraw your contributions, then Roth contributions may be right for you. If you expect to be in a lower tax bracket during retirement, then pre-tax contributions may be the way to go. An option you do have is to contribute both pre-tax and Roth, since it can be hard to predict the future.

You can contribute 1-100% of eligible compensation (up to Internal Revenue Service plan limits) into your 401(k) plan. For 2021, the contribution limit is $19,500. If you are age 50 or older, you may qualify to make “catch-up” contributions; and the limit for 2021 is $6,500. These limits may be indexed annually.

Customer Service: 1-800-225-3108
Monday – Thursday 7:00 a.m. to 5:00 p.m.
Friday 7:00 a.m. to 12:00 p.m. (Central Time)

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© 2022 Woodmen of the World Life Insurance Society
Omaha, Nebraska

The information on this page is a partial description of benefits, limitations, exclusions, and other provisions of the group benefits provided by Woodmen of the World Life Insurance Society (WoodmenLife). If there is a difference between the information in this summary and the plan document for each plan, the plan documents govern. Eligibility requirements apply to each of the benefits offered, criteria may include employment status and/or individual qualifications. For more detailed information, refer to the Summary Plan Description of each plan. WoodmenLife may amend these plans at any time. The description of the plan is not a guarantee of benefits and should not be construed as such.

This is the Life is a registered service mark of Woodmen of the World Life Insurance Society.

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc. (WFS), 1700 Farnam Street, Omaha, NE 68102, 877-664-3332, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not providing investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services.

WoodmenLife Extras are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a product. These extras are not contractual, are subject to change and have specific eligibility requirements, such as length of membership, number of qualifying members in household and/or qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

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A+ Financial Rating

This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2021 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

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