401(K) Plan
BankUnited sponsors a 401(K) plan administered by Ingham Retirement Group. All eligible employees are automatically enrolled after one month of service at a 3% deduction (pre-tax) from your pay. To opt out, or manage your account please login to Ingham.com. (First time users please refer the following guide to set up your account: Ingham Participant First Time Login Instructions ) If no action is taken, there will be an automatic 1% increase every year to a max rate of 6%.
Company Match
BankUnited will match 100% of your first percent, then 70% of the next five percent.
In order to take advantage of the maximum company match you must be contributing 6% for a maximum company match of 4.5%.
Vesting
Your own contributions are always 100% vested.
You will be 100% vested in the company match contributions after 2 years of service.
IRS Limits 2024
(Amounts confirmed as of 1/1/24)
Pre-tax Contributions may not exceed $23,000
For those age 50 or older contributions may not exceed $30,500
Resources:
- 401(k) Forms
- General 401(k) Plan Information
- BankUnited Enrollment Kit
- Designation of Beneficiary
- Make sure your 401k funds are distributed to the right people and that you keep your beneficiary designations up to date after life changes.
- Required Notices
- 401K SAR
- Summary Annual Report is a report summarizing the plan’s financial activities as required by law
- 401K SPD
- A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.
- Safe Harbor Notice
- A notice informing employees of their rights and obligations under the plan as required by law.
- 401K SAR