Saving and Spending
Preparing for retirement and managing your spending can be challenging. Ryan Specialty helps with a generous 401(k) Plan, a Credit Union, and tax-advantaged Health Savings and Flexible Spending Accounts
401(k) Retirement Plan
Ryan Specialty offers a 401(k) savings plan to help you save for your retirement and create the future you want. You may enroll in the plan, rollover 401(k) balances from previous employers, and make contributions up to the federally regulated maximum. New hires will be automatically enrolled in the 401(k).
Highlights
The plan offers before-tax, Roth, and pre-tax and after-tax deferral contribution options and provides rollover opportunities.
Your total contributions for the before-tax and Roth options in 2024 cannot exceed $23,000 for the year plus an additional $7,500 catch-up contribution if you are age 50 or over. The maximum pre-tax and after-tax contribution (including the employer match) to the plan is $69,000 if under age 50 and $76,500 if over age 50.
- Unless you change your automatic enrollment contribution, 6% of your pre-tax pay will be deducted from your pay and contributed to your retirement account each pay period.
- Ryan Specialty may make a discretionary matching contribution each pay period.
| Annual Salary | 6% Employee Contribution | Ryan Specialty Match | Total |
|---|---|---|---|
| $50,000 | $3,000 | $1,500 | $4,500 |
| $100,000 | $6,000 | $3,000 | $9,000 |
| $200,000 | $12,000 | $6,000 | $18,000 |
- You are able to direct your contributions and employer match into any of the plan’s investment options. However, if you do not make an election to direct your investments, your account will be invested 100% in a T. Rowe Price Retirement target date fund based on your date of birth and a retirement age of 65.
You’re always 100% vested in your own contributions. You’ll earn vesting in your Ryan Specialty contributions over time:
| Contribution | |
|---|---|
| Year 1 | 33% |
| Year 2 | 66% |
| Year 3 | 100% |
To enroll or make changes to your account online, go to empowermyretirement.com. Once you gain access to your account, you can make changes to your deferral election and manage your investments. While your enrollment is automatic, you have 30 days before being enrolled to:
- Change your contribution rate
- Direct contributions to other investment options available through your plan
- Decline participation in the plan
If you previously had an Empower account through a prior employer’s plan, you will need to call Empower at 844.465.4455. Empower will need to issue you a PIN number to complete the registration process.
Annual Automatic Enrollment
The plan also provides for annual automatic enrollment at a before-tax rate of 6% on September 1 for all active employees who are not participating in the plan or are contributing less than 6% (before-tax and Roth elections combined). Before being automatically enrolled, you will be given the option to change your election.
Health Savings Account (HSA)
The Health Savings Account (HSA) that comes with your High Deductible Health Plan can lower your taxes while helping you save for health expenses. HSA Bank will set up an account for you when you enroll in the health plan, but you’ll need to activate it to receive contributions.
- Ryan Specialty adds $500 to your account each year if you have individual coverage and $1,000 if you cover dependents.
- You can make pre-tax contributions to your account, too. The limits for your contributions and Ryan Specialty’s in 2024 are $4,150 for individual coverage and $8,300 if you cover dependents. If you’re 55 or older, you can add $1,000 more. Contribution limits are a combination of employee and employer contributions.
- You can start, stop or change your HSA contributions any time.
- Your account is portable, so you can take it with you if you retire or leave the company.
- As long as you use the money for qualified expenses, you never pay taxes on it or on any investment earnings.
- If you’re enrolled in Medicare, you are not eligible to open or contribute to the HSA account.
Ryan Specialty Adds to Your Account
Ryan Specialty contributes $500 if you have individual coverage and $1,000 if you cover dependents. To get your Ryan Specialty contribution, be sure to activate your account right away.
Flexible Spending Accounts (FSA)
Ryan Specialty offers three Flexible Spending Accounts (FSAs), administered through HSA Bank, to help you pay for eligible out-of-pocket healthcare, dependent care, and commuting expenses tax-free. Remember, expenses must be IRS-approved to be eligible for FSA reimbursement so it’s important to keep your receipts in case you are audited by the IRS.
Your FSA contributions are deducted from your paycheck before federal and state income taxes (in most cases) and Social Security taxes are calculated, reducing your taxable income and saving you money.
Healthcare FSA
You can contribute up to $3,200 of your pre-tax pay to this account each year. Those funds can then be used to pay healthcare expenses for you and your dependents. Qualified expenses include medical, dental, and vision services; prescriptions not covered by the benefit plans; and PPO copayments. (For a complete list of eligible expenses, visit www.hsabank.com/hsabank/Learning-Center/IRS-Qualified-Medical-Expenses) The Healthcare FSA has a 2.5-month grace period where you can use funds from the prior year for any eligible expenses incurred in the prior year. The grace period ends on March 15. After the grace period ends any unused money will be forfeited. You cannot enroll in both the Healthcare FSA and the Health Savings Account.
Dependent Care FSA
You may contribute up to $5,000 of your pre-tax pay each year to a Dependent Care FSA to pay for dependent (child and/or elder) daycare expenses. This includes expenses for nursery schools, pre-school, daycare centers, or qualifying babysitters. Eligible dependents must qualify as your tax dependents and include children under age 13, elder family members, and any household members who are physically, or mentally incapable of self-care.
Commuter FSA
You can use funds you contribute to the Commuter FSA to pay for eligible expenses incurred as part of your commute to work, such as transit passes, vanpooling, and parking. You may contribute up to $300 of your pre-tax pay for transit and $300 for parking each month. View the Commuter Benefit Plan Specifications here.
Beniversal MasterCard Prepaid Card
Participants can use the Beniversal Card to access their FSA medical and commuter funds and pay for eligible expenses. The Beniversal Card is an electronic method of payment that can be used at retailers that accept Debit MasterCard cards.
Bank of America
You can get a special bundle of no-fee banking services by setting up a Ryan Specialty payroll direct deposit into an eligible existing or new personal Bank of America® checking or savings account. All you need to do is set up a direct deposit for your paycheck into your eligible personal Bank of America® checking and/or savings account.
PerkSpot
We know that everyone loves a good deal. Ryan Specialty employees can access discounts through PerkSpot to save on everything from travel and car rentals to electronics and entertainment, such as movie tickets. Even clothing and cars are discounted with over 700 merchants to choose from. This discount program is available to all Ryan Specialty employees at no cost.
Credit Union
Ryan Specialty employees may join the Alliant Credit Union, which offers high-dividend payouts, personal service, and easy-to-use financial products and services
Membership Benefits:
- Free high-rate checking
- 24/7 account access nationwide via online banking, mobile banking with check deposit, ATMs, and phone
- Direct deposit, overdraft protection, and electronic funds transfers
- Nationwide mortgages, home equity loans, and lines of credit
- Car loans, student loans, and personal loans
- VISA® credit cards and debit cards
- Free financial education and counseling services
To get more information or to become a member, log on to alliantcreditunion.org or call 800.328.1935.
Use It or Lose It
You forfeit any unused money left in your Healthcare and Dependent Care FSA accounts at the end of the calendar year. There is a 2.5-month grace period to submit incurred expenses following the plan year in which you participated. Any funds left after the grace period ends will be forfeited. Remaining balances in the Commuter FSA may carry over.