Retirement Plan
What You Get
Section titled “What You Get”Cadence OneFive contributes 2% of your annual compensation to a SIMPLE IRA retirement account on your behalf. This is a non-elective contribution - you receive it automatically without needing to contribute anything yourself but you must enroll.
- Vesting: 100% immediate - the money is yours right away
- Contributions: Made quarterly with the last payroll of each quarter
- Provider: Ascensus (formerly Vanguard)
Setting Up Your Account
Section titled “Setting Up Your Account”You will receive an invite from Ascensus once you are eligible - you must sign up via the invite link to be added to our plan.
Making Your Own Contributions
Section titled “Making Your Own Contributions”You can also make pre-tax salary reduction contributions to boost your retirement savings. This is optional.
2026 Contribution Limits:
- Under 50: $18,100/year
- Age 50-59 or 64+: $21,950/year
- Age 60-63: $23,350/year
When You Can Start or Change Contributions
Section titled “When You Can Start or Change Contributions”You can elect to start, change, or stop your contributions during the annual election period: November 2 - December 31 for the following year.
You may stop contributions at any time during the year. However, if you stop outside the election period, you cannot restart until the next election period.
How to Change Your Contribution
Section titled “How to Change Your Contribution”- Complete the Salary Reduction Agreement (see link above)
- Send the completed form to HR via email
Your start date must be before the pay date for your first deduction.
Eligibility
Section titled “Eligibility”You’re eligible for the employer contribution if you earned at least $5,000 at Cadence OneFive in any 2 previous calendar years and expect to earn $5,000 in the current year.
New hires: You won’t qualify for the employer contribution until your second calendar year, once you’ve met the compensation history requirement. You can still set up your own salary reduction contributions during the election period.
Interns and part-time employees: If eligible, you’ll receive the employer contribution at the end of your internship unless you opt out.
Opting Out
Section titled “Opting Out”All eligible employees are enrolled automatically. To opt out, notify HR within 30 days of receiving your plan notification or becoming eligible.
Non Enrollment
Section titled “Non Enrollment”If you do not enroll or respond to the invitation notice, you will not receive your benefit on time. Request an invite link from HR to ensure timely reception of your benefit.
Withdrawals and Transfers
Section titled “Withdrawals and Transfers”- Transfer to another IRA: You can move your balance to another financial institution at any time, without cost or penalty
- Early withdrawal penalty: 25% if withdrawn within your first 2 years in the plan; 10% after 2 years (if under age 59½)
- After 2 years: You can roll over to a traditional IRA, Roth IRA, 401(k), or other eligible retirement plans
Questions
Section titled “Questions”For questions about the plan, contact HR. For questions about your Ascensus account, visit ascensus.com.
Plan Documents
Section titled “Plan Documents”Plan documents (Form 5305-SIMPLE and annual notifications) are available in the Shared Drive: GrowthOps > HR and Benefits > Retirement Benefits > Ascensus SIMPLE IRA