Salt River Valley Water Users Association 401(k) match, vesting and fees
What Salt River Valley Water Users Association's 401(k) plan says about matching contributions
The Plan is a defined contribution retirement savings plan funded through employee payroll deductions and Employer matching contributions. Participants may deposit between 1% and 75% of their base pay on a before-tax basis or a Roth 401(k) after-tax basis, between 1% and 25% of their base pay on a regular after-tax basis, or some combination of the three, not to exceed 75%, (subject to Internal Revenue Code (“IRC”) limits) into the Plan. Employees who are contributing to the Plan are eligible to receive partial Employer matching contributions of $0.90 on every dollar contributed up to the first 6% of their base pay that they contribute to the Plan.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 31 ↗ |
| Match vesting | Participants are immediately vested in their voluntary contributions, Employer matching contributions and the investment earnings thereon. | Audit report, p. 31 ↗ |
| Automatic enrollment | Employees are automatically enrolled at a 6% before-tax deferral rate unless they choose to change the deferral amount or opt out of the automatic enrollment. | Audit report, p. 31 ↗ |
| Roth contributions | Participants may deposit between 1% and 75% of their base pay on a before-tax basis or a Roth 401(k) after-tax basis, between 1% and 25% of their base pay on a regular after-tax basis, or some combination of the three, not to exceed 75%, (subject to Internal Revenue Code (“IRC”) limits) into the Plan. | Audit report, p. 31 ↗ |
| Loans | Participants may borrow the lesser of $50,000 or 50% of their account balance, with a minimum loan amount of $1,000. Loans are repayable through payroll deductions over periods ranging from 12 to 60 months. Interest rates are established monthly at the U.S. prime lending rate plus 1% and are fixed over the life of the loan. Loans outstanding as of December 31, 2024 have interest rates of 4.25% - 9.50% with maturity dates through 2029. | Audit report, p. 32 ↗ |
| Recordkeeper | Empower Annuity Insurance Company | Schedule C ↗ |
| Independent auditor | Cbiz Cpas P.C. (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 11 defined-contribution plans in utilities with 5,000 to 9,999 participants.
| Salt River Valley Water Users Association: employer contribution per participant | $4,846 | |
| Peer median | $4,846 |
| Salt River Valley Water Users Association: average balance | $202,762 | |
| Peer median | $205,081 |
| Salt River Valley Water Users Association: admin expenses ÷ assets | 0.06% | |
| Peer median | 0.06% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $1.2B at the end of plan year 2023 to $1.3B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 6,847 | $1.3B | $31.7M | $4,846 | 0.06% | Quoted in the audit report, p. 31 ↗ | Form 5500 ↗ |
| 2023 | 6,431 | $1.2B | $28.3M | $4,610 | 0.07% | Not published | Form 5500 ↗ |
Other Salt River Valley Water Users Association plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Salt River Project Employees' Retirement Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Cbiz Cpas P.C. (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Salt River Valley Water Users Association match 401(k) contributions?
The audit report attached to the Salt River Project Employees' 401(k) Plan's plan year 2024 Form 5500, page 31 says: “The Plan is a defined contribution retirement savings plan funded through employee payroll deductions and Employer matching contributions. Participants may deposit between 1% and 75% of their base pay on a before-tax basis or a Roth 401(k) after-tax basis, between 1% and 25% of their base pay on a regular after-tax basis, or some combination of the three, not to exceed 75%, (subject to Internal Revenue Code (“IRC”) limits) into the Plan. Employees who are contributing to the Plan are eligible to receive partial Employer matching contributions of $0.90 on every dollar contributed up to the first 6% of their base pay that they contribute to the Plan.” Plan terms may have changed; check your current Summary Plan Description.
When is the Salt River Valley Water Users Association 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 31 says: “Participants are immediately vested in their voluntary contributions, Employer matching contributions and the investment earnings thereon.”
Who manages the Salt River Valley Water Users Association 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company. The plan administrator is Salt River Project Agricultural Improvement & Power District.
I left Salt River Valley Water Users Association. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Salt River Project Agricultural Improvement & Power District, (602) 236-4092) or the recordkeeper, Empower Annuity Insurance Company. The Salt River Valley Water Users Association old 401(k) page lists the contacts from every plan filing. Find an old Salt River Valley Water Users Association 401(k)
Data from the public Form 5500 annual reports Salt River Valley Water Users Association filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Salt River Valley Water Users Association. Not financial advice. Report a correction · Methodology