Explore this page to discover all the features and benefits of participating in your Parsons Retirement Savings Plan (RSP) with Principal.

Your Parsons Retirement Savings Plan (RSP) checklist:

  • Create an account or log in at principal.com/welcome
  • Review your account preferences and beneficiary designation
  • Review your contributions. Is it time to take your savings rate up a notch, or set up an automatic annual contribution increase?
  • Explore educational resources available to you, such as:
    • Retirement Wellness Score and Planner
    • Educational webinars live and on demand

Parsons employees are automatically enrolled in the RSP. Within 45 days of your hire date, if you have not elected a contribution rate, you will be automatically enrolled in the plan at a contribution rate of 4% of your pretax salary. You can opt out by access your account online or call Principal.

Eligible employees are defined as employees of Parsons or one of Parsons designated U.S. Subsidiaries whose compensation is subject to withholding of income tax and/or for whom Social Security contributions are made by Parsons. Collectively bargained employees are eligible to participate in the plan unless a collective bargaining agreement does not provide coverage under this plan. Casual and leased employees or “job shop” employees are not eligible to participate in the plan. Eligible employees are immediately eligible to participate in the RSP upon performance of one hour of service.

You can contribute between 1% and 100% of your compensation to the RSP up to the 2024 IRS annual compensation limit of $345,000. You may contribute to your account with pre-tax and/or Roth 401(k) contributions. Together, both contributions types are subject to the annual dollar limit on deferrals. The 2024 IRS employee elective deferral limit is $23,000.

If you are age 50 or older by December 31, you can make an additional “catch-up” contribution during the year. The catch-up limit for 2024 is $7,500.

Any employee who is one of the top 20% most highly paid employees of Parsons in 2023 is considered a highly compensated employee in 2024 and may be subject to a contribution limit of 12% of eligible pay. You will be notified if you are a highly compensated employee.

You always own the money you contribute to your account and any investment earnings on it. You are also immediately 100% vested in any contributions Parsons makes to your account.

You may access the money in your account as an active employee of Parsons through the plan’s loan and withdrawal features.

Loans

You may borrow up to 50% of your vested account balance, up to $50,000. The minimum loan amount is $1,000. You may have one outstanding loan at a time and you can take up to five years to repay it.

Withdrawals

The RSP offers the following withdrawal options:

  • Age 59½: If you are age 59½ or older, you may request a withdrawal of all or a portion of your account
  • Rollover contributions: You may request a withdrawal of all or a portion of the amount you rollover into your account from another qualified plan or IRA
  • Hardship withdrawals: You may request a hardship withdrawal of the contributions you make to your account if you have a ‘financial hardship’, as defined by the IRS. You may receive the money in your account when you retire, your employment with Parsons ends, or you become totally and permanently disabled. The money in your account will be paid to your beneficiary if you die.

The Schwab Personal Choice Retirement Account® (PCRA) is a brokerage account available to you in Parsons RSP. You’ll typically have access to thousands of investment options available through Schwab PCRA in addition to the plan’s designated investment option lineup. The Schwab PCRA gives you more control over your investment decisions so you can tailor your strategy to fit your long-term goals. But, use of the Schwab PCRA isn’t a match for everyone.

A brokerage account might be right for you if you are a knowledgeable and experienced investor who:

  • Is seeking a wider range of investment options
  • Can dedicate more time to research and managing investments
  • Is comfortable making more of their own investing decisions

For more information, access your Parsons RSP account at principal.com and select Investments, then Research, or call Principal at 800-547-7754.

Resources

Parsons RSP Summary
Know Your Score
Will & Legal Document Center
Investor Profile Quiz
Online and Mobile Resources

Contact Principal

principal.com
800-547-7754

Principal Webinars

SageView Personalized Portfolios

SageView Personalized Portfolios provides you with a completely personalized plan for retirement savings, and can take into account your full financial picture, so you can set out a clear path toward your retirement goals. SageView Personalized Portfolios are powered by SageView Advisory Group, LLC and Morningstar Investment Management LLC.

SageView Personalized Portfolios may be a fit for you if you’re interested in personalized retirement planning advice on topics like how much to save, where to invest your savings, when you should retire, and more.

Sign up for management of your investment mix for a fee, or use the advice and manage your plan for retirement yourself at no additional cost.

Visit Principal Website

Learn More

For more details and to understand the fees associated with this program, please review the resources below or log in to your account at principal.com.

Resources

Personalized Portfolios Overview
Additional Information

Contact Principal

principal.com
800-547-7754

Ready to enroll?

Talk to ALEX to see which plan is best for you and visit Workday to learn more and enroll in your benefits.
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