Retirement

What does retirement look like for you? Maybe you plan to travel the world. Or maybe you’d like to take up some hobbies closer to home. Whatever your goal, it’s important to plan for your own finances so you have the income you’ll need in the future.

One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 401(k) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and can start making contributions to your account through convenient payroll deductions.

Harvard Bioscience offers a 401(k) through Voya. The 401(k) plan allows you to save for retirement and enjoy significant tax advantages. You can contact Voya any time by logging in to voyaretirementplans.com for more information about the plan, your account balance, making contributions, changing investment elections, initiating a rollover or requesting a loan or withdrawal.

Who is Eligible for the 401(k)?

You are eligible to participate in the plan when you are 21 years of age and have 30 days of service.

How Do I Enroll in the 401(k)?

Your plan has an automatic election provision. If you choose not to enroll by selecting your own fund allocations and contribution percentages and not opt out of the automatic election provision, your company will automatically enroll you into a TIAA-CREF Lifecycle Index fund at 4%.

To opt out or to change your contribution, visit voyaretirementplans.com.

Increase Your Retirement Savings with a 401(k)

  • Contribute using convenient payroll deductions up to the IRS limit of $24,500 per year.
  • Change the amount of your contributions or stop your payroll contributions at any time.
  • Decide how to invest your 401(k) or allow the plan to choose for you.
  • The 401(k) contribution limit for employees age 50 or older is $32,500 per year.
  • The 401(k) contribution limit for employees age 60-63 is $36,000 per year.

Vesting

You will always be 100% vested in the portion of your account attributable to your Employee contributions. You are also 100% vested upon your death, normal retirement, or disability. Your employer contributions are subject to the following vesting schedule:

Employer Match Contributions
1 year of service 100%.

Profit Sharing Contributions
1 year of service 100%.

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