Retirement
Target Date Funds Moving to Lower-Cost Collective Investment Trusts (CITs)
The target date funds in your 401(k) are moving from mutual funds to equivalent Collective Investment Trusts (CITs), managed by the same company, Vanguard. CITs keep the same investment strategy, glidepath, and management you rely on — just at a lower cost, so more of your savings stay invested for your future. The transition happens automatically, with no action required on your part. Review the details to learn what is changing, why it benefits you, and answers to common questions.
Equipping you for retirement readiness with an exceptional retirement plan provider is just one of the ways we can create a best-in-class employee experience. We are pleased to have Charles Schwab as the Forvis Mazars retirement plan services provider.
Plan participants can expect the following as a part of the Schwab experience:
- White-glove service offering for Forvis Mazars plan participants
- An open platform of investment options
- A user-friendly interface
- Lower expense ratios
- The ability to have a holistic view of your financial wellness
- More access to advice and support for retirement planning
Notice: Please note that within 7-10 business days of your hire date you will receive an email from Schwab to register your account. For rehired team members who previously set up a Schwab account under the Forvis Mazars Plan, you can login using your previous credentials. Please contact Schwab Participant Services if you need your password reset.
Understanding Your Retirement Plan
Planning for retirement is an essential part of securing your financial future, and understanding the basics of your retirement plan is the first step. This section provides key information on eligibility, contributions, profit-sharing, and vesting, helping you make informed decisions about your savings. Whether you’re just getting started or looking to maximize your benefits, knowing how your retirement plan works ensures you’re on the right path toward a financially secure future.
All U.S. employees (full-time, part-time, interns, seasonal, temporary, Talent Shift) and partners are eligible to participate in the Plan. Employees are eligible immediately upon hire and there is no minimum age or service requirement to participate.
Participants can contribute up to 80% of their eligible earnings up to the annual IRS maximum. Participants can make pre-tax 401(k) and Roth (post-tax) for both regular and catch-up contributions.
The Forvis Mazars Plan has a discretionary profit-sharing component. The discretionary profit-sharing contribution percentage historically has been 5% of each eligible employee’s annual Plan compensation* and deposited into accounts at the end of summer, after the close of the fiscal year. Participants are not required to contribute to the 401(k) Plan and there are no minimum hours required to be eligible for a profit-sharing contribution.
*Profit-sharing contributions are calculated based on eligible Plan compensation vs gross compensation (between June 1 – May 31 of each fiscal year), subject to IRS compensation limits. These limits apply to both employer and employee contributions and are reviewed annually.
The Forvis Mazars retirement plan has a three-year cliff vesting schedule for employer contributions (profit-sharing). Employee contributions are always 100% vested. Years of service at legacy firms will count toward your overall amount vested.
Your vesting schedule follows a three-year cliff vesting structure, meaning you are 0% vested in your employer’s contributions for the first two years of service, and become 100% vested after completing three years of vested service.
*You must have a minimum of 1,000 compensable hours during the fiscal year (June 1 through May 31) in order to gain a year of vested service.
All plan administrative fees for Forvis Mazars’ retirement plan will be paid by the firm.
2026 Contribution limits for 401(k) plans | 2026 Limits | 2025 Limits |
Elective Deferral: Age 49 and under IRC 402(g) | $24,500 | $23,500 |
Age 50-59+ Catch-Up contribution (see exception below for ages 60-63) IRC 414(v) | $8,000 | $7,500 |
Age 60-63 super Catch-Up contributions IRC 414(v) | $11,250 | $11,250 |
FICA (Social Security) wages requiring Roth to be used for Catch-Up IRC 414(v)(7)(A) | $150,000 | NA |
Annual Additions Limit for Defined Contribution Plans IRC 415(c) | $72,000 | $70,000 |
Annual Compensation Limit IRC 401(a)(17) | $360,000 | $350,000 |
Highly Compensated Employee (“HCEs”) IRC 416(i) | $160,000 | $160,000 |
Key Employee/Officer IRC 408(p) | $235,000 | $230,000 |
IRS Notice 2025-67: https://www.irs.gov/pub/irs-drop/n-25-67.pdf | ||
Explore the features of your retirement plan website
Visit workplace.schwab.com to take advantage of the tools and resources available through the Forvis Mazars, LLP Employees’ Savings Plan that can help you plan for retirement. Check out these useful features and tools:
Follow these steps:
- Go to workplace.schwab.com.
- Enter your login ID under Plan Participant Login.
- Enter your password.
- Select Log in.
New participants can establish their login ID and password by using the Register Now button.
It’s too important to put off, so take care of the people who matter most. Designate or update your beneficiary* information today.
- Go to the My Profile tab.
- Select Beneficiaries.
* Under the Employee Retirement Income Security Act of 1974 (ERISA), your spouse is automatically the beneficiary of your Plan. If you’re married, but designating someone other than, or in addition to, your spouse as your primary beneficiary(ies), a Spousal Consent form must be completed and returned to Schwab Retirement Plan Services. Unless there is a Spousal Consent form on file, your surviving spouse will be your account’s default beneficiary.
Increasing your contribution rate by just a small percentage may have significant long-term benefits. Follow the steps below to review how much you are saving in your account.
- Go to the Manage Account tab.
- Select Contributions.
Look at your account to see how your investments have performed and determine if you would like to make adjustments to your fund allocations.
- Go to the Manage Account tab.
- Select Investments.
The website offers a number of useful tools, including the Retirement Savings Calculator, the Paycheck Calculator, the Social Security Administration Estimator, the Monthly Budget Planner, the Spending Tracker, and more.
- Go to the Learning Center tab.
- Select Tools & Calculators.
Explore videos, articles, calculators, planning tools, and more on the financial topics that matter to you most.
- Go to the Learning Center tab.
The retirement plan includes access to third-party personalized advice. This advice calculates a retirement income goal and savings rate for you, selects the investments for your account from investment options available within the retirement plan, and provides a spending plan if you’re age 50 or older to help you make the most of your money in retirement. The advice service is provided by Morningstar Investment Management LLC, an independent registered investment adviser.
- Go to the Advice tab.
Understanding Your Investment Options
Managing your retirement account effectively is key to building a secure financial future. This section covers important aspects of investment options, account management, and strategies to help you grow your savings. From choosing the right investment mix to monitoring your account and adjusting your strategy over time, understanding how to manage your retirement funds ensures you stay on track toward your long-term financial goals.
Schwab features a strong lineup of core funds with the ability to invest in individual stocks and other mutual funds by utilizing Schwab’s Personal Choice Retirement Account (PCRA). The fund line-up contains funds not previously offered as well as funds that were offered in the legacy plans.
The plan will allow employees to take out a loan against your plan. You are limited to one active loan at a time, so any current loan must be paid off in full before you can take out another loan. The plan will also allow for hardship distributions which will be processed by Schwab. The hardship distributions must meet the IRS requirements for hardships.
Financial Wellness Resources
Planning for retirement can feel overwhelming, but you don’t have to navigate it alone. Whether you’re just starting your savings journey or nearing retirement, access to the right resources and support can make all the difference. This section provides educational tools, webinars, and expert guidance to help you make informed decisions about your retirement benefits. From understanding plan details to getting answers to your questions, we’re here to support you every step of the way.
New for 2026: The webcast schedule is now organized by topic and day of the week, making it easier to follow themes and plan attendance.
Daily Focus:
- Monday: Market Commentary with Liz Ann Sonders
- Tuesday: Investing Insights
- Wednesday: Savings and Financial Wellness
- Thursday: Retirement Planning
- Friday: Live Demos and Quick-Takes
For questions, we highly encourage you to contact Schwab directly as each individual situation is unique and the representatives will be best suited to answer your questions. You can contact Schwab by visiting workplace.schwab.com or calling 1-800-724-7526.
We anticipate most of your questions will be answered through the correspondence from Schwab or the FAQ document, but if not, you can submit a case in Workday by selecting the “Create Case” icon on the homepage.
Roth Catch-Up Requirement
SECURE 2.0: 401(k) Catch-Up Contributions Starting January 1, 2026
UPDATE DECEMBER 11, 2025: As updates from the SECURE 2.0 Act and the IRS will soon go into effect, we want to ensure you have clear, timely information so you can make informed decisions and plan ahead with confidence. These changes will impact 401(k) Elective Deferrals and Catch-Up contributions for the Forvis Mazars Plan beginning on January 1, 2026.
Beginning January 1, 2026, employees who will be age 50 (or turning 50 in 2026) or older and who earn more than $150,000 FICA wages in 2025 from Forvis Mazars will be required to make 401(k) Catch-Up contributions as Roth instead of Pre-Tax contributions. Additionally, Pre-Tax and Roth elective 401(k) deferrals will be taken out of your paycheck until you reach the 2026 elective deferral limit of $24,500, and only then will any elected Catch-Up contributions begin.
- All Pre-Tax and/or Roth elective 401(k) deferrals will continue until impacted employees reach the 2026 elective deferral limit of $24,500.
- Catch-Up contributions will not begin until that limit is reached and only if you have affirmatively elected them in your Schwab account.
- This is a shift from past years where multiple 401(k) deferrals could be withheld simultaneously.
For employees aged 50 or older, or who will be turning 50 in 2026, please take a moment to review your final 2025 paystub to confirm your year-to-date OASDI taxable wages (FICA wages) and then log in to your Charles Schwab account after January 1, 2026 at workplace.schwab.com to:
- Review your current elective deferrals and if applicable, elect your 2026 Catch-Up contribution. Contribution changes must be made through your Schwab account after January 1, 2026. Please note it can take 1-3 pay periods for the changes to go into effect.
Model different contribution rates and timing to see the impact on your deferrals. This template is used for estimating potential 401(k) withholding only and should not be used as tax advice. We ask team members to consult with their own tax or personal advisor.
Disclaimer: This file will not adjust your elective deferrals as you must affirmatively elect your deferrals on your Charles Schwab account. Actual amounts may vary by team members.
The IRS recently issued Notice 2025-67, providing 2026 retirement plan and IRS limits. These updates can be found here (insert anchor link to the dropdown where we posted the new limits). The notice also confirmed the 2025 FICA wage threshold for Roth Catch-Up contributions increased from $145,000 to $150,000.
What this means: Employees aged 50 or older in 2026, who earned more than $150,000 in FICA wages from Forvis Mazars in 2025, will be required to make their Catch-Up contributions as Roth, effective January 1, 2026.
As previously communicated, changes to the Forvis Mazars, LLP Employees’ Savings Plan will take effect January 1, 2026, due to SECURE 2.0 legislation. Employees aged 50 or older in 2026, who earned more than $145,000 in FICA wages from Forvis Mazars in 2025, will be required to make Roth catch-up contributions instead of Pre-Tax.
If impacted, Schwab will automatically set your Pre-Tax catch-up contribution rate to 0% and prevent Pre-Tax catch-up elections for the remainder of 2026. If you would like to make catch-up contributions, you must affirmatively elect Roth catch-up by logging into your Schwab account or calling Schwab Retirement Plan Services.
Next Steps
Starting in November and continuing through 2026, Schwab will send communications to employees who will be age 50 or older. Please review these messages and continue to check this page for more information.
For additional questions, please contact Schwab Retirement Plan Services at 800-724-7526, or you can submit a case in Workday by selecting the “Create Case” icon on the homepage.
If you are aged 50 or order by December 31 of each year, the IRS lets you contribute extra money to your 401(k), called a ‘catch-up contribution’. It is used to help employees save more as you get closer to retirement.
If impacted, Schwab will automatically set your Pre-Tax catch-up contribution rate to 0% and prevent Pre-Tax catch-up elections for the remainder of 2026. If you would like to make catch-up contributions, you must affirmatively elect Roth catch-up by logging into your Schwab account or calling Schwab Retirement Plan Services.
Starting January 1, 2026, employees who are age 50 or older by the end of the 2026 calendar year, and who earned more than $150,000 in FICA wages from Forvis Mazars in 2025, will be required to make catch-up contributions on a Roth (after-tax) basis. This means those contributions will be taxed upfront, but grow tax-free for retirement*.
*Individuals must have the Roth 401(k) account established for five years and be over the age of 59½ for tax-free withdrawals.
No. The rule only applies to catch-up contributions. Your regular elective deferrals can still be made on a Pre-Tax or Roth basis, depending on your deferral elections in Schwab.
Generally, no. The Roth catch-up requirement does not apply to partners, as they do not receive W-2 wages.
However, newly promoted partners may be impacted if their FICA wages exceed the threshold during the calendar year in which they transition to partner.
After the December 31, 2025 payroll closes, Forvis Mazars will report to Schwab any 2025 FICA wages that exceed the threshold. Schwab will send direct communication to impacted individuals, confirming they are subject to the Roth catch-up requirement beginning in 2026.
You may review the provided scenarios to determine whether you are affected by this change.
If you would like to update your contributions, you can follow these steps below. You can also call Schwab Participant Plan Services at 1-800-724-7526 for any assistance. Please note it can take 1-3 pay periods for the changes to go into effect.
- Log into your Schwab 401(k) account by visiting https://workplace.schwab.com/
- On the Manage Account tab, click change contribution.
- Make affirmative election to be withheld on a per payroll basis for both your base pay and/or catch-up deferrals.
- Opt in or out of annual saving increase.
- Make sure to click save or confirm and save a copy for your records.
The Compensation & Retirement Plan Team are working alongside Charles Schwab to implement this new provision. We encourage you to regulary review the Retirement page on the Benefits Resource Center as we will post additional updates as soon as they are available. Below are links to Roth 401(k) education available from Schwab.
- Roth 401(k) Basics Video
- Schwab Education Article: Roth vs. Traditional
- Roth 401(k) vs Traditional 401(k) Calculator
Scenario 1: Age 49 or under as of December 31, 2026
| Employee Type | Eligible for Catch-Up Contributions? | Does the Roth Catch-Up Rule Apply? | Type of contributions that can be made |
|---|---|---|---|
| New hire in 2026 with no wages from Forvis Mazars in 2025, current or rehired employees | No | No | Pre-Tax and Roth elective deferrals up to the IRS annual maximum. Not eligible for catch-up |
Scenario 2: Age 50 - 59 as of December 31, 2026
| Employee Type | Eligible for Catch-Up Contributions? | Does the Roth Catch-Up Rule Apply? | Type of contributions that can be made |
|---|---|---|---|
| New hire in 2026 with no wages from Forvis Mazars in 2025 | Yes | No | Catch-up contributions can be made as Pre-Tax and/or Roth |
| Current or Rehired employees | Yes | Review 2025 Forvis Mazars FICA wages |
FICA wages less than $150,000 in 2025: catch-up contributions can made as Pre-Tax and/or Roth
FICA wages greater than or equal to $150,000 in 2025: catch-up contributions must be made as Roth only |
Scenario 3: Age 60-63 as of December 31, 2026
Separate from the Roth mandate, employees aged 60-63 in calendar year 2026 are permitted to increase their catch-up contribution to $11,250. These contributions must also be Roth if the employees 2025 FICA wages were $150,000 or more.
| Employee Type | Eligible for Catch-Up Contributions? | Does the Roth Catch-Up Rule Apply? | Type of contributions that can be made |
|---|---|---|---|
| New hire in 2026 with no wages from Forvis Mazars in 2025 | Yes | No | Catch-up contributions can be made as Pre-Tax and/or Roth |
| Current or Rehired employees | Yes | Review 2025 Forvis Mazars FICA wages |
FICA wages less than $150,000 in 2025: catch-up contributions can made as Pre-Tax and/or Roth
FICA wages greater than or equal to $150,000 in 2025: catch-up contributions must be made as Roth only |
Scenario 4: Age 64+ as of December 31, 2026
| Employee Type | Eligible for Catch-Up Contributions? | Does the Roth Catch-Up Rule Apply? | Type of contributions that can be made |
|---|---|---|---|
| New hire in 2026 with no wages from Forvis Mazars in 2025 | Yes | No | Catch-up contributions can be made as Pre-Tax and/or Roth |
| Current or Rehired employees | Yes | Review 2025 Forvis Mazars FICA wages |
FICA wages less than $150,000 in 2025: catch-up contributions can made as Pre-Tax and/or Roth
FICA wages greater than or equal to $150,000 in 2025: catch-up contributions must be made as Roth only |
