Decide when to pay taxes on your savings—now or later

Before-tax contributions are deposited into your account before being taxed. This lowers your taxable income, which lowers your current income tax bill. You will pay taxes many years down the road when you take withdrawals.

Roth 401(k) after-tax contributions are deposited into your account after being taxed. You can then withdraw Roth savings in retirement completely tax-free.^*

^* To qualify for tax-free withdrawals, your Roth account must have been open for at least five years after your initial Roth contribution and you must be age 59½ or older. Tax-free withdrawals may be taken at any time upon your death or disability.

Boost your balance with matching contributions

Eligible employees receive Company matching contributions on their before-tax and Roth 401(k) after-tax contributions. These extra Company contributions can help your account grow faster. To find information about your match, log on to the Plan website at PortlandGeneral401k.voya.com and visit the Plan Highlights section in Plan Details. Consider saving at least enough to get your maximum match.

Let time compound your savings

Your 401(k) savings has the potential to grow tax-deferred until you take withdrawals. Investment earnings get reinvested back into your account where they can continue to compound and grow. Start saving today to maximize your compounding years.