Retirement

It's never too early to start saving for retirement. At People's United, the 2 components to our 401(k) plan are as follows:

• Employee Pre-Tax Savings
• There is no waiting period to enroll.
• The Bank will match 100% of your contributions up to 4% per pay period (up to $15,000 maximum for 2006) that you contribute, with no investment restrictions on match (up to $220,000 - the 2006 IRS compensation limit).
• If you elect to contribute a minimum of 5%, the bank may elect to make an additional discretionary match of 1%.
• Your contribution rate can change monthly (1-20% of your salary, including normal straight time pay plus overtime, commissions, and performance incentives).
• Bank match is vested after 1 year of service;your contributions are vested immediately.
• The plan allows for loans (up to a maximum of two) as well as in-service hardship and non-hardship withdrawals.


• Employer Retirement Contribution
• You become eligible for the plan when you complete 1 year of  "eligibility service" and are at least 18 years of age. A year of  "eligibility service" is a 12 consecutive month period in which you are credited with 1,000 or more Hours of Service. This period is either your first 12 months of employment or, if you do not complete 1,000 Hours of Service during your first year of employment, any calendar year following your initial employment during which you complete 1,000 Hours of Service.
• Your membership into the plan begins automatically on the 1st day of the month following eligibility.
• The Bank contributes 3% of your compensation (normal straight time pay plus overtime, commissions and performance incentives) annually (up to $220,000 - the 2006 IRS compensation limit). You must be employed on the last day of the year (December 31) to receive the 3% contribution (except for "normal" retirement - age 65, death or disability). You are not required to contribute to the Employee Pre-Tax Savings component to receive the 3% Employer Retirement Contribution.
• You are 100% vested in the Employer Retirement Contribution after you complete five years of service or reach age 65, die or become disabled while in the Bank's employ. Vesting starts when you are at least 18 years of age, and ends on the date of your termination of employment.
• Loans and hardship/non-hardship withdrawals are not permitted from your Employer Retirement Contribution Account. The amount of your Employer Retirement Contribution Account will not be counted for the amount you may borrow.



There are several investment choices offered within the plan. The Bank accepts rollovers from qualified plans.

People's United Bank and its subsidiaries are equal opportunity and affirmative action employers M/F/D/V.