Secure Your Financial Future
City National's retirement benefits enable colleagues to build a solid foundation and help secure a financial future.
Our retirement benefits are provided by the City National Corporation Profit Sharing Plan ("PS+ Plan"). The Plan combines both profit sharing and 401(k) plan features. The 401(k) feature enables you to make tax-deferred and/or Roth after-tax employee contributions.
- Colleagues who are members of a job class that is entitled to paid vacation time are eligible to participate in the PS+ Plan on their date of hire or transfer into an eligible job class.
Employee Contributions — Pre-Tax and/or Roth After-Tax
- Once eligible, you can elect to defer 1% to 50% of your eligible pay into the Plan (subject to IRS limitations). Also, "catch-up" contributions are permitted for those eligible.
Company Matching Contributions
- City National will match 50% of the first 6% of pay you contribute to the Plan in a payroll period. These “Matching Contributions” are allocated to your account the same time your basic 401(k)contributions are allocated. You are always fully vested in your Matching Contributions. 401(k) Catch-Up Contributions are not matched.
Discretionary Employer Profit Sharing Contributions
- Employer Contributions for any calendar year are allocated to eligible Participants who are working for City National on the last business day of the year, whether or not the Participant made employee contributions during the year.
- You vest, or earn ownership, in your Employer Contributions based on your Years of Service with City National. You become 25% vested after two Years of Service, and earn another 25% of vesting credit each year thereafter, until you are fully vested after five Years of Service.
- The Plan offers a broad range of investment options including City National Corporation Stock, five Predetermined Models, approximately 30 Mutual Funds, and an Individually Directed Account (IDA) option.
- Borrow up to a maximum of 50% of your total vested account balance, subject to a minimum and maximum loan amount.
Rollover contributions are accepted from a taxable (deductible) IRA or another Find
More Details in The Benefits Book
The information provided on our website is a brief summary of benefits offered through City National Bank. A detailed description of each benefit is provided in The Benefits Book that we make available to all employees and eligible candidates. This summary does not replace the plan document(s) or insurance contract(s) that governs in all cases. The company reserves the rights to modify, amend, or terminate the plans and benefits, in whole or in part, with or without prior notice at any time.
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