My 401K Plan
My 401K Plan
Eligibility
Eligibility is determined by age and amount of time worked. An employee must be age 21 and have worked for the company for at least one year.
Plan Entry
Once an employee is age 21 and worked for one year, employees may enroll in the plan the 1st of every month.
Contributions
Employees under the age of 50 years old may contribute up to $18,500 per year and those 50 and over may contribute up to $24,500 per year. Employer matching contributions are not counted in the maximum contribution limits.
Matching
The company offers a match based on the percentage an employee contributes. The company will match 100% of the first 3% contributed and match 50% on the next 2% of contributions. So if an employee contributes 5% the company will contribute 4%. The company will match your pre-tax or ROTH contributions equally, but all company contributions will be on a pre-tax basis.
Loans
Employees may borrow up to half of vested account balance or $50,000 whichever is smaller.
ELIGIBILITY
PLAN ENTRY