Retirement
What does retirement look like for you? Maybe you plan to travel the world. Or maybe you’d like to take up some hobbies closer to home. Whatever your goal, it’s important to take responsibility for your own finances so you have the income you’ll need in the future.
One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 401(k) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and can start making contributions to your account through convenient payroll deductions.
The company’s 401(k) savings plan makes it easier to build wealth for retirement years.
New Hires
- As an eligible employee, you can enter the plan on the first of the month following your date of hire, or immediately if hired on the first of the month.
- You will be automatically enrolled, after 30 days, at a 7% Pre-tax contribution rate, unless you contact Vanguard to make a change.
Company Match and Contributions
- Employees may contribute up to 75% of eligible pay (up to IRS limits) with any combination of Pre-tax, Roth, and After-tax contributions. After-tax contributions have a cap of 15% of eligible earnings.
- company matches Pre-tax and Roth employee contributions dollar for dollar, up to the first 7%.
- Roth in-plan rollover option converts Pre-tax and/or After-tax contributions to Roth contributions.
- If you are age 50 or older and earned more than the 402(g) limit in the prior year, your catch-up contributions must go into Roth.
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Bonuses earned through the annual Bonus Plan are included as 401(k) eligible earnings.
Vesting
- Participants are always 100% vested in their own contributions and become vested in company’s contributions during a five-year period.
- Employees who are vested (5 years of service) may choose to have their employer matching contributions deposited into Roth.