401(k) Highlights
Participation
Employees are eligible to participate in the 401k Plan the first of the month following their date of hire.
Plan entry dates are the 1st of every month.
Employer Match
Matching contributions are 100% on the participating employee’s first 3% deferred and then 50% of the next 2% deferred. In total, if the participating employee contributes at least 5% of their salary to the plan, we will match 4%.
Vesting
All contributions are 100% vested from day one.
Annual Contribution Limits
You can contribution up to $23,000 in 2024. IF you are 50 or older, you can contribute an additional catch-up amount of $7,500.
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Distribution Options
Employees are eligible to rollover any funds from other retirement plans, leave the money in former employer’s plan (if permitted), rollover into an IRA, or cash out the account value.
Contributions
You may select Traditional (pre-tax) or Roth (post-tax) contributions. If you elect Roth you will pay taxes on your contributions now, but you won’t pay taxes when you withdraw in retirement.
Loan Provisions
Employees are allowed one loan at a time up to 50% of vested balance up to a maximum of $50,000.
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- Securities offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, DBA Oswald Financial, a registered investment advisor and separate entity from LPL Financial.
- This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
- Oswald Financial and LPL Financial are not affiliated with Empower.
