401(k) Retirement Plan
Saving for the future takes focus and planning. When it comes to achieving financial security, set-it-and-forget-it is not an option. Whatever your ultimate retirement goals are—lots of travel, starting a new business, doting on your loved ones—take full advantage of your benefits to help you get there.
Eligibility
All U.S. Acme employees are eligible on their first day of work. Within 60 days of your hire/rehire date, all employees will be automatically enrolled in our 401(k) plan.
- You may choose your own contribution rate and investments.
- If you don’t choose a rate or specific investments prior to your first payroll deduction, you’ll be automatically enrolled at 6% in a Vanguard Target Retirement Trust based on your age.
- Through Vanguard’s One-Step Save Program, your contribution will be automatically increased by 1% every March.
Enrollment
- Participation is voluntary
- Opt out within 60 days of your hire date, or any time thereafter
- Change how much you contribute to the plan
- View and manage your account
Employee Contribution
You can elect to defer 1% to 65% of your eligible pay. Pre-tax and/or Roth after-tax contributions are subject to a $19,500 annual IRS limit.
If you are age 50 or over, you may contribute an additional $6,500 in catch-up contributions. In addition, you may elect to defer up to $29,800 in traditional after-tax contributions.
If you made contributions to a 401(k) with a previous employer this year, those contributions count toward your IRS annual limit. Monitor your total contributions to avoid over-contributing. If you believe you have exceeded the IRS limit, contact Vanguard at 800-555-1234 to process a refund.
Employer Match
To help your savings go even further, Acme matches 50% of the first 6% that you contribute as regular pre-tax and Roth 401(k) after-tax salary deferral contributions each pay period. That means that for each $1 you contribute to your 401(k), Acme will contribute 50 cents, up to 6% of your eligible pay. If you contribute more than 6% of your annual pay, our match is 3%.
Vesting
You can choose a Target Retirement Trust, which chooses the level of risk in your portfolio based on an estimated retirement age of 65, or you can create your own portfolio by selecting from our lineup of Core Investment Funds.
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