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401(k)
Employee Contributions
Employees may contribute up to $19,500 pre-tax dollars (per IRS
regulations). If you are 50 or older, the IRS allows you to contribute even
more pre-tax dollars to your retirement account to help offset smaller
contributions from earlier in your working years. If you qualify for
these “catch-up” contributions, you can contribute an additional $6,500
to the 401(k). How do you qualify? Simply by being 50 or over. You
do not have to be “behind” in your retirement saving goals or below a
certain threshold.
401(k) Savings and Retirement Planning
FCS’ 401(k) proit sharing plan provides an excellent opportunity for
employees to enhance their long term inancial well-being and plan for
their retirement. The 401(k) program is administered through Vanguard.
More details on Roth and vesting for discretionary proit sharing will be
coming soon.
Employees are eligible on the irst day of the quarter (January, April, July,
or October) after completion of one year of employment and if they are
age 18 or older.
FCS provides a match of 100% on the irst 3% of employee
contributions and a 50% match on the next 2% of employee
contributions. Employees are 100% vested in their contributions and
100% vested in the company match.
Example
John’s annual compensation is $45,000/$1,730 per pay period. He
contributes 5% each pay period into the 401(k) plan. John’s contribution
and the FCS match is calculated as follows.
John FCS
$1,730 × 3% $51.90 $51.90
$1,730 × 2% $34.60 $17.30
Totals $86.50 $69.20
Total per pay period contribution and match = $155.70
Florida Cancer Specialists and Research Institute 27
Employee Contributions
Employees may contribute up to $19,500 pre-tax dollars (per IRS
regulations). If you are 50 or older, the IRS allows you to contribute even
more pre-tax dollars to your retirement account to help offset smaller
contributions from earlier in your working years. If you qualify for
these “catch-up” contributions, you can contribute an additional $6,500
to the 401(k). How do you qualify? Simply by being 50 or over. You
do not have to be “behind” in your retirement saving goals or below a
certain threshold.
401(k) Savings and Retirement Planning
FCS’ 401(k) proit sharing plan provides an excellent opportunity for
employees to enhance their long term inancial well-being and plan for
their retirement. The 401(k) program is administered through Vanguard.
More details on Roth and vesting for discretionary proit sharing will be
coming soon.
Employees are eligible on the irst day of the quarter (January, April, July,
or October) after completion of one year of employment and if they are
age 18 or older.
FCS provides a match of 100% on the irst 3% of employee
contributions and a 50% match on the next 2% of employee
contributions. Employees are 100% vested in their contributions and
100% vested in the company match.
Example
John’s annual compensation is $45,000/$1,730 per pay period. He
contributes 5% each pay period into the 401(k) plan. John’s contribution
and the FCS match is calculated as follows.
John FCS
$1,730 × 3% $51.90 $51.90
$1,730 × 2% $34.60 $17.30
Totals $86.50 $69.20
Total per pay period contribution and match = $155.70
Florida Cancer Specialists and Research Institute 27
