Page 28 - Brady Corporation 2021 Annual Benefits Connecticut
P. 28
2021
Retirement Savings
Your inancial security is important to you, your family, and to us as your employer. We want you to feel secure
and prepared for life after your career. In partnership with Fidelity, the Brady Matched 401(k) plan is designed
to help you plan ahead and feel prepared.
How the Plan Works Brady Match Information
Employees are automatically enrolled in the Brady matches 100% of the irst 3% contributed
Brady Matched Roth 401(k) Plan at a 5% and 50% of the next 2% contributed.
contribution rate. Each pay period, 5% will be Maximize that match by contributing 5%.
deducted from your pay and go into your Roth
401(k) account. The Brady match is deposited quarterly.
■ See the back of this guide for important You are always 100% vested in your own
information regarding automatic enrollment contributions and their earnings.
details. You are 100% vested in Brady contributions plus
Contributions will be invested in a T. Rowe Price their earnings after 2 full years of employment at
target date fund, based on date of birth until Brady.
diferent investment elections are designated. Funded Plan
Your contribution rate will automatically increase
by 1% each January 1, after participating in the Brady Funded Retirement Plan
Plan for 12 months, until it reaches 10%. Eligible employees who are actively at work on
You may opt out of the automatic enrollment or December 31 will receive a Brady contribution of 4%
auto escalation feature. of their calendar-year eligible earnings. This Brady
You can change your contribution rate or contribution occurs in January of each year (for the
investments at any time. prior year).
You can change your election from Roth to pretax Employer contributions in the Brady Funded
or a combination of the two, at any time. Retirement Plan are subject to a six-year vesting
schedule as follows:
IRS 401(k) Maximums 20% vested after two years of employment
For 2021, you can contribute up to $19,500 40% vested after three years of employment
to your 401(k) account. If you are age 50 or
will turn age 50 by December 31, you may contribute an 60% vested after four years of employment
additional “catch-up” contribution of $6,500. 80% vested after ive years of employment
Keep these limits in mind if you participated in a prior
employer’s plan this year.
28
Retirement Savings
Your inancial security is important to you, your family, and to us as your employer. We want you to feel secure
and prepared for life after your career. In partnership with Fidelity, the Brady Matched 401(k) plan is designed
to help you plan ahead and feel prepared.
How the Plan Works Brady Match Information
Employees are automatically enrolled in the Brady matches 100% of the irst 3% contributed
Brady Matched Roth 401(k) Plan at a 5% and 50% of the next 2% contributed.
contribution rate. Each pay period, 5% will be Maximize that match by contributing 5%.
deducted from your pay and go into your Roth
401(k) account. The Brady match is deposited quarterly.
■ See the back of this guide for important You are always 100% vested in your own
information regarding automatic enrollment contributions and their earnings.
details. You are 100% vested in Brady contributions plus
Contributions will be invested in a T. Rowe Price their earnings after 2 full years of employment at
target date fund, based on date of birth until Brady.
diferent investment elections are designated. Funded Plan
Your contribution rate will automatically increase
by 1% each January 1, after participating in the Brady Funded Retirement Plan
Plan for 12 months, until it reaches 10%. Eligible employees who are actively at work on
You may opt out of the automatic enrollment or December 31 will receive a Brady contribution of 4%
auto escalation feature. of their calendar-year eligible earnings. This Brady
You can change your contribution rate or contribution occurs in January of each year (for the
investments at any time. prior year).
You can change your election from Roth to pretax Employer contributions in the Brady Funded
or a combination of the two, at any time. Retirement Plan are subject to a six-year vesting
schedule as follows:
IRS 401(k) Maximums 20% vested after two years of employment
For 2021, you can contribute up to $19,500 40% vested after three years of employment
to your 401(k) account. If you are age 50 or
will turn age 50 by December 31, you may contribute an 60% vested after four years of employment
additional “catch-up” contribution of $6,500. 80% vested after ive years of employment
Keep these limits in mind if you participated in a prior
employer’s plan this year.
28
