Page 28 - Brady Corporation 2021 Annual Benefits Florida
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.
Your contribution rate will automatically increase IRS 401(k) Maximums
by 1% each January 1, after participating in the
Plan for 12 months, until it reaches 10%. For 2021, you can contribute up to $19,500
to your 401(k) account. If you are age 50 or
You may opt out of the automatic enrollment or will turn age 50 by December 31, you may contribute an
auto escalation feature. additional “catch-up” contribution of $6,500.
You can change your contribution rate or
investments at any time. Keep these limits in mind if you participated in a prior
You can change your election from Roth to pretax employer’s plan this year.
or a combination of the two, at any time.
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.
Your contribution rate will automatically increase IRS 401(k) Maximums
by 1% each January 1, after participating in the
Plan for 12 months, until it reaches 10%. For 2021, you can contribute up to $19,500
to your 401(k) account. If you are age 50 or
You may opt out of the automatic enrollment or will turn age 50 by December 31, you may contribute an
auto escalation feature. additional “catch-up” contribution of $6,500.
You can change your contribution rate or
investments at any time. Keep these limits in mind if you participated in a prior
You can change your election from Roth to pretax employer’s plan this year.
or a combination of the two, at any time.
28
