Page 18 - Nortek California Employee Guide
P. 18
Open
Enrollment
401k Savings 401(k) Savings Plan—Age 50 Catch-Up
Contribution
Plan—Age As part of the annual beneits enrollment process, we also encourage
50 Catch-Up employees age 50 and older to consider a “catch-up” contribution to
Contribution their 401(k) Savings Plan.
X A catch-up contribution is an elective deferral made by an eligible
participant which is in excess of the maximum permitted deferral
limit
X You are eligible to make catch-up contributions during the plan
year if you have met the plan’s eligibility requirements and are age
50 or older
X You will be considered to be age 50 as of January 1 of a calendar
year if you are, or will attain, age 50 before the end of the calendar
year in which you choose to make catch-up contributions
X The employer match will not apply to the catch-up contribution
X The maximum catch-up amount for 2014 is $5,500 (this amount
is indexed annually by the IRS in accordance with cost of living
increases)
You will be prompted to elect or waive this catch-up contribution if
you are eligible during the open enrollment process in Workday. If you
are not in Workday, please see your HR partner for the Age 50 Catch-
Up Contribution form. If you do not complete the election during
open enrollment, you can always do it at a later date.
18
Enrollment
401k Savings 401(k) Savings Plan—Age 50 Catch-Up
Contribution
Plan—Age As part of the annual beneits enrollment process, we also encourage
50 Catch-Up employees age 50 and older to consider a “catch-up” contribution to
Contribution their 401(k) Savings Plan.
X A catch-up contribution is an elective deferral made by an eligible
participant which is in excess of the maximum permitted deferral
limit
X You are eligible to make catch-up contributions during the plan
year if you have met the plan’s eligibility requirements and are age
50 or older
X You will be considered to be age 50 as of January 1 of a calendar
year if you are, or will attain, age 50 before the end of the calendar
year in which you choose to make catch-up contributions
X The employer match will not apply to the catch-up contribution
X The maximum catch-up amount for 2014 is $5,500 (this amount
is indexed annually by the IRS in accordance with cost of living
increases)
You will be prompted to elect or waive this catch-up contribution if
you are eligible during the open enrollment process in Workday. If you
are not in Workday, please see your HR partner for the Age 50 Catch-
Up Contribution form. If you do not complete the election during
open enrollment, you can always do it at a later date.
18
