Page 29 - Franklin Madison 2022 Benefits Guide
P. 29
401(k) Savings Plan
Your Employee Savings Plan, which provides a convenient, tax-effective way to save
for your long-term financial needs, can help provide you with a more financially secure
future. You can save up to 100% of your eligible compensation on a pre-tax basis, up
to the IRS limits. When you participate in the Plan, you take advantage of the generous
Company match.
Eligibility Investment Choices
All eligible employees will be Auto-enrolled into the You can choose from a wide variety of investment
Franklin Madison 401(k) plan at 4%. You must be at options through Vanguard. Complete information
least 18 years old to participate. If you decline auto- about investment options is available on the
enrollment, you can enroll at anytime. Changes to Vanguard website at my.vanguard.com.
the 401(k) plan can be made at anytime throughout
the year. Rollovers
If you have money in another 401(k) or qualifying
Company Match plan, you can roll it over to the Employee Savings
For every $1 you contribute (up to 4% of your pay), Plan. Once your rollover is credited to your account,
Franklin Madison will contribute $1 to your account. it will be invested as you direct, and eligible for
Your Company-matching contributions are invested loans and withdrawals.
according to your elections.
Access to Your Money
Vesting 401(k) plans are designed to encourage long-term
You are always 100% vested in your own pre- savings. As a result, the IRS imposes some limits
tax contributions, any amounts you roll over into and requires that you pay income taxes (and in
the Plan, and the earnings on those amounts. some cases, penalties) when you withdraw money
Company-matching contributions are immediately or take a distribution from the Plan. However, you
100% vested as well. can take a loan on a portion of your savings without
paying taxes or a penalty. You’ll pay yourself back,
with interest, and the payments go back into your
401(k) account.
Definition of Compensation How to Enroll
For the purposes of the Employee Savings Plan, It’s Easy to Enroll
Compensation is your base wages or salary, including
overtime and commissions (subject to the IRS annual All eligible employees with be Auto-Enrolled into the
limit). It does not include any bonuses, stock option Franklin Madison Plan at a contribution of 4% efective on
proceeds, severance payments or any allowances or the irst payroll with the company. If you wish to decline
reimbursements. this beneit, you must let HR know during your new hire
onboarding.
Connect with Vanguard
my.vanguardplan.com or call 866.794.2145, 24/7.
Franklin Madison Plan ID = 237798
29
Your Employee Savings Plan, which provides a convenient, tax-effective way to save
for your long-term financial needs, can help provide you with a more financially secure
future. You can save up to 100% of your eligible compensation on a pre-tax basis, up
to the IRS limits. When you participate in the Plan, you take advantage of the generous
Company match.
Eligibility Investment Choices
All eligible employees will be Auto-enrolled into the You can choose from a wide variety of investment
Franklin Madison 401(k) plan at 4%. You must be at options through Vanguard. Complete information
least 18 years old to participate. If you decline auto- about investment options is available on the
enrollment, you can enroll at anytime. Changes to Vanguard website at my.vanguard.com.
the 401(k) plan can be made at anytime throughout
the year. Rollovers
If you have money in another 401(k) or qualifying
Company Match plan, you can roll it over to the Employee Savings
For every $1 you contribute (up to 4% of your pay), Plan. Once your rollover is credited to your account,
Franklin Madison will contribute $1 to your account. it will be invested as you direct, and eligible for
Your Company-matching contributions are invested loans and withdrawals.
according to your elections.
Access to Your Money
Vesting 401(k) plans are designed to encourage long-term
You are always 100% vested in your own pre- savings. As a result, the IRS imposes some limits
tax contributions, any amounts you roll over into and requires that you pay income taxes (and in
the Plan, and the earnings on those amounts. some cases, penalties) when you withdraw money
Company-matching contributions are immediately or take a distribution from the Plan. However, you
100% vested as well. can take a loan on a portion of your savings without
paying taxes or a penalty. You’ll pay yourself back,
with interest, and the payments go back into your
401(k) account.
Definition of Compensation How to Enroll
For the purposes of the Employee Savings Plan, It’s Easy to Enroll
Compensation is your base wages or salary, including
overtime and commissions (subject to the IRS annual All eligible employees with be Auto-Enrolled into the
limit). It does not include any bonuses, stock option Franklin Madison Plan at a contribution of 4% efective on
proceeds, severance payments or any allowances or the irst payroll with the company. If you wish to decline
reimbursements. this beneit, you must let HR know during your new hire
onboarding.
Connect with Vanguard
my.vanguardplan.com or call 866.794.2145, 24/7.
Franklin Madison Plan ID = 237798
29
