Page 25 - HutsonWood-2023-24-Benefit Guide
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401(k) Retirement Savings Plan
More Information Whether retirement is way down the road or just around the corner, it’s important to have savings goals and
• You can enroll in the plan specific investment objectives. To help you meet your goals and objectives, we offer a 401(k) Retirement Savings
and make changes to your Plan, administered by Retirement Direct, with multiple investment options and a company match. Key details
contributions at any time. and features of our plan are listed below.
• You will receive a 401(k)
enrollment booklet and online Employee contributions Employer contributions
enrollment guide during your new You can contribute up to $22,500 in 2023, and if you are age 50 or older, you may contribute HutsonWood makes safe harbor contributions
hire orientation. Contact your up to an additional $7,500 as a “catch-up” contribution. each year. The company match begins after
facility business office or Human Contributions may be made on a pretax or Roth after-tax basis. To obtain the maximum matching one year of employment. We will match 100%
Resources for more information. contribution of 4%, an employee would need to contribute 5% of their pay. of the first 3% of an employee’s contribution
and 50% of the next 2%.
Eligibility
Employees are eligible to contribute to the 401(k) plan on the first day of the month following 60 days of employment.
Vesting
Vesting refers to your ownership of the money in your 401(k). You are always 100% vested in your Plan contributions
and any rollover contributions, plus any earnings they generate.
You are also 100% vested in the safe harbor contributions made on your behalf, plus any earnings they generate.
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