Page 21 - Ampact 2022 Benefit Guide

Additional Benefits

Retirement Savings Plan

A 401(k) plan is a retirement savings account that
allows an employee to divert a pre-tax portion of
their salary into long-term investments. We offer a
401(k) Retirement Savings Plan with multiple
investment options and a company match, or a
Roth 401(k). Key details and features of our plan are
listed below.

Eligibility
Regular, full-time employees are eligible to
participate in either plan on the first of the month
following completion of one month of employment
with Ampact. Vesting
Vesting refers to your ownership of the money in your
Employee Contributions 401(k). You will be 100% vested in Reading & Math, Inc.
Employees are automatically enrolled in the 401(k) dba Ampact match after four years of service. (You are
account at a 3% contribution from your paycheck always 100% vested in your contributions to the plan.)
on a pretax basis—up to the IRS annual limit. If you
are 50 years of age or older, (or if you will reach age
50 by the end of the year), you may make a catch- Year Vesting Amount
up contribution in addition to the normal IRS annual
limit.
1 25%
The IRS contribution limit for 2022 is $20,500 and
$27,000 if you are 50 or older.
2 50%
Employer Contributions
Ampact will match 100% up to the first 3% of salary 3 75%
that you contribute after one year of employment
to your 401(k). So, if you earn $30,000 and
contribute 3% or $900 to the plan each year, 4 100%
Ampact will contribute $900 to your 401(k) account.

Roth 401(k)
A Roth 401(k) is a special retirement account where
you pay taxes on money going into your account More Information
and then all future withdrawals are tax-free.
For additional details about the 401(k) Retirement
Savings Plan or to enroll or change your contribution
rates or investment elections, please refer to

www.securian.com.

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Effective August 1, 2022-July 31, 2023