Page 7 - Newsletter_Dec2019_Email

As a reminder, employees cannot carry over
Did you know Hope currently invests 3% of your more than double their annual accrual of
annual salary into a retirement plan for eligible vacation time at the end of the calendar year.
full time employees each year? Additionally we
have a matching program for employees who To ensure employees don’t lose unused
choose to invest additional money into a vacation time, Hope provides an opportunity
retirement account. Effective January 1, 2019, for employees to participate in a vacation
buyback program. This allows employee to
Hope will increase the 401(k) annual request cash reimbursement for up to five (5)
contribution matching to $300. When you
choose to contribute money into a 401(k) unused vacation days provided they retain a
account, that money is taken out of your gross balance of at least five unused vacation days
pay before any taxes are withheld. This allows after the requested days are cashed out.
you to reduce your taxable income and will Employees who elect to participate and are
reduce your income tax and FICA withholding
from your check. It’s a great way to save money eligible will be paid for the vacation days at 50%
while saving for your retirement. of their cash value. Employees will receive this
payment in the form of a separate check.
Employees wishing to participate in this
Additionally, Hope will be making some program are required to complete an
changes to our loan programs effective July 1,
2020. We are phasing away from the employee application form and submit it to Anneliese
short terms loans and opening avenues for Nash at anash@hope.us for review. Applications
employees to take 401(k) loans. Starting in for vacation buyback are available on Hope’s
Intranet as well as in Human Resources. The
2020, eligible employees will only be allowed deadline to participate in the program is Friday,
to take one (1) loan from Hope of up to $500
during the year. The Hope loan program will December 13, 2019.
cease after 2020. However, employees will be
eligible to access money form their 401(k)
accounts without eligible hardships.

We would ask that with the new year, you
consider making an investment in yourself and
your retirement by upping your contributions to
your 401(k) accounts. Less than a $15
contribution per pay and you can take
advantage of the full matching benefit! Please
stay tuned for more details about accessing
this loan benefit in the new year.