Aero Door 2024 - Web Book - Flipbook - Page 4
CONTRIBUTIONS
How much can I contribute to the Plan?
You may contribute between 1 percent and 100 percent of your before-tax pay
in increments of 1 percent. This amount may not exceed the maximum allowed
by the IRS ($23,000 in 2024).
If you are 50 years or older, you can also make “catch-up” contributions of up to
$7,500 in 2024.
Your Plan contributions will be automatically deducted from your pay. Pretax
salary deferrals are deducted from your pay before taxes are taken out. This
process of investing on a pretax basis helps you save for the future while
reducing the taxes you pay now.
PLAN HIGHLIGHTS
Will my Employer contribute to my account?
Your Employer may, in its sole discretion, make a matching contribution. The
amount and allocation formula will be determined by the Employer. You must
complete at least 1,000 hours of service during the applicable period or be
employed on the last day of the applicable period in order to receive the
matching contribution.
The Employer may, in its sole discretion, make a Non-Elective contribution in an
amount to be determined by the Employer. If made, the contribution will be
allocated in an amount designated by the Employer to be allocated to similarly
eligible participants
What else should I know about contributions?
Ownership of your Plan account is called vesting. You are always 100% vested in
both your contributions and the earnings on those contributions. This money is
yours.
If contributed, your Match contributions, plus the earnings on those
contributions, are vested based on your years of service according to the
following schedule.
Matching & Non-Elective Contributions:
Years of Service
Percent Vested
1
2
3
4
5
0%
20%
40%
60%
80%
6
100%
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