Blyco Electric Enrollment - Web Book - 2025 - Flipbook - Page 4
CONTRIBUTIONS
How much can I contribute to the Plan?
You may contribute between 1% and 100% of your before-tax pay in
increments of 1 percent. With pre-tax contributions, every dollar you save will
reduce your current taxable income by an equal amount, which means you'll
owe less in income taxes for the year.
You also may contribute between 1% and 100% of your pay in after-tax dollars
to a Roth account, which can help you accumulate a nest egg for tax-free
income in retirement.
Contribution limits for 2025 not to exceed a total of $23,500 if under the age
of 50, or $31,000 if age 50 or over. Also available to individuals aged 60, 61, 62,
or 63 is The Super Catch-Up. This is NOT in addition to the regular catch-up
contribution. You can use either the regular catch-up limit ($7,500 in 2025)
OR the super catch-up limit ($11,250 in 2025), but not both.
PLAN HIGHLIGHTS
Will my Employer contribute to my account?
Yes, your employer will contribute a matching contribution to your Safe
Harbor Matching Contribution Account in an amount equal to: (i) 100% of the
Matched Employee Contributions that are not in excess of 3% of your Plan
Compensation, plus (ii) 50% of the amount of the Matched Employee
Contributions that exceed 3% of your Plan Compensation but that do not
exceed 5% of your Plan Compensation. Matching contributions will be
allocated to the Safe Harbor Matching Contribution Accounts of Participants
as soon as administratively feasible after the end of the Plan Year.
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.
You are also always 100% vested in the Safe Harbor Match contributions and
the earnings on those contributions.
If contributed, your profit sharing contributions, plus the earnings on those
contributions, are vested based on your years of service according to the
following schedule.
Discretionary Match & Profit Sharing Contributions:
Years of Service
1
2
3
4
5
6
Percent Vested
0%
20%
40%
60%
80%
100%
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