Dade Service Enrollment - Web Book - Ready - 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 ($22,500 in 2023).
If you are 50 years or older, you can also make “catch-up” contributions of up
to $7,500 in 2023.
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 will make a Safe Harbor Match contribution equal to at least
3% of your compensation. Please refer to your Annual Safe Harbor notice for
more details.
Your Employer may also make additional matching contributions, at their
discretion. Your employer may also make contributions based on company
profitability on a discretionary basis.
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.
Discretional 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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