J2 Enrollment - Web Book - 2024 - 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.
PLAN HIGHLIGHTS
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.
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. Note that total contributions to both Roth and pretax retirement
savings accounts cannot exceed the annual limits set by the IRS (in 2024, $23,000
for standard contributions and $7,500 for catchup contributions).
Will J2 Strategic Solutions contribute to my account?
Yes, The Employer will make Safe Harbor Contributions to the Plan in an amount
not less than 3% of your Plan Compensation.
The Employer may, in its sole discretion, make a Non-Elective Contribution on your
behalf in an amount determined by the Employer. Such contribution, if made, will
be allocated in an amount designated by the Employer to be allocated to similarly
situated eligible Participants.
What else should I know about contributions?
You will have a fully vested and nonforfeitable interest in your Elective Deferral
Account, Rollover Contribution Account, Qualified Non-Elective Contribution
Account and Safe Harbor Account.
Your Non-Elective Contribution Account is subject to a 3-year cliff vesting schedule
(100% after three years of vesting service).
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