MLITC 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?
The Employer may, in its sole discretion, make a matching contribution. The
amount and allocation formula will be determined by the Employer.
The Employer may, in its sole discretion, make a non-Elective contribution in
an amount to be determined by the Employer. If made, you must be
employed on the last day of the Plan Year to receive a non-Elective
contribution.
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 employer match contributions, plus the earnings on
those contributions, are vested based on your years of service
according to the following schedule.
Matching Contributions:
Years of Service
1
2
3
4
5
6
Percent Vested
0%
20%
40%
60%
80%
100%
Profit Sharing Contributions:
Years of Service
1
2
3
4
5
6
Percent Vested
0%
20%
40%
60%
80%
100%
Page 3
