The Rock Enrollment - Web Book -Ready - Flipbook - Page 4
CONTRIBUTIONS
How much can I contribute to the Plan?
PLAN HIGHLIGHTS
You may elect to defer up to 92% of your Plan Compensation on a pre-tax
basis. You may also elect to make Roth contributions to the Plan on an aftertax basis. You may elect to change your elections to contribute to the Plan on
the dates established pursuant to Plan Administrator procedures. Federal law
also limits the amount you may elect to defer under the Plan ($22,500 in 2023).
However, if you are age 50 or over, you may defer an additional amount up to
$7,500 (in 2023). These dollar limits are indexed; therefore, they may increase
each year for cost-of-living adjustments.
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. Roth deferrals are withheld from your
paycheck after it has been taxed, but the money can then grow on a tax
deferred basis and contribution and earnings can eventually be withdrawn
tax free.
Will The Rock of Central Florida, Inc. contribute to my account?
In addition to any deferrals, you elect to make, The Rock of Central Florida, Inc.
will contribute a matching contribution to your Safe Harbor Matching
Contribution Account in an amount equal to 100% of the Matched Employee
Contributions that are not in excess of 6% 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 each pay period.
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. For purposes of this
section, the Applicable Period for determining satisfaction of service
requirements for an allocation of Non-Elective Contributions will be each Plan
Year. You must be employed by the Employer on the last day of the Plan Year
in order to receive a Non-Elective Contribution.
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, Safe Harbor Matching Contribution Account and Non-Elective
Contribution Account.
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