Web Book 4PAWS 2024 - 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 ($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.
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 4 Paws House Calls, LLC contribute to my account?
Your employer will make a Safe Harbor Match contribution equal to 100% of
your salary deferrals up to 3% of compensation plus 50% of your salary deferrals
between 3% and 5% of compensation.
The Employer may, in its sole discretion, make an additional contribution in an
amount to be determined by the Employer. If made, you must complete at
least 1,000 hours of service during the applicable period or be employed on the
last day of the Plan Year to receive an allocation.
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 discretionary contributions, plus the earnings on
those contributions, are vested based on your years of service according
to the following schedule.
Non-Elective Contributions:
Years of Service
Percent Vested
1
2
3
4
5
0%
20%
40%
60%
80%
6
100%
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