401k Retirement Savings Plan
Employee Contributions
Contributions from your pay are made on a pre-tax basis up to the IRS annual limit. 2024 maximum contribution is $23,000. If you are 50 years of age or older, (or you reach age 50 by the end of the year), you may make a catch-up contribution in addition to the IRS annual limit. 2024 limit is $7,000 additional.
Automatic Enrollment: You will have 30 days from when you receive your packet of information from TRP to make an active election, otherwise, you are automatically enrolled at 3% of base pay, which will not apply to any bonus pay. Those automatically enrolled will have their contribution deferral increased by 1% each year up to 8%.
39
Made with FlippingBook - Online Brochure Maker