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    The 401k plan is a retirement savings plan that allows employees to set aside a percentage or fixed amount from each paycheck. The company will match contributions up to 5% of the employee's pay. For example, a VP paid $250 bi-weekly who contributes 15% would have $37.50 set aside from each paycheck, and the company would add another $1.87, for a total of $39.37 in retirement savings. The document provides instructions on how to enroll and choose a contribution amount or percentage.

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    401k

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    The 401k plan is a retirement savings plan that allows employees to set aside a percentage or fixed amount from each paycheck. The company will match contributions up to 5% of the employee's pay. For example, a VP paid $250 bi-weekly who contributes 15% would have $37.50 set aside from each paycheck, and the company would add another $1.87, for a total of $39.37 in retirement savings. The document provides instructions on how to enroll and choose a contribution amount or percentage.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    19 views5 pages

    By Finance

    Uploaded by

    api-484496580
    The 401k plan is a retirement savings plan that allows employees to set aside a percentage or fixed amount from each paycheck. The company will match contributions up to 5% of the employee's pay. For example, a VP paid $250 bi-weekly who contributes 15% would have $37.50 set aside from each paycheck, and the company would add another $1.87, for a total of $39.37 in retirement savings. The document provides instructions on how to enroll and choose a contribution amount or percentage.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 5

    Why YOU should

    choose the 401k


    plan
    By Finance
    What is the 401k plan?
    The 401k plan is a “retirement” plan, in which
    you will set aside a certain percentage or
    amount of each check into a savings account,
    and we will match up to 5%.

    Basically, you will get up to 5% more of what you


    invest at the end of the year.
    Example
    A VP gets paid $250 per pay period (bi-weekly)
    15% of $250 = $37.50 per pay period
    5% of $37.50=$1.87 Additionally
    Grand total=$39.37
    CURRENT PAY RATES

    Daily Bi-weekly
    Executives:$50 Executives:$500
    VP: $37.50
    VP:$375
    Regular Workers: $25
    Regular workers: $250
    Instructions
    ● Only highlighted sections are needed
    ● Select either START or SUSPEND
    ● If you choose SUSPEND, sign on the
    bottom of page
    ● If you choose START, pick either a
    PERCENTAGE or $AMOUNT to give
    from each check

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