The Firm provides a voluntary 401(k) salary savings plan which offers both a traditional 401(k) (pre-tax deferrals) and a Roth 401(k) (post-tax deferrals) option. Participants can contribute a % of their pay or a fixed $ amount.
Eligibility & Features
All employees become eligible on the first day of the month after the completion of 30 days of employment.
Both part-time and full-time employees are eligible to participate in our 401(k) plan.
If you do not make your own contribution and investment elections within 45 days of becoming eligible, you will automatically be enrolled in the plan at 6% and will be subject to the auto escalation feature. This will raise your contribution percentage by 1% each year.
The maximum elective contribution is $22,500 for Tax Year 2023. There is a $7,500 “Catch-Up” contribution for participants age 50 or older.
You can change or stop your contribution elections at any time by visiting the website below. All changes will be reflected on the next eligible pay period. If you need further assistance, please call Empower Retirement at 1-855-756-4738.
MATCH
After a staff member (all non-attorneys) has completed one year of service, the employee will be eligible for a matching contribution of $.50 for every dollar contributed up to 4% total. The match will be deposited as one lump sum following the first quarter of the next year. For example, your matching contribution for the 2022 plan year will be deposited all at once following the first quarter of 2023.
PROFIT-SHARING
All full-time staff members and attorneys are eligible for participation in the profit-sharing plan. The profit-sharing contributions are on a 5-year vesting schedule. The amount contributed for profit sharing will be deposited at the same time as the 401(k) match, following the first quarter of the new year.
Visit: www.empowermyretirement.com