734 401k History

Attorney Marilyn D. York
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Content below this line is information for staff.

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734  401k History

Other Office Information

401k History

1.  Up to 1/1/15, we had a Simple IRA retirement plan with a company match up to 3%. 
2.  A 401k was researched and we found that it allowed many advantages to everyone so it was discussed in the open and approved by all Staff at the time. 

3.  Because employee pay, costs of payroll taxes and benefits were and are such a big percent of the corp’s Gross Income, Ray did not feel like the corp could afford to match more than 3% in the future and especially when a “nominal 4%” match’ was set the first year but expected by all to increase in the future.

4.  It was discussed and agreed by the Staff that the 401k plan that was offered was something all employees liked and unanimously voted for with the understanding that “in effect” there would never be a corp contribution of more than 3%.

5.  Some of the benefits to employees were (1) that the 401k allowed higher employee contributions with the added advantage of more income tax deferral and (2) borrowing your own money in emergencies was easy and cost-effective.

6.  For 2015, the Staff approved the “nominal Corporation % match” as 4% which in effect was still really 3% from the corp,
7.  For 2016, the Staff approved the “nominal Corporation % match” of 5% which in effect was still really 3% from the corp.
8.  For 2017, the Staff approved the “nominal Corporation % match” of 5% (no increase) which in effect was still really 3% from the corp.

8.  Near the end of each year, Staff votes to decide whether or not to change the “nominal % match”.  It is recommended by Marilyn to eventually raise the “nominal % match” yearly to 10% or more.  Having a good retirement income is important but that means contributions now.

9.  Original performance pay formulas were arithmetically modified so that although Performance Pay Schedule Column ‘LL’ gross pay did have whatever % match as voted on each year by Staff, while the effective corp. match always remains at 3%.  The math details of how this is accomplished are printed on the bottom of each Performance Pay Schedule for each semester.

10.  New Staff may voluntarily join the 401k program on the first day of the 4th month following their employment start date.

11.  Staff questions concerning plan details should be discussed with Mollie and Greg Jacobs.

12.  Staff from 2015 were privy to the above and understood and agreed to all the changes at the time.

13.  The above is likely “too much information” and is not necessarily explained to newly hired Staff who may forever want to ignore all the above and just understand that Performance Pay Schedule Column ‘LL’ gross pay does get a % corp match as voted to their 401k account but in effect corp. actual match is always 3%.  Beyond that, it is good to have an understanding of the parameters and formulas for performance pay.

Employee Deductions have an Annual Max per the IRS that changes at the beginning of some years.  For 2017 it was 18,000; for 2018 it was 18,500; for 2019  $19,000.  Employees may contribute a percent or fixed sum per paycheck up to that maximum.

Do not confuse the Employee Deductions with the Matching “Company Contributions” (“nominal Corporation % match”), see below.

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