401(k)
401(k) RETIREMENT SAVINGS PLAN
Weaber, Inc.'s 401(k) Retirement Savings Plan allows employees to save for retirement through convenient payroll deductions. Employees who are at least 18 years of age become eligible to participate in the Plan upon their date of hire. The Plan, administered by JP Morgan Chase, is designed with the following features:
Weaber, Inc. will match $0.25 on the dollar up to the first 4% of earnings.
Employer contributions are 20% vested after 2 years of service, increasing 20% per year until being fully vested after 6 years of service.
YOU CHOOSE WHEN TO PAY TAXES
Making contributions to the 401(k) plan offers tax benefits. The type of contributions you make—pre-tax, Roth (after-tax) or a combination of the two—will determine when you pay taxes on your contributions. You can:
1. Pay taxes later. If you make pre-tax contributions to the 401(k) Plan, you will lower your taxes today. The money you contribute, and any earnings will not be subject to income taxes until you withdraw it, likely in retirement.
2. Pay taxes now. If you make Roth contributions to the 401(k) Plan, you will pay income taxes on the contributions today. You can withdraw your contributions and any earnings tax-free once you have had the account for at least five years and have reached age 59½.
