Operation Smile 401(k) Plan
American Funds – 401K Retirement Plan
Carrier: American Funds 401K contribution limits:
- Individual max contributions through age 49: $23,000
- Individual maximum contributions limit over 50: $30,500 ($23,000+$7,000 over 50 catch-up contributions)
Waiting Period/Eligibility Period: No more long waiting period for eligibility. Employees are immediately eligible to participate in our 401k plan on their first day.
New Hire Auto Enrollment: Effective 1/1/15 Employees will be “auto enrolled” at 3% upon hire. There is an option to self-select or opt out.
Auto Escalation: Annually on the date of an employee’s work anniversary, employee contributions will auto-escalate by 1% until they hit the max 6% match. There is an option to self-select or opt out.
401k Loans: Operation Smile plans now offer a loan element so that employees can take loans against the money in their 401k when necessary. One general purpose loan at a time. Minimum $1k, max $50k general purpose loan over 5 years.
Eligibility Requirement: There is no longer an age requirement of 21 years old to participate.