2025 401(k)

Through pre-tax savings, you can authorize your employer to deduct a certain amount
of money from your paycheck before taxes are calculated, and to invest in a 401K plan,
you decide how much money you want deducted from your paycheck and invested
during each., up to the legal maximum. Your money is invested in investment options
that you choose from the ones offered through the company’s 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 1/1/25 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.