Find out why it pays to save in a 401k, how to maximize your savings, and how to enroll in blueStone Staffing’s 401k program.
Why Should I Save In a 401k?
- Save on Taxes: There aren’t any taxes on amount saved and investment gains are tax-deferred
- Convenience of saving through payroll deductions
- Attractive investment choices
How do I enroll?
Once you have been employed by blueStone Staffing for 1 year, you will be sent an email that will provide you with the steps to enroll in the 401k program. Our plan is set up to automatically contribute 3% of your earnings each paycycle. If you wish to change this percentage, please log in to the 401k website and do so.
Be sure to roll over any retirement savings from past employers to maximize your savings.
When am I eligible to contribute in a 401k?
An employee is eligible to participate after meeting the following requirements:
- He or she has reached age 21 – An employee can be excluded for not having reached a minimum age (which cannot exceed age 21) but cannot be excluded for having reached a maximum age. For instance, an employee cannot be excluded from the plan because he or she is, say, 100 years old.
- He or she has at least one year of service – This requirement is two years if the plan is not a 401(k) plan and provides that after not more than two years of service the employee has a non-forfeitable right to all his or her accrued benefit (i.e. all contributions are 100% vested). For qualified plan purposes, a year of service is generally 1,000 hours of service performed during the plan year. Employees who do not perform 1,000 hours of service are not considered to have performed one year of service, even if services were performed for a 12-month period.
401k Supporting Documents
A Guide to Your 401k
Steps to Building a Nest Egg