Retirement Options
401k Plan
You will be eligible to enroll in the retirement plan after six months of service. You must also be at least 21 years old and work 1,000 hours or more per year to be eligible. Edfinancial Services will match your contributions dollar for dollar up to the first 5% of your gross salary. The maximum contribution allowed per year is $15,500, and if you are over the age of 50, you may contribute an extra $5,000 per year.
You are 100% vested on the value of your contributions, and you will be vested on the value of our matching contributions according to the following schedule:
Years of Service
with Edfinancial |
|
Amount of Employer
Contribution Vested |
| Two |
|
20% |
| Three |
|
40% |
| Four |
|
60% |
| Five |
|
80% |
| Six |
|
100% |
Note: Your years of company service are calculated based on your first month of service. If your hire date is the 1st through 15th, your eligibility begins with that month. If you joined Edfinancial Services on the 16th through 31st, your eligibility begins on the first day of the following month.
Roth IRA
Contributions are deducted from your paycheck. Your maximum contribution is $3,000 per year. Earnings are tax-free when withdrawn after five years, for retirement, for the purchase of your first primary residence, or to pay for post-secondary education.
