(Lenbrook Square Foundation) 401K plan
Great NEWS!!! Menders now offers a 401K plan and will match 40% - effective 07/01/2020
As of 07/01/2020 with week ending 06/28/2020 all employees will be automatically enrolled into the 401K plan with an automatic 5% payroll deduction. This is a new benefit offered to all current employees and will be offered to employees after 90 days of employment.
The automatic deduction of 5% will reduce your taxable income and the great news is Menders will match 40% of your contribution towards your 401K Retirement plan.
Example: If your pay is $ 500 (pre-tax) with a 5% (pre-tax) contribution this will be $25.00 deducted from your pay to be placed in your 401 and then Menders would match 40% of that amount which would be $ 10.00 for a total contribution of $ 35.00 would be distributed to your 401K. ($ 500 x 5% x 40% = $ 35.00)
You can choose to OPT out or reduce the amount deducted from 5% to the lowest amount of 1%. You may also choose to increase the amount to any % you want to save more. Menders will only match 40% of the 1st 5% deducted, anything over 5% will not be matched, but would be invested in your 401K plan which would reduce your payroll taxes and increase your savings towards your retirement.
If you decide you do not want to be automatically enrolled into the plan you must notify us prior to Monday, June 28th before 9am EST. If you fail to respond or notify us you will be automatically enrolled in the plan at 5%. You can change the percentages you want to increase/decrease at any time, but you may NOT opt out of the plan after the 1st payroll deduction has been made.
Please carefully read all of the attachments and plan documents to learn more about the 401K plan. We encourage you to remain in the 401K plan for up to 5 years to become fully vested and earn money towards your retirement plan or other reasons.
Feel free to reach out to Misty White or Rebeca Perez at the office 404-355-4780 with any questions or to notify of your intent. Remember you must notify us if you want to OPT out or reduce contribution percentage prior to 9am June 28th!
You can reply to this email with you response. You will see the 401K in your benefits next week and can log into Paycom to make any changes, please advise us of any initial changes prior to payroll on 06/28/2020. We will send out text reminders as well.
We hope you enjoy the new benefit of a 401K plan!
Attachments with additional Information: