Wittenbach provides you with the opportunity to save for your retirement through a pre-tax-deferred 401(k) or/ and an after-tax Roth 401(k) retirement plan.

Employees who have attained age 19 will automatically be enrolled in the Wittenbach 401(k) Retirement Plan at a 6% contribution level, unless a different percentage is specified on the enrollment form. Employees are eligible to participate the 1st of the month after 60 days of continuous employment.

  • Contribution limits

    Catch-up contributions allow individuals age 50+ (who are closer to retirement) to save extra money for retirement—up to $7,500/year. Catch-up contributions must be pre-tax.

    1% - 100% of your pay, up to $23,500 in 2025. Age 50+? You can contribute an extra $7,500/year in catch-up contributions. You can update or change your contribution amount at any time within the IRS annual limits.

    1% - 100% of your pay, up to $23,000 in 2024. Age 50+? You can contribute an extra $7,500/year in catch-up contributions. You can update or change your contribution amount at any time within the IRS annual limits.

  • What kind of contributions can I make?

    Pre-tax contributions are made before taxes are applied to your pay. By contributing pre-tax, you defer paying taxes on contributions and earnings until you withdraw the money in retirement. After-tax contributions are made after taxes have been applied to your pay. You pay income tax on the contributions now, so you only pay taxes on your account earnings when you withdraw money in retirement. 2014 after-tax limit is $52,000. Roth contributions are a different kind of after-tax contribution. You pay income tax on the contributions now, but if you hold the account for at least 5 years, you will not pay taxes on account earnings (as long as you withdraw the money after age 59-1/2).

    Pre-tax, after-tax

  • Company match

    The Company will match a portion of your contributions to help you prepare for a financially secure retirement. Matching contributions will be invested the same as your personal contributions.

    The Wittenbach current matching contribution is $.20 for each $1.00 an employee contributes, up to a maximum of 6%. This contribution is discretionary. An employee must be employed on the last day of the Plan Year to receive a contribution. Employees are always 100% vested in their deferrals and will be 100% vested in any Wittenbach contributions after 5 years of full-time service.

  • Can I invest the money in my account?

    You may change how your account is invested at any time. If you do not choose an asset allocation, your contributions and any matching contributions you receive will be invested in a target fund based on your age.

    Yes. You choose how all money in your account is invested. You may change your investment allocation at any time.

401(k) Savings Plan

Provider: Principal

Phone: 800-986-3343

https://www.principal.com/

401(k) Broker: Tim Chisholm
Phone: 610-325-6189
Email: tchisholm@newsquarecapital.com