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09-14-09-FINAL - Phase 2 HRM function Claudia Pelaez...

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Phase 2: HRM function Claudia Pelaez Colorado Technical University Online HRM315-0903B-05 : Managing Human Resources Instructor: Phyllis Parise September 14, 2009 401K Plan For all of you employees of NL&C, I’ll be giving you the basic information for you to understand, what our company is offering you. The 401K is a retirement plan with a lot of benefits which I’ll explain in the following pages. This is a retirement plan that is supported by certain employers. This plan is very well-liked and offers services such as: a great variety of investments, as well as a competent and reduced administrative cost. 401k Contributions and Withdrawals You as a 401k participant have the option to choose to postpone up to 100% of your W-2 compensation up to a maximum of $16,500 in 2009. If you are getting to the age of 50 or older
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and your contribution is the maximum allowed, then you can make an additional contribution. The maximum annual contribution allowed in 2009 was for $5,500.Employee contributions are 100%
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