April 1, 2024 will be the next enrollment opening. To be eligible, an employee must be over the age of 21 and have completed 1 year of service before the enrollment date. The enrollment dates are January 1, April 1, July 1 and October 1 of each year.
We offer you the option to contribute into the 401k Plan, which can be one of the most valuable benefits of your employment. Social Security will not be enough for retirement and was never intended to be the only source of income when you retire. On average, social security will replace about 40 percent of your annual pre-retirement earnings. Therefore, contributing to your retirement plan can be beneficial to build that nest egg for your future.
One of the most powerful advantages of participating in a 401k Plan is the money you save in taxes. Contributions are taken directly out of your paycheck before income taxes are withheld. As a result, you are paying taxes on a smaller portion of your salary and your overall tax rate may be lower. Secondly, contributing to the 401k Plan allows your savings to grow tax-deferred. This allows your earnings to earn earnings, or compound. You will be taxed on the amounts you withdraw at retirement, but many people find their tax rate drops in retirement, so you could end up paying less tax on your savings in the end. And, finally, most employees will qualify for a matching contribution of 100% on the first 3% of deferred compensation, plus a 50% match on the next 2% of deferred compensation, for a maximum contribution of 4%. In other words, we are offering you free money!
You can log on to www.netbenefits.com to enroll. If you have any questions, please contact Human Resources at hr@questservicegroup.com.