Retirement
What does retirement look like for you? Maybe you plan to travel the world. Or maybe you’d like to take up some hobbies closer to home. Whatever your goal, it’s important to plan for your own finances so you have the income you’ll need in the future.
One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 401(k) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and can start making contributions to your account through convenient payroll deductions.
The Pasha Group offers a 401(k) through Fidelity. The 401(k) plan allows you to save for retirement and enjoy significant tax advantages. You can contact Fidelity any time by logging in to netbenefits.com for more information about the plan, your account balance, making contributions, changing investment elections, initiating a rollover or requesting a loan or withdrawal.
Who is Eligible for the 401(k)?
All regular Pasha employees are eligible to enroll in the pre-tax or post-tax (Roth) 401(k) plan if the below eligibility requirements are met.
Eligibility Requirements:
● Attainment of age 18.
● One (1) continuous calendar month of employment from the Eligible Employee’s employment commencement date.
Entry Date:
● For purposes of salary deferrals, your Entry Date will be the first day of the month coinciding with or next following the date you satisfy the eligibility requirements. Example: if your 30th day of employment is March 15th, your Entry Date will be April 1st.
How Do I Enroll in the 401(k)?
You can enroll in this program at any time during your employment at Pasha. Our plan includes an automatic enrollment at 3% of your salary if you take no action. If you would prefer to participate at a different contribution rate, or would prefer not to begin participation, you must visit the Fidelity Portal: netbenefits.com.
Increase Your Retirement Savings with a 401(k)
- Contribute using convenient payroll deductions up to the IRS limit of $24,500 per year.
- The 401(k) contribution limit for employees age 50 or older is $32,500 per year.
- The 401(k) contribution limit for employees age 60-63 is $36,000 per year.
- If you meet the eligibility requirements for employer qualified (QACA) safe harbor contributions, The Pasha Group will contribute an amount equal to the sum of 100% of your elective deferrals that do not exceed 1% of compensation, plus 50% of elective deferrals that exceed 1% of compensation but do not exceed 6% of compensation
- Change the amount of your contributions or stop your payroll contributions at any time.
- Decide how to invest your 401(k) or allow the plan to choose for you.