At Brightside Academy, we are invested in your future. We are aware of the importance of saving for your retirement and want to help you realize your retirement goals.
We are very excited to announce the launch of our 401(k) plan! This plan is a reliable and smart way to save for your retirement. And, since your savings comes directly out of your paycheck, with payroll deductions, it is easy to save!
Contributions to your 401(k) plan are tax-deferred meaning that your taxable income will be lower, and pay less in taxes, thus, saving you money. The most exciting part is that Brightside Academy will match 50% of your contributions making your savings even better!
You are eligible to participate in Brightside Academy’s 401(k) plan after one year of service with 1,000 hours* and there are also no age requirements. Once you have met the eligibility requirements, you can join the plan beginning March 15, 2019. You will also have the opportunity to join the plan July 1, 2019 if you do not join in March. You have the option to opt-out at any time.
You may contribute 1-100% of your pay up to $19,000 a year. If you are 50 years or older, there is an additional catch-up contribution, with a limit of $6,000. Employee match contributions are not included in these limits.
As an additional benefit to this program, Brightside will contribute directly to your retirement account as long as you are contributing as well. Brightside will match 50% of salary contributions up to the first 6% and it’s vested after 3 years.
This plan permits Roth after-tax employee contributions. You may contribute a minimum of 1% and your total employee contributions (Roth after-tax and Traditional pre-tax deferrals combined) may not exceed $19,000 annually.
For questions, please contact Amy Labosco at email@example.com
*Leased employees and non-resident aliens are excluded.