Contribution Disclosures

Not all disclosures apply to all plans or participants.

Note: Your Contributions rate change and Annual Savings Adjustment will occur as soon as administratively feasible after the effective date.

Each year, you can contribute a percentage of your annual salary until you reach the I.R.S. dollar maximum. Once you reach the annual limit, 401(k) contributions are no longer taken from your paycheck for the rest of the year. The range of contribution rates you can choose from is determined by your plan.

The maximum dollar amount you can contribute annually through pre-tax and Roth 401(k) elective deferrals to your 401k is determined by the I.R.S. and in 2024, the annual pre-tax and Roth 401(k) elective deferral limit is $23,000. Once you reach the annual limit, pre-tax and Roth 401(k) elective deferrals should no longer be deducted from your paycheck for the remainder of the year. Please note, the annual pre-tax and Roth 401(k) elective deferral limit does not apply to any matching or other contributions that your employer may provide.

Catch-up Contributions are additional pre-tax deferrals up to $7,500 for 2024 ($7,500 for 2023) that you may make to the plan if you are age 50 years or older before the close of the calendar year. In addition, the catch-up contribution limit for active participants turning ages 60, 61, 62, or 63 in the calendar year increases to either $10,000 or 50 percent more than the regular catch-up contribution limit, whichever is greater. You can make these catch-up contributions only if the amount of your 401(k) deferrals are limited by plan-imposed limits, such as the plan's maximum deferral rate, or an I.R.S. limit, such as the annual pre-tax deferral limit defined above.

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