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The Retirment Plan is designed to provide you with a tax effective method of saving for retirement. Employees are eligible to participate in the program as of the first of the month following their date of employment.
Employees may defer up to 100% of their earnings (base salary and annual incentive) in whole percentages on a pre-tax and/or after-tax basis. Participants can also defer Roth 401(k) contributions (after-tax) into their retirement account.
NECA makes a fixed contribution equal to 7% of employee's earnings, a mathcing contribution up to 66 2/3% of the first 6% employees contribute (pre-tax). The maximum matching contribution is 4%. NECA also remits supplemental contributions to offset quarterly account fees.
Employee's are 100% vested in all contributions. All contributions are subject to IRS limits.
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