What is the Western Regions NECA 401(k) Plan?
The Western Regions NECA 401(k) Plan is a multiple employer 401(k) plan which allows employers associated with Chapters of the Sixth, Eighth, and Ninth District of the National Electrical Contractors Association to participate in a 401(k) plan custom tailored to each employer's needs. This Plan is a defined contribution individual account retirement plan, qualified under Section 401(a) and 401(k) and 404(c) of the Internal Revenue Code.
The Western Regions NECA 401(k) Plan is an individual account, defined contribution retirement plan, qualified under Section 401(a) and 401(k) and 404(c) of the Internal Revenue Code, which allows participants to make voluntary employee contributions through pre-tax wage deferrals. No current federal or state income tax is payable on deferred wages that are contributed to the Plan. A participant can elect to reduce their wages by a certain amount, have that amount put into the Plan, and then pay federal and state income tax on those amounts only when distributed. This has the immediate effect of increasing the amount one can save for retirement as compared to saving with after-tax dollars. A participant will have a 100% vested interest at all times in the value of your elective contributions.
A participant may elect to defer up to 100% of your wages subject to a calendar year limit. For 2009, the limit on voluntary contributions is $16,500. This limit is declared annually by the Internal Revenue Service. If you want to know that the limit is for any given year, contact the Plan Administrator.
An employer may or may not offer a matching contribution pursuant to their Adoption Agreement. Please contact your human resources department, payroll department, or the Plan Administrator for further information regarding employer contributions and vesting of employer contributions.
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