401(K) Savings Plan
Waytek’s 401(k) plan is an important way to grow your retirement savings through pre-tax payroll deductions. All employees are eligible if 20 ½ years old or older and with 3 full months of service.
Eligible participants may contribute 1% to 90% each pay period, up to the annual IRS dollar limits (2023 limit is $22,500). Participants 50 or older are subject to a higher IRS dollar limit (2023 limit is $30,000).
Waytek’s Matching Contributions
When you save for your future through the 401(k) savings plan, Waytek will match your contributions up to 6% for each eligible employee’s 401(k) contribution. The match distribution will take place in the first quarter of the following plan year.
Vesting (Employee Ownership of Contributions)
Participants are immediately 100% vested with their entire account balance including Waytek’s matching contributions.