This article was provided on behalf of our 401(k) servicer, Philips and Company
Did you know you are eligible to participate in our 401k plan starting the first of the following month after your date of hire. If you are eligible and have not started contributing to the plan, today is the day.
In addition to the dollars you contribute to the plan, you may be eligible for Infinity Rehab to match your dollars at a rate of 50% up to the first 3% of your compensation that you defer. That’s FREE MONEY to you!
That means if you contribute at least 3% of your compensation, Infinity Rehab may contribute an additional 1.5% of your compensation! That is a total of 4.5% of your compensation going into the plan. That is money you are saving for your Future Self and your Future Self thanks you!
Note: Infinity Rehab’s match is discretionary and subject to the eligibility criteria as outlined in the plan summary.
If you’ve been contributing to the plan for a while and you haven’t increased your contribution rate, now is the time. Consider increasing your contribution by 1% or $20. This most likely will have little to no effect on your budget and if you continue to increase in small increments like this, say every 6-12 months, before too long, you will be up to a very healthy contribution rate and you didn’t need to try and absorb it in your budget all at once.
Note also that you can contribute your dollars on a pre-tax (traditional 401k deferral) and/or after-tax (Roth 401k deferral). If you would like to discuss the difference between these two contribution types and what might make the most sense for you, please reach out to our plan advisor’s office to discuss further.
Remember that you have a point of contact for all things financial. Feel free to reach out to Kristen Hughes at Phillips and Company. Your savings and investment choices now will impact what you have saved up for retirement. Let us help you with a plan that meets your needs.
Kristen Hughes, 503-416-4680
To schedule a meeting, click on the following link:
https://calendly.com/khughes-phillipsandcompany
For full plan details, please visit the Infinity Rehab Benefit site available via Springboard.
