401(K) RETIRMENT
Resources
Save for retirement through LHP Inc 401(k) Plan easily, regularly, and automatically. With all the responsibilities and financial priorities, you might be juggling – mortgage payments, parenthood, saving or paying for college, caring for parents, and more – it can be easy to overlook the need to save for retirement. But it’s important to consider setting aside money for retirement as early and regularly as you can, because the quality of your retirement years could very well depend on how much you have been able to save.
You are eligible to participate in the Plan after you complete 1 month of service and if you are at least 21 years old.
Through automatic payroll deduction, you may contribute between 1% and 90% of your eligible pay on a pretax basis, up to the annual IRS dollar limit (2024 = $23,000). You may change your deferral percentage by logging into your account at Fidelity at www.401k.com to make the change. Fidelity sends LHP a deferral change file on a bi-weekly basis for processing.
f you are age 50 or over by the end of the taxable year and have reached the annual IRS limit or Plan’s maximum contribution limit for the year, you may make additional salary deferral contributions to the Plan up to the IRS Catch Up Provision Limit (2024= $7,500).
The Roth 401(k) contribution option is also available to you. A Roth 401(k) contribution to your retirement plan allows you to make after-tax contributions and take any associated earnings completely tax free at retirement.
Our plan has an automatic enrollment feature. If you do not take action to enroll in the plan, you will be automatically enrolled at a 3% contribution percentage at the time you are first eligible to participate in the plan.
If you do not select an investment, Fidelity to place your money in a Fidelity Freedom Fund that most closely aligns with your projected retirement date based upon your birth year. If interested, employees now have the option to participate in a self-directed investment plan as well.
LHP will make a matching contribution of 50% of your contribution up to the first 3% of your contribution. You are always 100% vested.
