The Advantus Corp. 401(k) plan rewards eligible employees for long and loyal service by providing them with retirement benefits. All employees who have 6 months of service, have worked 1000 hours per year of service, and are 21 years of age or older are eligible to participate.
Enrollments in the 401(k) plan are held each January and each July. Advantus will match 100% of your contribution up to 3%, and 50% for the next 2%.
For example, if your gross pay is $100.00, then:
| Employee | 100% Contribution | Advantus Match | Total Contribution |
|---|---|---|---|
| 1% Contribution | $1.00 | $1.00 | $2.00 |
| 2% Contribution | $2.00 | $2.00 | $4.00 |
| 3% Contribution | $3.00 | $3.00 | $6.00 |
| Employee | 100% Match Contribution | 50% Match for the first 3% | 50% Match for the next 2% | Total Contribution |
|---|---|---|---|---|
| 4% | $4.00 | $3.00 | $0.50 | $7.50 |
| 5% | $5.00 | $3.00 | $1.00 | $9.00 |
Because the contributions are made with pre-tax dollars, it may reduce your federal income tax withholding, reducing the amount of tax paid out of each pay check. A great tool to help calculate your pay after your 401k contribution can be found at http://www.paycheckcity.com/coadp2/401kcalculator.asp .
Our 401k plan is offered through Vanguard.