One Florida Bank Enrollment PDF - Flipbook - Page 4
CONTRIBUTIONS
How much can I contribute to the Plan?
You may contribute between 1 percent and 100 percent of your before-tax
pay in increments of 1 percent. This amount may not exceed the maximum
allowed by the IRS ($22,500 in 2023).
If you are 50 years or older, you can also make “catch-up” contributions of
up to $7,500 in 2023.
PLAN HIGHLIGHTS
Your Plan contributions will be automatically deducted from your pay. Pretax
salary deferrals are deducted from your pay before taxes are taken out. This
process of investing on a pretax basis helps you save for the future while
reducing the taxes you pay now.
You also may contribute between 1% and 100% of your pay in after-tax
dollars to a Roth account, which can help you accumulate a nest egg for
tax-free income in retirement. Note that total contributions to both Roth and
pretax retirement savings accounts cannot exceed the annual limits set by
the IRS (in 2023, $22,500 for standard contributions and $7,500 for catchup
contributions).
Will One Florida Bank contribute to my account?
In addition to any deferrals, you elect to make, One Florida Bank will contribute
a matching contribution to your Safe Harbor Matching Contribution Account in
an amount equal to: (i) 100% of the Matched Employee Contributions that are
not in excess of 3% of your Plan Compensation, plus (ii) 50% of the amount of
the Matched Employee Contributions that exceed 3% of your Plan
Compensation but that do not exceed 5% of your Plan Compensation.
Matching contributions will be allocated to the Safe Harbor Matching
Contribution Accounts of Participants as soon as administratively feasible after
the end of each pay period.
What else should I know about contributions?
You will have a fully vested and nonforfeitable interest in your Elective Deferral
Account, Rollover Contribution Account, Qualified Non-Elective Contribution
Account and Safe Harbor Matching Contribution Account.
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