QMS Enrollment - Web Book - Ready - 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.
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.
PLAN HIGHLIGHTS
Will my Employer contribute to my account?
Quality Manufacturing Services, Inc. may, at their discretion, contribute a
matching contribution. They may also make contributions based on
company profitability on a discretionary basis.
What else should I know about contributions?
You will have a fully vested and nonforfeitable interest in your Elective
Deferral Account and Qualified Non-Elective Contribution Account.
Your interest in your Employer Matching Contribution Account and NonElective Contribution Account will vest based on your Years of Vesting Service
according to a 2-6 year graded vesting schedule (20% per year starting with
two years of vesting service).
Matching Contributions:
Years of Service
Percent Vested
1
0%
2
20%
3
40%
4
60%
5
80%
6
100%
3
4
5
80%
6
100%
Profit-Sharing Contributions:
Years of Service
Percent Vested
1
0%
2
20%
40%
60%
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