If you contribute to the BMC 401(k) Plan and meet the IRS limit too early in the year, you are potentially missing out on company contributions.
For example, if you earn $116,500 annually and save $3,204 (33% of eligible pay) in your BMC 401(k) Plan each month, you will meet the 2019 IRS limit of $19,000 by June and accumulate about $2,900 in company match contributions. Well done! However, if you spread out your savings over the year and save $1,650 (17% of eligible pay) in your BMC 401(k) Plan each month, you will meet the 2019 IRS limit of $19,000 by the end of the year. But you would have accumulated $5,825 in company match contributions — that’s double the amount you would receive if you hadn’t maxed out earlier in the year! (Note: Only Before-tax and Roth contributions are eligible for BMC's match.)
To learn more, watch the “Don’t Miss Out on the Match” video and use the BMC Retirement Savings Calculator. The calculator can help you figure out how much to contribute each pay period to make sure you don't exceed the limits and miss out on any of the BMC matching contributions. Use this tool after you’ve already made contributions for the current year. You will need to know your year-to-date contributions. A current pay stub will provide this information. Review the Payroll Cutoff Schedule to determine when your contribution changes take effect.
Need more information on the BMC 401(k) Plan? Visit the Benefits Guide for plan details and services.
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.
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