Smart Savings at Work: Don't Miss the Match!
Mid-year is a good time to review your pay stubs carefully and make sure your 401(k) account contributions won't exceed the annual IRS contribution or compensation limits. If you received a bonus payment in May, you may need to adjust your 401(k) contribution percentage.
For 2013, the annual IRS 401(k) contribution limits are $17,500 ($23,000 if you are age 50 or older), and the annual compensation limit is $255,000. Your participation in the BMC 401(k) Plan for 2013 will stop at the first limit you reach. To learn more, watch this video about the BMC 401(k) Plan 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. You'll find the calculator under “Employer News” on the right side of the home page on the Fidelity Netbenefits® website.
How 401(k) Contributions Work
For every dollar you save in your 401(k) on a before-tax or Roth basis, BMC will contribute another dollar...up to the first 5% of your eligible pay (includes base pay, bonuses and sales commissions). BMC matching contributions are made each pay period with your payroll contributions.