The BMC 401(k) Plan is one of the best ways to save and invest in your future. Of course, the advantages of a 401(k) come with lots of IRS rules, including an annual limit on how much you can contribute. If you contributed to the 401(k) plan at your last job, you need to track your savings carefully because both your contributions at BMC and your past employer count toward the IRS annual limit. If your savings in both plans exceed the IRS annual limit, you’ll pay stiff penalties.
Avoid Penalties at Tax Time
To avoid penalties for contributing more to your 401(k) plans than the IRS allows, you’ll need to track these amounts:
The 2018 IRS limits on 401(k) contributions are $18,500 or $24,500 if you are age 50 and above. For example, let’s say you are under age 50 and earlier this year you saved $8,000 in your 401(k) account at your last job. That means you can contribute only $10,500 to the BMC 401(k) Plan up to December 31, 2018.
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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