Purpose
The purpose of this policy is to encourage participation in [Company Name]’s 401(k) plan to ensure a secure retirement for employees.
Procedures
Upon obtaining eligibility to participate in [Company Name]’s 401(k) plan, employees will be automatically enrolled in the plan. This will result in 3 percent of each biweekly paycheck being deducted and contributed on a pre-tax basis into the 401(k) plan.
[Company Name] will provide matching contributions in accordance with plan provisions.
Employees may increase, decrease or eliminate employee contributions to the plan by filling out a 401(k) Election Change Form.
Employees should be aware that Internal Revenue Service (IRS) limits on annual deferrals apply and that contributions to this plan, when combined with other plans in which the employee may participate, may not exceed 100 percent of those IRS limits. Employees may contact the human resource department for information on the current IRS limits and for information about other plans subject to these limitations.
An organization run by AI is not a futuristic concept. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here's how employers and employees can successfully manage generative AI and other AI-powered systems.
Related Content
HR must always include human intelligence and oversight of AI in decision-making in hiring and firing, a legal expert said at SHRM24. She added that HR can ensure compliance by meeting the strictest AI standards, which will be in Colorado’s upcoming AI law.
The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict.
Learn how Marsh McLennan successfully boosts staff well-being with digital tools, improving productivity and work satisfaction for more than 20,000 employees.