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Subject: Important Information About Our 401K Plan

 

Dear Team,

I hope this message finds you well. I wanted to inform you about an exciting opportunity regarding our 401K plan here at Central Bucks Home Care.

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We are pleased to offer a 401K plan to our caregivers and employees. Recently, I enrolled us in a Federal program that covers the administration costs of the 401K, amounting to about $5,000 annually. However, this benefit is contingent on implementing an "auto-enroll" program.

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Here are the key points to consider:

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  1. Program Optional: Participation in the 401K auto-enroll program is completely optional. All employees are eligible after 90 days.

  2. Opt-Out Option: If you prefer not to participate, please let me know at your earliest convenience. We will handle the opt-out process on your behalf. You can contact me via phone, SMS, or email – whichever is most convenient for you. Some team members have already opted out, and I appreciate their prompt response.

  3. Accessing Plan Details: If you have already set up your Paychex Flex account, you can review the plan details and opt out directly through their website.

  4. Investment Options: If you choose to participate, you'll have the opportunity to invest in approximately 30 different funds offered by Vanguard, State Street, and Money Markets.​

  5. Matching Contributions: We offer matching contributions based on your savings percentage:

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  • 1% savings matched with 1%

  • 2% savings matched with 1.5%

  • 3% savings matched with 2%

  • 4% savings matched with 2.5%

  • 5% savings matched with 3%

  • 6% savings matched with 3.5%

  • The maximum matching contribution is 3.5%, though you can contribute up to 20% (or possibly more)

I apologize for any confusion caused by the timing of this announcement. I had expected more time before it became effective.

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Please feel free to reach out if you have any questions or need assistance with the opt-out process. Your financial wellness is important to us, and we are here to support you in making informed decisions about your future.

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Thank you for your attention to this matter.

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Best regards,

Dave Lovely

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