Right, that's the way I understand it, too.They match 3% of your salary.I had hit the $16k limit in my SIMPLE IRA, and had to ask the CPA who does our payroll to switch my contributions back on, to the catchup bucket. Now I am receiving zero match. CPA says typically no match on catchup contributions, but IRS website implies 3% match on all payroll deferrals, no explicit mention of catchup.
The Summary Plan Description also does not make clear if catchup contributions do/do not receive match.
Does anyone know of an authoritative reference to clarify?
If you make $100,000, the most they will contribute is $3,000 even though you can defer $19,500.
So far my match has been 3% of my hourly income, per pay period. If CPA has discontinued matches for the remainder of the year, I will receive 0 match on my last 3 pay periods of income. Which would average out to < 3% of my total annual income.
Statistics: Posted by teen persuasion — Tue Dec 10, 2024 6:59 am