Employees who have not earned $140,000 between July 1, 2020 – March 31, 2021:
If you have not earned $140,000 between July 1, 2020 – March 31, 2021, you will receive a lump sum contribution of the difference between 6.2% and 10.5% on earnings of $61,300 – $100,000. It then increases to 10.5% on earnings of $100,000 – $140,000.
You will continue to receive contributions of 10.5% each pay period until you reach $140,000 beginning April 1, 2021. Contributions will stop once you reach $140,000 until the new plan year beginning on July 1, 2021.
Employees who have earned $140,000 between July 1, 2020 – March 31, 2021:
If you earned over $140,000 between July 1, 2020 – March 31, 2021, you will receive a lump sum contribution. The lump sum contribution is the difference between 6.2% and 10.5% on earnings of $61,300 – $100,000. It then increases to 10.5% on earnings of $100,000 – $140,000. After March 31, 2021, your contributions will be stopped until the new plan year beginning on July 1, 2021 since you have earned over $140,000.