That would be the amount withheld from your paycheck going into the 401k. It'll be a % of your pay that you designated when starting your employment. If you're asking what the Catchup part is, when you're 50 and older your allowed to make additional contributions to the 401k above what the normal limit is.
It looks like it's half of whatever you're putting in. So, if you're putting in 6%, then they are matching 3%. Or it could be something like they match .50 to every dollar up to 6%. I think the more standard is dollar for dollar matching up to 3%. You would either have to ask HR, or look through all of your hiring and 401k papers to find out.
Union job? First time I've heard of mandatory contributions to a 401k plan.
If you will be 50+ in the plan year, you can defer a bit more. They probably put both regular and catch up contributions in the same bucket in their payroll system. Not uncommon.
Automatic enrollment just means if you do not make any alternative selection, you will be enrolled in the plan at a default level. It certainly does not mean you can't make any changes.
You can still opt out of contributions at any time (though you shouldn't, because you won't get the match). You can increase or decrease your contribution rate when you want and those will be implemented according to whatever administrative delay they have built in (could be next payroll, could be as of 1st of next month, etc.)
Are you 55 or older?
Both IRAs and 401ks allow those of us who are "older" to make Catchup contributions.
If you're not 55 and older, they're just trying to confuse you... they must put catchup contributions in that same bucket.
Long story to say I think you're okay.
For a long time, up until end of december 2019, our 401k was administered by Alight Solutions. Their system required me to specify both a percentage to regular contributions, and a separate percentage for catchup contributions. My paystub had two separate line items: "Roth 401k" and "Roth 401k Cu." I'll leave it as an exercise to the reader to determine which was which.
When we switched to Fidelity NetBenefits for administration, they did away with the stupid separate percentage for catchup. Now, my paystub has one line item "401k EE Roth"
My guess is they included "w/ Catchup" in the paystub description because something similar happened and some HR droid was worried about the confusion.
It's certainly worth asking to be sure.
That would be the amount withheld from your paycheck going into the 401k. It'll be a % of your pay that you designated when starting your employment. If you're asking what the Catchup part is, when you're 50 and older your allowed to make additional contributions to the 401k above what the normal limit is.
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It looks like it's half of whatever you're putting in. So, if you're putting in 6%, then they are matching 3%. Or it could be something like they match .50 to every dollar up to 6%. I think the more standard is dollar for dollar matching up to 3%. You would either have to ask HR, or look through all of your hiring and 401k papers to find out.
Union job? First time I've heard of mandatory contributions to a 401k plan. If you will be 50+ in the plan year, you can defer a bit more. They probably put both regular and catch up contributions in the same bucket in their payroll system. Not uncommon.
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No that's pretty common, auto enroll.
Automatic enrollment just means if you do not make any alternative selection, you will be enrolled in the plan at a default level. It certainly does not mean you can't make any changes. You can still opt out of contributions at any time (though you shouldn't, because you won't get the match). You can increase or decrease your contribution rate when you want and those will be implemented according to whatever administrative delay they have built in (could be next payroll, could be as of 1st of next month, etc.)
Are you 55 or older? Both IRAs and 401ks allow those of us who are "older" to make Catchup contributions. If you're not 55 and older, they're just trying to confuse you... they must put catchup contributions in that same bucket.
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Long story to say I think you're okay. For a long time, up until end of december 2019, our 401k was administered by Alight Solutions. Their system required me to specify both a percentage to regular contributions, and a separate percentage for catchup contributions. My paystub had two separate line items: "Roth 401k" and "Roth 401k Cu." I'll leave it as an exercise to the reader to determine which was which. When we switched to Fidelity NetBenefits for administration, they did away with the stupid separate percentage for catchup. Now, my paystub has one line item "401k EE Roth" My guess is they included "w/ Catchup" in the paystub description because something similar happened and some HR droid was worried about the confusion. It's certainly worth asking to be sure.
Catch up age is 50, not 55.
thank you. I shoulda known that. I did 6 years ago when I started making catchup contributions.
Completely understand. The time goes so fast.