401K MATCH
401(k) Contribution and Matching Program Details
Benore offers a 50% match on employee contributions, up to 6% of the employee's gross earnings.
Employees may contribute up to 92% of their gross earnings, subject to the IRS annual limit of $20,500.
All employees who have been with the company for three months or longer are eligible to enroll.
Why Participate in the 401(k) Match?
Tax Savings
One of the greatest advantages of participating in a 401(k) is the tax savings. Contributions are deducted from your paycheck before taxes, reducing your taxable income and lowering your overall tax burden. Additionally, as your 401(k) grows over time, you won't pay taxes on the gains until you start withdrawing funds at age 59 1/2, potentially at a lower tax rate. This tax deferral allows your money to compound faster than it might in other savings vehicles, such as bank accounts or individual investments.
Automatic Savings
Many people struggle to save consistently, but a 401(k) simplifies the process by automatically transferring funds from your paycheck to your retirement account before you have a chance to spend it. This "forced" savings ensures you prioritize your future financial security. The earlier you start, the more your savings can grow over time. And when you receive a raise, increasing your 401(k) contributions can help you maintain your savings momentum.
How to Enroll
Enrollment is easy through Paychex Flex. Log in to Paychex Flex® to get started or view your 401(k) match. If you have any questions, feel free to email Human Resources at humanresources@benorelogistics.com.
Are you or your colleagues newly eligible for our retirement plan? Enrolling is quick and simple through Paychex Flex®. Here's how to check eligibility and start the enrollment process:
Visit the Paychex Flex website at www.paychexflex.com.
Select Retirement Services.
Click Employee Data.
Filter by Active Employment Status and Newly Eligible Employees, then apply the filters.
Send enrollment invitations by clicking Send Enrollment Email.
You can also check eligibility using the Eligibility Status Report by following these steps:
Go to Retirement Services → Documents and Reports → Reports Tab.
Select the Eligibility Status Report.
Important Information
All eligible employees must receive the Summary Plan Description, General Information Sheet, and Participant Fee Disclosure Statement. These documents provide essential information about the 401(k) plan and any associated fees.
To access these materials:
Select Retirement Services.
Click on Administration.
Under Enrollment, choose Enrollment Options and Material.
For assistance, log in to your Paychex Flex account and visit the Help Center. You can also use the live chat feature by clicking the question mark icon at the bottom right of the screen and selecting Let's Chat.
Thank you for your hard work and for being an essential part of the Benore family!