401k
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Dedicated Team at Colton Groome
Dave Nelson
828-252-1816 x 127
Matt Groome
828-252-1816 x 110
Stacey Anderson
828-252-1816 x 116
The 401(k) plan is administered by Colton Groome Financial Advisors. They provide investment advice and help administer the plan through Fidelity Investments. The 401(k) plan provides opportunities to save for retirement through traditional pre-tax or after-tax (Roth) contributions, as well as a new opportunity to defer through a "Mega Backdoor Roth" mechanism.
You can contribute up to $23,000 in the 2024 calendar year with an additional catch-up contribution up to $7,500 for those 50 and over by the end of the year\*. The company will match 25% of your contributions on up to 10% of your compensation deferred automatically throughout the year. In addition, the company may make additional matching contributions based on the performance of the company. The "Mega Backdoor Roth" provides opportunities to defer an additional 5% of qualified earnings in an after-tax contribution that can be converted to achieve the same benefits available to Roth contributions.
New employees will be automatically enrolled with a 5% pretax deferral that increases 1% annually until they reach a 10% deferral level, unless they elect otherwise.
Our plan offers an array of investment opportunities to allow participants and their advisors to customize an investment mix that meets their goals. Fund options include target date funds, asset class specific funds, and mutual funds with varying risk/reward levels. Your team at Colton Groome is here to help advise you on the options that best align with your personal goals and to answer any questions that you might have. Every participant is also entitled to a one-hour consult/year with a Colton Groome Advisor where you and your partner can develop a full financial plan and dive in to specific areas of your financial goals.
We understand how important financial security during retirement is to you and your family and believe these enhancements will make achieving your goal easier.