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Retirement Plan - 401(k)
Veritas wants to help employees with their short and long term financial planning. Through the Veritas 401(k) Retirement Plan, you can save and invest your money on a tax-deferred basis and give those savings and investments a boost through a matching contribution from Veritas. This plan provides a convenient way for you to save and invest for the future, and reap valuable tax advantages.
Under the Veritas 401(k) Plan (administered by Empower Retirement) participants may contribute up to $19,500 per year (in 2020) into a traditional 401(k) account (pre-tax) and/or a Roth 401(k) account (post-tax) via payroll deductions. Participants over age 50 may contribute an additional $6,500 USD per year.
Veritas will match $0.50 on each dollar contributed--up to 8% of compensation not to exceed the lesser or $6,000 or 4% of your total compensation. New hires are eligible to start receiving the Veritas match after a 12 month waiting period.
You are immediately vested in your own contributions and the company match contributed by Veritas.
You can enroll in the plan any time after you receive your first paycheck:
If you take no action as a new hire, you will be automatically enrolled in the Veritas 401(k) Plan at a pre-tax contribution rate of 8%. However, you can opt out of the plan at any time by logging into your online account and changing your deferral rate to 0%.