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Retirement Plan - 401(k)

What Do I Need to Know to Enroll?

After 30 days, you will be automatically enrolled in a 401(k) at 8%.

You can opt-out or change your percentage at any time through Empower Retirement.

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.

Plan Features

Under the Veritas 401(k) Plan (administered by Empower Retirement) participants may contribute up to $19,000 per year (in 2019) 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 $6,000 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 six-month waiting period.

You are immediately vested in your own contributions and the company match contributed by Veritas.
 

Enrollment

You can enroll in the plan any time after you receive your first paycheck:

  • Decide how much to contribute to your account and how to direct your investments.
  • Enroll in the plan and designate a beneficiary by visiting Empower online or by calling 888-411-4015. You can also access your account through Microsoft Myapps.
  • Notify Payroll if you have made contributions to another 401(k) plan during the current calendar year so that you do not exceed the annual IRS contribution limit. (See box below for details).

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%.

If you don’t opt out within 30-day of notice, your participation and payroll deductions start the first pay period after the 30-day period, or as soon as administratively possible.

Please Note: If you've contributed to another employer's 401(k) plan during this calendar year, fill out a 401(k) Limit Request Form (xls) and submit to Payroll. This will prevent you from exceeding the IRS calendar year maximum for 401(k) contributions.
 
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