2023 Benefits Guide 401(k) Retirement Savings Plan You Choose When to Pay Taxes Making contributions to the 401(k) plan offers tax benefits. The type of contributions you make —pre-tax, Roth (after-tax) or a combination of the two —will determine when you pay taxes on your contributions. You can: Pay taxes later. If you make pre-tax contributions to the 401(k) Plan, you The WestCareFoundation, Inc., 401(k) Retirement Savings Plan will lower your taxes today. allows employees to save for retirement through convenient payroll deductions. Employees who have completed 6 months of service The money you contribute, and any become eligible to participate in the Plan The Plan, administered by earnings will not be subject to income Voya, is designed with the following features: taxes until you withdraw it, likely in retirement. • You can defer up to an annual maximum of the lesser of 50% of your eligible compensation or the annual IRS deferral limit of Pay taxes now. If you make Roth $20,500 for regular contributions and $6,500 for catch-up contributions to the 401(k) Plan, you contributions (for those age 50 and over). This can be done on a will pay income taxes on the pre-tax basis through payroll deduction, or you may choose to contributions today. make after-tax (Roth) contributions. You can withdraw your contributions • WestCarewill match$1 for $1 for up to the first 3% of your and any earnings tax-free once you contributions and an additional $.50 for each $1 contributed for have had the account for at least five the next 2% of your contributions. years and have reached age 59½. • Employees are immediately vested in 100% of the company match. Not Enrolled? Get Started Today Online Phone 1. Go to https://enroll.voya.com 1. Call (888) 311-9487, Monday through 2. Enter plan number 81F805 Friday, 8 a.m. – 9 p.m. ET 3. Enter verification number 81F80599 Be sure to review the disclosures in the Important Information section during online enrollment. If enrolling by phone, you’ll be asked to verify you have reviewed the enrollment booklet. 29 WestCare