Internal Revenue Code 401(K) Plan
The Federal tax law provides that:
"If certain conditions are met, you may contribute a portion of your pay to a retirement investment plan, and your contribution is tax-deductible."
The money earned when your contribution is invested by the plan is not taxed at the time it is earned.
The income tax on this money is deferred until you retire; so that it can grow at a considerably more rapid rate than if, tax was taken out each year.
All exempt and non-exempt employees are eligible to participate in the plan after completing six months of service with S.S. White Technologies.
The plan is administered by the outside investment firm, TransAmerica.
S.S. White pays 100% of the administrative fees associated with this plan.
Additionally, S.S. White has announced a match for the 2005 calendar year amounting to 12.5% of an employee's contribution.
More details will be given to you when you become eligible for the plan.