FictionSoft has established a 401(k) Savings Plan to provide employees a means of saving for retirement. Participation in the plan is voluntary, and employee contributions are made by payroll deduction. Contributions are pretax with an option for after-tax contributions.
Full-time employees, who are at least twenty-one (21) years of age, are eligible to enroll in the Plan to make individual contributions after ninety (90) days of full-time employment. A participating employee vests twenty percent (20%) per year, with the employee vesting fully in five (5) years.
The company provides a matching contribution on employee savings, up to a maximum of 5% of an employee’s annual salary. The matching contribution ranges from 50% to 100% of eligible savings, depending on the quarterly Operating Ratio, which is a measure of the profitability of the company. The matching contribution begins after an employee has been employed for one (1) year. The matching contributions are made quarterly and only apply to employee contributions made after one year of employment, provided the employee is actively employed as of the last date of the quarter.
The 401(k) Savings Plan offers features including self-direction in a number of funds ranging from conservative to aggressive, loan provisions, and rollover options.