LLNS offers employees the opportunity to enroll in a tax-deferred 401(k) plan to supplement the lifetime annuity benefit. [The Tax-Deferred 401(k) Plan is described under Section 401(k) of the Internal Revenue Code.] A future benefit from this plan is based on participants' voluntary contributions plus earnings. An employer contribution is added for eligible TCP2 participants. Vesting is immediate for all contributions. Fidelity Investments is the designated administrator and record keeper of the 401(k) plan, and provides all account services. You may consider consulting a tax advisor or financial planner before enrolling.
401(K) Retirement Plan (TCP2)
- LLNS offers eligible employees in TCP2 the opportunity to enroll in a tax-deferred 401(k) Retirement Plan, which includes a Company Match and Service Based Contribution, to help provide financial stability in retirement. [The Tax-Deferred 401(k) Plan is described under Section 401(k) of the Internal Revenue Code.] A future benefit from this plan is based on participants' voluntary contributions plus employer contributions plus earnings; vesting is immediate.
- Summary Plan Description
- Summary Annual Report
- IRS Form 5500 401(k) Retirement Plan
401(k) Savings Plan (TCP1)
- LLNS offers eligible employees in TCP1 the opportunity to enroll in a tax-deferred 401(k) Retirement Plan to help provide financial stability in retirement. A future benefit from this plan is based on participants' voluntary contributions plus earnings; vesting is immediate.
- Summary Plan Description
- Summary Annual Report
- IRS Form 5500 401(k) Savings Plan
IRS Limits for 2025
There are changes in the IRS limits for qualified retirement plans (401(k) and pension) for 2025.
401(k) Elective Deferral
The maximum employee contribution amount for 2025 is $23,500 (combined pre-tax and Roth), an increase of $500 from 2024. Employees that are age 50 and older can contribute an extra $7,500, by making a separate catch-up contribution election.
Employer/Employee Contribution Limit
The maximum contribution in 2025, including all employee 401(k) contributions, employee pension contributions, employer 401(k) matching, and 401(k) service-based contributions (excluding catch-up contributions) is $70,000, an increase of $1,000 from 2024.
Compensation Limit
The maximum amount of employee compensation that can be considered in calculating contributions to qualified retirement plans for 2025 is $350,000, an increase of $5,000 from 2024.
|
ITEM |
2024 |
2025 |
|
401(k) Elective Deferral |
$23,000 |
$23,500 |
|
Catch-Up (age 50 and older) |
$7,500 |
$7,500 |
|
Employer/Employee Contribution Limit |
$69,000 |
$70,000 |
|
Compensation Limit |
$345,000 |
$350,000 |
To make changes, contact Fidelity either by calling 1-800-835-5095 or online at Fidelity Netbenefits
