Plan Overview
OnTrac offers a 401(k) retirement savings plan to help you save for retirement. The company matches 50% of your contributions up to 6% of your salary.
Eligibility
You are eligible to enroll after 90 days of employment.
Company Match
OnTrac matches 50% of your contributions up to 6% of your pay.
Examples:
- You contribute 6%: OnTrac adds 3% (total 9% going into your account)
- You contribute 4%: OnTrac adds 2% (total 6% going into your account)
- You contribute 2%: OnTrac adds 1% (total 3% going into your account)
The match goes into your account each pay period.
Contribution Limits
2025 IRS limits:
- Under age 50: $23,500 per year
- Age 50+: $31,000 per year (includes $7,500 catch-up)
How to Enroll
Step 1: Log into DayForce
Step 2: Click "Benefits"
Step 3: Select "401(k) Plan"
Step 4: Choose your contribution percentage (1-75% of pay)
Step 5: Select your investments from available options
Step 6: Confirm and submit
Changes take effect the next pay period.
Roth 401(k) Option
OnTrac offers both traditional and Roth 401(k) options:
Traditional 401(k): Contributions are pre-tax. You pay taxes when you withdraw in retirement.
Roth 401(k): Contributions are after-tax. Withdrawals in retirement are tax-free.
You can split contributions between traditional and Roth.
Vesting
You are immediately 100% vested in your contributions.
Company match vesting schedule:
- After 1 year: 20% vested
- After 2 years: 40% vested
- After 3 years: 60% vested
- After 4 years: 80% vested
- After 5 years: 100% vested
Changing Your Contribution
Change your contribution percentage anytime in DayForce. Changes take effect the next pay period.
Investment Options
The plan offers multiple investment options including target-date funds, stock funds, bond funds, and stable value funds. Review options and fund performance in your 401(k) account.
Loans and Withdrawals
You can take loans or hardship withdrawals from your 401(k) in certain situations. Contact the plan administrator for details.
Plan Administrator
OnTrac's 401(k) is administered by [Plan Provider]. Contact them at 1-800-XXX-XXXX for investment questions or account access.
Questions?
Contact the benefits team through AskHR or call 1-800-XXX-XXXX ext. 3.
Comments
0 comments
Please sign in to leave a comment.