A 401k retirement plan is a special type of account funded through pre-tax payroll deductions. Your funds in the account can be invested in a number of different stocks, bonds, mutual funds, or other assets, and are not taxed on any capital gains, dividends, or interest until they are withdrawn.
BRC offers or contributes to several types of 401K retirement plans:
- You can make Voluntary Traditional 401K or Roth 401K Deductions from your weekly paycheck in either a set weekly amount or a percentage of your income.
- BRC may also contribute to your 401k based on your trade proficiency,
- If you are on a prevailing wage job there could be an additional 401k contribution.
- If you are eligible for profit sharing BRC may make a contribution to your 401k.
In all matters relating to your 401k and retirement, it is recommended that you consult with your tax professional.
For more information please visit the IRS website.