The Purchase Community, Inc., as the umbrella entity for the Purchase Children's Center, Purchase Day Camp and Purchase Community House, is offering a 401(k) retirement plan for our employees. This plan allows you to defer a portion of your salary into an account which you self-manage from a pool of available funds. Purchase Community, Inc. will match your contribution at year's end as follows:
· 100% of the first 3% of your W-2 income plus 50% of the next 2% of your W-2 income.
This means that if you contribute 5% of your salary to the retirement plan, we will match a total of 4%. For example, if your annual W-2 wages are $10,000 and you contribute 5% ($500), at year's end, we will contribute $400 to your account. Your money and the matching funds are fully vested upon deposit. If you contribute more than 5%, your income taxes are deferred on the contributions however, the matching caps at 4% of W-2 income.
If you are new to the plan, you must first complete an Enrollment Form. Once we have established your account, then you can begin deferring salary to the plan after you complete a Contribution Election Form and Beneficiary Form. The initial process to set up an account may take several weeks, so if you wish to participate, you should act quickly. Nevertheless, you can join the plan at any time during the year.
If you have any questions, please speak directly to the Executive Director of Purchase Community, Inc.
Below are important documents related to the retirement plan: