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Are you affected by the IRS limit on combined pre-tax and/or Roth after-tax contribution to the Farm Credit Foundations 401(k) plan? Do you want to keep contributing on an after-tax basis in order to continue receiving the employer match? Then the after-tax auto spillover feature could be for you.No more monitoring your pay checks to see when you reach the limit. With the after-tax spillover feature, just make one election to automatically switch your contributions every year to traditional after-tax when you reach the IRS limit. Your election will continue year after year, subject to other IRS limitations*, unless you make a contribution rate change. You can revoke or change your after-tax spillover election at anytime.
The maximum amount you can contribute into your 401(k) for 2018 is $18,500, plus an additional $6,000 catch-up, if you are age 50 or over at any time during the year. If you ever reach that limit, your pre-tax and/or after-tax Roth contributions are automatically suspended and you will no longer receive the employer match.To keep receiving your employer match for the rest of the year, you can make after-tax contributions. Therefore, you will receive the maximum employer match if you continue to contribute at least 6%.
Log in to your account on
mylife.jhrps.com. From the Menu, click on View/Change Contribution Rates. You may also call the John Hancock Participant Service Center at 1-800-294-3575. The deadline schedule for making changes is available from the Contribution Rate Change screen.
You may access your Earnings Statement in Dayforce each pay period to keep track of all your year-to-date contributions including any after-tax spillover contributions you elect. You may also view contribution postings to your 401(k) account at
mylife.jhrps.com. From the Menu, click on "Detailed Statement Online."
* Although there is no dollar limit on traditional after-tax contributions, the IRS does have a limit on total employee and employer contributions to the 401(k) Plan. The limit for 2018 is $55,000 (plus an additional $6,000 pre-tax and/or Roth after-tax contributions if age 50 or over). And, the IRS limits compensation that can be used for employer matching contributions to $275,000 in 2018 ($405,000 if you first participated in the 401(k) plan, or any predecessor plan, prior to 1996).