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Retirement Benefits - 401(k
It’s never too early—or too late—to start planning for your retirement. Making contributions to a 401(k) account is the first step toward achieving financial security later in life. The MarineMax 401(k) Profit Sharing Plan provides you with the tools and flexibility you need to retire comfortably and securely.
Eligible Team Members can invest for retirement while receiving certain tax advantages. MarineMax will match 50% of your contribution up to the first 5% you contribute. Administrative and record-keeping services for this Plan are provided by Empower.
Eligibility
You may start making pre-tax contributions into the Plan 90 days after your date of hire. You must also be at least 18 years of age to be eligible.
MarineMax will auto-enroll you in the MarineMax 401(k) Profit Sharing Plan at 3% after you have completed 90 days. You will have the opportunity to “opt-out” of the plan, prior to auto enrollment.
Contributing to the Plan
Deferred contributions are based on a percentage of your gross earnings, deferred contributions to the Plan are not to exceed Plan limits set by the IRS. The limit for 2021 is $19,500.00.
Catch-Up Contributions
If you are or will be 50 years of age during this calendar year (or older) and you already contribute the maximum allowed to your 401(k) account you may also make a “catch-up contribution”. This additional deposit of funds accelerates your progress towards your retirement goals. The maximum catch-up contribution is $6,500. See your plan administrator for more details.
Changing or Stopping Your Contributions
You may change the amount of your contributions at anytime. All changes will become effective as soon as administratively feasible and will remain in effect until you modify them. You may also discontinue your contributions at any time. Once you stop making contributions, you may start again at any time.
Visit the Empower website at: www.empower-retirement.com
Consolidating Your Retirement Savings
If you have any existing qualified retirement plan (pre-tax) with a previous employer, you may transfer or roll over that account into the Plan at any time. To initiate a rollover into your Plan, contact Empower at 844-465-4455 for details.
Vesting Schedule
Years of Service: 1 2 3 4 5 6
Vested Percentage: 0% 20% 40% 60% 80% 100%
Example: If you leave the company after 3 years, you will receive 40% of the contributions MarineMax has made to your account.
