NEW 401(K) MATCH BENEFIT

Effective with the new budget year beginning July 1, 2023, Village Council approved a new benefit to enable employees to save more towards retirement.

Beginning with the payroll beginning on July 12, 2023, the Village will continue to contribute 5% of an employee's gross salary into the Empower, formally Prudential (K), in addition to matching up to 4% of an employee's individual contribution.

To participate in the 4% match benefit, employees need to follow these steps. Percentage amounts may be added or deleted at anytime by logging into your (K) account through Prudential.

1. Go to "Prudential.com" or use the QR code and log in, contact Mishanda if you need assistance.

2. Once you have logged in, the site will become "EMPOWER". Empower officially acquired the full-service of retirement business of Prudential in April 2022.

Click HERE or use the QR code to see what the screen will look like.

3 Scroll down to the Section Titled: NC (K) Plan - Village of Bald Head Island.

4. On the right hand side under the "Total Contribution Rate", is the amount that you are currently contributing each pay period to your (K) account.

5. Go to the blue button - Titled "Change" and enter in the percentage "%" amount you wish to contribute.

6. If you currently contribute a dollar amount you must change to a percentage.

7. The percentage amount can be any percentage from less than one percent to up to four (4) percent for a Village match.

8. You may contribute more than four (4) percent, but the Village will only match up to four (4) percent.

PERCENTAGE AMOUNTS MAY BE ADDED OR DELETED AT ANY TIME BY LOGGING INTO YOUR (K) ACCOUNT.

If you do not currently contribute to (K), you will need to follow these steps:

1. Follow steps 1-3 listed on the first page then,

2 Go to Manage Account: Click on Contributions

3. Select the Change button, next to the contribution type: Before Tax

4. Enter the% amount in the box you wish to Contribute.

5. Then Click ok.

Effective April 1, 2022, Empower officially acquired the full-service retirement business of Prudential.

Empower advises that changes may take up to two weeks to be processed, so do not delay if you want to make the eligible payroll contribution.

Once your information has been processed by Empower, payroll will receive a report with the change amount to enter into payroll.

If you enrolled but Empower did not process your enrollment before the payroll deadline, then you will have to wait until the next payroll deadline for your contribution to be matched.

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