19: Retirement
Want an easy way to save money on taxes AND save for retirement? Have no fear! 401(k) is here!
401(k) Savings Plan
Magellan Learning Solutions has partnered with John Hancock to offer a 401(k) Plan to help provide employees the potential for financial security in retirement.
Who qualifies?
All full and part-time employees, 21 years of age or older, are eligible to participate in our 401(k) program after six months of employment.
Our plan is an Active Enrollment plan, so you must enroll to participate.
Matching
The 2024 contributions limit for participants under 50 is $23,000. Employees 50 and over can contribute an additional $7,500 in as part of a Catch Up Plan. Should you desire to participate in both Traditional and Roth plans, your contributions cannot exceed the maximum as listed.
Your contributions and those from the company are always 100% vested!
In our plan, there is an investment option for all levels of risk tolerance and any time horizon. Our agent will be happy to assist in picking the right funds for you. If you already have a financial advisor, share your Enrollment Book with them. The fund listings provide a wide range of performance data.
See the MLS Employee Handbook for complete details of the Magellan Learning Solutions 401(k) Plan described in Addendum I: Magellan Learning Solutions Summary Plan Description.
Questions?
Your HR Representative is here for you. Click the button to contact them.