ISLAND FEDERAL CREDIT UNION 401(K) PLAN & TRUST Contribution & Employer Match

How ISLAND FEDERAL CREDIT UNION Supports Your Retirement Savings

ISLAND FEDERAL CREDIT UNION provides retirement savings benefits through ISLAND FEDERAL CREDIT UNION 401(K) PLAN & TRUST. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

ISLAND FEDERAL CREDIT UNION 401(K) PLAN & TRUST Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute a specific percentage or dollar amount, subject to statutory dollar limitations, with a maximum of $20,500 for 2022 ($27,000 for participants aged 50 or over).

2. Employer Match/Contribution Conditions: The employer matches 100% of a participant’s salary deferrals up to 3% of the participant’s compensation and 50% of deferrals in excess of 3% but not exceeding 6% of compensation. The employer may also make a discretionary matching contribution of up to 4% of eligible employee compensation.

3. Vesting Schedule/Eligibility: Participants are always 100% vested in their elective salary deferrals and employer safe harbor contributions. Profit sharing contributions will vest 100% after 3 years of service. Eligible employees must be employed on the last day of the Plan year and have completed 1,000 hours of service for profit sharing contributions.