Current Participants

Employee Contributions

You may elect to defer up to 25% of their salary to the Plan (Salary Deferrals). You may change your salary deferral election at the beginning of each calendar quarter. You may stop deferrals at any time, with at least a 2 week notice to Payroll. The maximum Salary Deferral for a Participant in year 2023 is $22,500. This limit may be increased in the future. Catch-up Contributions limits are $7,500 for 2023.

Employer Contributions

The Employer may make several different types of contributions on your behalf.

• Employer Matching Contributions - The Employer may, on a discretionary basis, match a portion of your Salary Deferrals each year. For 2023, the Employer matches 100% of your Salary Deferrals, up to 6% of your pay. You are not required to work a minimum number of hours, nor are you required to be employed at the end of the year, in order to receive these contributions.

• Employer Discretionary Contributions - The Employer may, on a discretionary basis, make additional contributions on your behalf. You must be credited with a Year of Participation Service and be employed on the December 31 in order to receive these contributions. Each eligible Participant will receive the same percentage of Compensation.

• Safe Harbor 401 (k) Contributions - The Employer will make further additional contributions each year, as required to meet discrimination tests for 401(k) plans. You are not required to work a minimum number of hours, nor are you required to be employed at the end of the year, in order to receive these contributions. Each eligible Participant will receive 3% of Compensation.

Participant Loans

Participant loans are not allowed.

Taxation of Retirement Benefits

All benefit payments you receive from the Plan are subject to ordinary federal and state income tax. If you take a Lump Sum upon leaving employment with NJOS, you may defer paying tax on the benefit by rolling it over to either an Individual Retirement Account (IRA), or, if you are re-employed, to another qualified retirement plan that accepts rollovers. To receive an early (taxable) distribution or to rollover your 401K balance once you leave employment with NJOS,  contact us to request a Benefit Election Form from Iris Advisors,