GCU Announces 401(k) Matching Contribution for 2011

February 10, 2012 / by / 0 Comment

The University is pleased to announce a matching contribution to the 401(k ) retirement savings plan for employees. For 2011, consistent with the 2010 plan year, GCU will match 30 percent of your deferral up to a 3 percent maximum deferral rate — in other words, 30 cents on the dollar of the first 3 percent an employee contributes.

The 2011 401(k) matching contribution will be posted to the 401(k) accounts of eligible employees on Feb. 10, 2012. To view your account, go to Fidelity’s website at www.netbenefits.com. To view the amount of your matching contribution, click on the “Transaction History” link located on the left section of the screen. Then click on the “Source” tab. This will display transactions in the last 30 days.

While you are on Fidelity’s website, you may want to consider changing your contribution amount or your investment elections. To do so, click on the “Contribution Amount” or “Change Investments” links located on the left side of the screen. It is important to review your beneficiary information periodically to make sure it is current. To view or update your 401(k) beneficiary information, click on the “Profile” tab at the top of the screen, then the beneficiary link on the left side of the screen. If you have questions about the 401(k) Plan, call Fidelity at 1.800.294.4015 or email benefits@gcu.edu.

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Here are a few examples to help you understand how the match is calculated. These are based on annual compensation of $30,000

Amount of Employee’s Contribution in 2011

Amount of GCU Matching Contribution for 2011


Explanation

$900
(3% of $30,000)

$270

GCU matches 30% of $900

$1800
(6% of $30,000)

$270

GCU match is only based upon the first 3% you contribute

$600
(2% of $30,000)

$180

GCU matches 30% of $600

 


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