Belk is committed to supporting your financial well-being — today and tomorrow. The Belk 401(k) Savings Plan helps you prepare for retirement by offering an easy, tax-advantaged way to save for your future financial needs.
Visit Schwab to enroll or manage your plan account:
You may contribute between 1% and 60% of your eligible pay to your plan account, up to annual IRS limits. In 2022, you may contribute up to:
You also have the option of contributing to the plan with after-tax money, up to 60% of your eligible pay.
The Belk Belk 401(k) Savings Plan gives you the flexibility to save for retirement in a variety of ways. You can make pre-tax contributions, Roth after-tax contributions, or a combination of the two.
Pre-Tax | Roth after-tax |
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The money goes into your Plan account before taxes are deducted, so you keep more of your take-home pay. Because you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket). |
The money goes into your Plan account after taxes are withheld. In exchange for paying taxes now, both your contributions and any associated earnings can be withdrawn tax-free in retirement, provided you meet two requirements:
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Keep in mind that company contributions are made pre-tax no matter which contribution type you select.
To help you reach your retirement planning goals, Belk contributes to your account.
To support your retirement saving efforts, Belk matches 100% of your contributions to the plan after three months of employment, up to 4% of your eligible compensation, and 50% of the next 2%, for a combined match of 5%.
Try to contribute at least 6% to take full advantage of the match — otherwise, you’re saying “No, thanks” to free money.
Vesting is another way of saying “how much of the money is yours to keep if you leave the company.” You are always 100% vested in your own contributions, including any investment gains and losses on the money. You’re also 100% vested in Belk’s company contributions to your account.
It’s important to designate a beneficiary to receive the value of your Belk Belk 401(k) Savings Plan account in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up to date. Visit Schwab to add or change a beneficiary.
The money in your account is intended as a long-term investment to help you prepare for your financial needs in retirement. However, under certain circumstances, you may be able to access money from your account before reaching retirement age. For more information, visit Schwab or call 1-800-724-7526.
If you’re considering taking a withdrawal or loan from your plan account, be sure to think about the impact it may have on your financial future.
Make the most of your retirement planning by taking advantage of these tools and resources available at Schwab:
Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 1-800-724-7526 for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully.
Investing involves risk, including the risk of loss.