401(k) Plan.
- Before -Tax Contributions: You can contribute from 1% to 30% of your before-tax pay up to a maximum of $16,500 for 2009.
- After- Tax Roth 401(k): You can contribute from 1% to 30% of your before-tax pay up to a maximum of $16,500 for 2009.
- Matching Contributions: Sun matches your contributions dollar for dollar on the first 3% of pay you contribute, plus 50 cents on the dollar for the next 2% of your pay up to an annual maximum of $6,800.
The combined annual maximum contribution between Pre-Tax 401(k) and After-Tax Roth 401(k) can't exceed $16,500 for 2009. Your pre-tax contributions are deducted from your pay before federal (and state, in most locations) income tax withholding is calculated.
- Catch-up Contributions (Before and After-Tax): You are eligible to make catch-up contributions if:
- You are age 50 or older, or will be by December 31;
- You contribute the maximum 401(k) dollar limit of $16,500 or 30% of eligible compensation during the plan year; and
- You may defer up to 30% of your eligible compensation (in addition to regular before-tax contributions) up to the annual dollar limit of $5,000
The combined maximum contribution between Pre-Tax 401(k) and After-Tax Roth 401(k) and Catch-up contributions can't exceed $22,000 for 2009. Your pre-tax contributions are deducted from your pay before federal (and state, in most locations) income tax withholding is calculated.
Investment Fund Choices - Choose to invest your contributions among several funds:
- Tier One - Target Retirement Funds offers 11 fund choices
- Tier Two - Offers 15 investment options with different mutual funds.
Loans. You can take a loan of up to 50% of your account balance, up to a maximum of $50,000
Self-directed mutual fund brokerage option
This option provides additional investment flexibility outside the plan’s core investment lineup. You can choose from over 10,000 retail mutual funds including 2,000 no-transaction fee funds, giving you more flexibility to manage your 401(k) plan.
Employee Stock Purchase Plan
- Contribute up to 10% of your pay to purchase stock
- Purchase price is 85% of fair market value on the stock purchase date
Flexible Spending Accounts. There are two Sun Flex Spending Accounts that let you pay for certain health and/or dependent care expenses on a before tax basis:
- Health Care Spending Account for eligible medical, dental, prescription drug, vision and mental health care expenses incurred by you or your eligible dependents: contribute up to $5,000 to your Health Care Spending Account per calendar year
- Dependent Care Spending Account, called SunCare, for eligible dependent day care expenses contribute up to $5,000 to your SunCare (dependent care) account per calendar year
