401(k) for Westaff employees

Now you can work as a Westaff employee and set aside money for your retirement in Westaff's "Future Funds" 401(k) Plan with the opportunity to have Westaff match your contributions in the amount decided each plan year. Plan Year 1998, for example, includes a company contribution of 25% of the first 10% of your income which you contribute (the maximum amount which may be contributed annually by an employee is 15% of his/her annual salary, by law). For example:

$25,000 Your Annual Salary
$2,500 Your 401(k) Contribution (1O%)
$625 Westaff's Contribution
or
$25,000 Your Annual Salary
$3,750 Your 401(k) Contribution (15%)
$625 Westaff's Contribution

This is subject to a four-year vesting schedule for Westaff's matching contribution.

The federal government has created special tax breaks for Future Funds 401(k) participants in order to encourage personal retirement savings.

Here's how the program works

• You decide how much you want to put in from each paycheck (up to a predetermined maximum) and that amount will be deducted before income taxes are withheld.
• You choose how the money in your personal account will be invested by your selection of more than a dozen professionally managed investment choices.
• You won't owe taxes on your contributions, or on any money they earn, until you withdraw the money from the plan.
• Westaff's Future Funds 401(k) revised and expanded plan went into effect in late 1997. To qualify, you must meet eligibility requirements set forth in the plan document.

Basic eligibility

• To be eligible for participation, you must work for Westaff 1,000 hours per year during a 12-consecutive-month period ending May 1 and November 1, which are the plan's entry dates.
• Highly compensated employees as defined by the Internal Revenue Service are eligible to participate in a non-tax qualified look-alike plan.
• Contact your assignment coordinator for an enrollment form, enrollment dates and any other information on this plan.

The program may expire at the end of the current calendar year and Westaff, without notice, reserves the right at any time to amend any part of this program. Fringe benefits may constitute taxable income for W-2 purposes.

Return to the On-Line Guide Welcome Page