It’s Open Enrollment time at my company and I’m trying understand the details for the 401K plan
* The 401(k) contribution limit is $23,000.
* The 401(k) catch-up contribution limit is $7,500 for those 50 and older.
So the total that I can contribute is $30,500 which I understand.
From the Company Benefits documentation
* Company will automatically contribute an amount equal to 3% of your eligible pay to your account
* Company automatic contributions and any potential match stop when your total eligible pay for the year reaches IRS limits
That last bullet confuses me. Does that mean the company 3% match are included in the $30,500 or is it in addition to my individual contribution