Scenario

You're a benefits administrator for Vision Corporation. In line with its benefits policy, you plan to set up a 401(k) savings plan for employees, with these features.

Aspect	Details
Eligibility	All full-time regular employees in the United States can participate in this plan.
Default Enrollment	By default, a pretax contribution (4% of stated salary) is deducted from each pay period. The defaults are applied when you evaluate the life event. Employees can change the contribution at any time.
Employee Contribution	Employees can make either pre-tax or after-tax contributions year-round, up to USD 23,000. Employees older than 55 years can make after-tax catchup contributions when they exceed the 23,000 USD limit.
Employer Contribution	Vision Corporation matches 50% (after-tax) of each employee’s contribution, up to 6% of the employee’s salary.
Waive	Employees can entirely opt out of the 401k plans.