Retirement Savings Plan
Saving for retirement is an important part of securing the future financial well-being of you and your family, and it's easier than you think. Woodgrain has partnered with Vanguard to manage and grow your retirement savings.
After 60 days of employment, you are automatically enrolled in the 401(k) plan with Vanguard at a pre-tax contribution rate of 6% of your pay. To help you save more, One Step automatically increases your pre-tax payroll contribution rate by 1% annually until your contributions reach 14%.
Woodgrain's 401(k) plan is a 6-3 plan. This means that for every $1 you contribute (up to 6% of your pay), Woodgrain will contribute $0.50 to your 401(k) account. This match amount is calculated and contributed to employees' 401 (k) accounts each pay period, allowing you can get the benefit of those funds as soon as you earn them.
If you have any questions, call Vanguard at 800-523-1188
(Monday-Friday from 8:30am to 9pm Eastern Time)