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.

Retirement Savings Plan

Woodgrain employees are automatically enrolled in the 401(k) plan with Vanguard 30 days after their hire date, at a pre-tax contribution rate of 6% of their pay. If you do not want to be enrolled, you must contact Vanguard within 30 days of your hire date. To help you save more, Vanguard's annual One Step program automatically increases your pre-tax payroll contribution rate by one percentage point annually in April or whatever month you choose. These annual increases will continue until your contributions reach 14% of your pay or the annual IRS limit, whichever is less.

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. In order to receive the full 3% of employer match, employees must contribute a full 6%.

Woodgrain contributions vest at 20% per year, meaning that after 5 years, Woodgrain contributions are fully vested. 

Do I need to designate a Beneficiary for my Retirement Account?
Yes. Properly designating beneficiaries ensures that when you die, your hard-earned savings are distributed according to your wishes. To name beneficiaries, follow simple steps at www.vanguard.com/retirementplans.

IRS 2023 401(k) Limits

The IRS places limits on how much you can contribute to your 401(k) each year. Below are the current limits established by the IRS.

Defined Contribution Plan Limits	2023
Maximum employee elective deferral	$22,500
Employee catch-up contribution ​(if age 50 or older by year-end)	$7,500
Defined contribution maximum limit, all sources (employee + employer)	$22,500
Defined contribution maximum limit ​(if age 50 or older by year end); ​maximum contribution all sources plus catch-up	$66,500
Employee compensation limit ​for calculating contributions	$330,000
Key employees' compensation threshold ​for nondiscrimination testing	$185,000
Highly compensated employees' threshold ​for nondiscrimination testing	$150,000

​Vanguard Plan Number : 093555
Register for account access at vanguard.com/register or
Log on at retirementplans.vanguard.com

If you have any questions, call Vanguard at 800-523-1188
(Monday-Friday from 8am to 10pm Eastern Time)

---