I just started working for company, and this is my first time doing anything with a 401(k) plan. I found out this from the brochure, and I am a little confused:
you can save up to 80% of your eligible pay before taxes are deducted.
By 'eligible pay', do they mean the
$17500 limit by the IRS for 2013, or is it something else?
( Up to 6% = 100% match on up to 5% of pay + 1% automatic contribution) after you have completed one year of service. What does this mean?? Can someone give an example?
Any explanation is appreciated!