Eligibility Requirements:

• 21 years of age.

• 2 months of service requirement for personal deferrals.

• Immediate Enrollment is available throughout the year in which employees become eligible.

 

Employee Contributions:

• Employees under the age of 50 can contribute up to $24,500 for 2026.

• Employees over the age of 50 can contribute an additional $8,000 for $32,500 total between regular contributions and catch-up for 2026.

• Employees who are between age 60 and 63, can contribute $11,250 for a total of $35,750. This is not in addition to the above-mentioned $8,000.

• New Rule for 2026: Any employee who made over $150,000 in FICA wages in 2025, who are over the age of 50 and doing catch-up contributions, must have those catch-up contributions directed to the Roth catch-up source.

• Pre-tax and Roth contributions are allowed. Participants can also choose to make a combination of both.

• Participants must choose a percentage of their pay to contribute between 0-90%.

 

Employer Contributions:

• Woodmont Properties will match 50% up to 4% of employee deferrals (2% max) with a 4-year vesting schedule.

• Employer contributions are tax-deferred to the participant.

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Loans and Distributions:

• Employees can take up to 1 loan at a time.

• The loan limit cannot exceed 50% of your account value or $50,000.

• ​Loan must be paid back within 5 years.

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