Welcome to the Plantation. St. George Plantation Owners' Association is a private, gated community located on the west end of St. George Island, Florida. The Plantation is a special balance of nature and wildlife, pristine beaches and beautiful homes, social activities and solitude.
A 401(k) plan is simply a profit sharing plan with a provision allowing employee salary deferrals. Most 401(k) plans provide employer matching contributions based on a participantâs contribution, with an additional option for a profit sharing allocation.
The contribution does not impact the amount you can put into you 401k. The profit sharing contribution is a separate amount that is based on discretionary amounts the employer wants to put in the plan for the benefit of all the fulltime employees. It is allocated based on a percentage of salary. So you are fortunate.