Participating in a 401(k) plan is an essential step in preparing for a secure financial future. It allows you to take advantage of tax-advantaged savings, employer contributions, and the power of compound growth over time, ensuring that you build a substantial nest egg for retirement.
Employees are eligible to enroll after their first pay date by creating an account on the Empower Retirement website or by calling 1-866-467-7756. If you don’t take any enrollment action – either enrolling yourself or opting out – within 45 days of employment, you will be automatically enrolled at 4% of eligible compensation. Your pre-tax pay will be invested in the Target Date Fund that most closely matches your retirement date, based on an assumed retirement age of 65. You may change your contribution rate and investment elections at any time.
Please review the 401(k) plan materials for employer match and safe harbor non-elective employer contribution details.
You may contribute between 1% and 80% of your eligible pay to your plan account, up to annual IRS limits. In 2025, the IRS limits allow you to contribute up to:
Your contributions are made on a pre-tax basis, which lowers your current taxable income and tax bill.
Safe Harbor Non-Elective Employer Contribution: Each pay period, SCAN will contribute a non-elective contribution of 5% of eligible compensation to your 401(k) plan (eligible first of the month following 60 days of employment). This contribution is 100% vested.
Employer Match: Each pay period, SCAN will match 50% of the first 4% of your contributions (eligible first of the month following 60 days of employment). This contribution will be vested after 3 years of employment.
You are immediately 100% vested in your own contributions and in the SCAN 5% safe harbor contribution. This means the value of these contributions and earnings are yours when you leave SCAN regardless of years of service.
You must have three years of vesting service to be 100% vested in the matching contributions. If your employment ends and you have fewer than three years of vested service, these contributions will be forfeited.
