Retirement Planning
Whether retirement is way down the road or just around the corner, it’s important to have savings goals and specific investment objectives. To help you meet your goals and objectives, Evident Scientific offers a 401(k) Retirement Savings Plan, with multiple investment options and a company match.
Evident Scientific's 401(k) plan is managed by Empower.
Employee Contributions
You can contribute up to $24,500 in 2026, and if you are age 50 or older, you may contribute up to an additional $8,000 as a “catch-up” contribution.
The Evident Scientific 401(k) Plan offers an option to elect standard pre-tax 401(k) and/or after-tax Roth 401(k) contributions. The IRS limits apply to the combined Standard and Roth 401(k) contributions.
You can make Roth 401(k) contributions with money that has already been taxed, and any earnings then grow tax-free. When you start taking withdrawals in retirement, they are considered tax-free. Please visit https://www.empower.com/learning_center/#/ for more information and resources of call Empower at 844-465-4455. Company contributions are made on a pre-tax basis.
IMPORTANT: If you qualify for, and want to contribute the additional catch-up amount, you must elect a catch-up contribution percentage via the Empower website when you make or change your elections.
You begin contributing to the Plan no later than the second payroll date that occurs following the first 30 days of employment. Shortly following your employment date, you will receive information from Empower Retirement, the Plan’s record keeper, regarding the auto enrollment feature, with instructions on how to increase or decrease your initial contribution rate from the automatic rate of 4%.
Employer Contributions
Whether or not you choose to defer money into your 401(k), you will automatically receive a 4% company contribution in your account. Then, you receive a 3% match, over the 4% contribution. In addition to the company’s regular match on employee deferrals, Evident Scientific may match an additional 0.5% for each pay period an employee contributes 5% and another 0.5% for each pay period and employee contributes 6%. This is a discretionary match paid in a lump sum the following year based on company performance. A 6% deferral percentage will get you the maximum match amount.
Vesting
Vesting refers to your ownership of the money in your 401(k). The plan has a 33% graded vesting 100% after three years of service. You are always 100% vested in your contributions to the plan.
Company Match
If you choose to defer money into the 401(k) account, here is how the match will work:
You will receive an email from Empower within 2 weeks of your hire date with instructions on how to enroll.
More Information
- You can enroll in the plan and make changes to your contributions at any time.
- The Performance Contribution occurs if the company has had a successful fiscal year. We are usually notified of this in July of each year. To be eligible you have to be employed on December 31 of the previous plan year and you must contribute at least 5% per pay period, however, 6% per pay period will get you the maximum match for the year.
- Empower has many different investment options for you to choose from, along with tools and resources you can use to determine which options best meet your investment objectives.
When you enroll in the Plan, you will be asked to create your user ID and Personal Identification Number (PIN).
Your user ID and PIN will be used for telephone or on-line transactions.
How can you maximize your Retirement Contributions? By contributing at least 6.0% to the 401(k) plan each pay period you will take full advantage of the company matching contribution. It is important to plan, as best you can, to spread your contributions out over the year. This will help maximize the match and to avoid reaching the IRS maximum early in the year – at which time all company matches will stop.
Go to Empower website www.empower-retirement.com/participant to change your pay contributions to 6.0% or more. If you cannot increase your contributions all at once, sign up for auto increase, which increases your contributions over time.
