LG offers three 401k Contribution options, please find the Contribution options below.
Pre-tax: These contributions are deducted from your Taxable Income before taxes are calculated. This is reducing your Taxable Income, meaning you’ll save on taxes at the same time you save for retirement. Pre-tax contributions are eligible for the company match.
After-tax: These contributions are deducted from your net pay, which is your Income after Taxes are applied. While you are not taxed at time of withdrawal, you will pay tax on any earnings. After-tax contributions are not eligible for the company match.
Roth 401(k): These are after-tax contributions that are placed into a Roth 401(k) investment option. Your earnings grow tax-free and usually tax free upon withdrawal from the plan. Roth 401(k) contributions are eligible for the company match. In the event of either retirement or termination, your earnings can be withdrawn tax free as long as it has been five tax years since your first Roth 401(k) contribution and you are at least 59½ years old. In the event of death, Beneficiaries may be able to receive distributions tax free if the deceased started making Roth contributions more than five tax years prior to the distribution. In the event of disability, your earnings can be withdrawn tax free if it has been five tax years from your first Roth 401(k) contribution.
Contact for 401(k) Retirement Plan Fidelity Investments (800) 835-5096 www.401k.com
Please find the Benefits Guide Link below and refer to page 13 additional details regarding the 401(k) plan details.