The BAYADA 401(k) Plan makes saving simple. It features:
- Employer contributions that can help boost your own savings—it’s like getting a bonus.
- GoalMaker®— an investment solution that helps you choose your investments and stay on track throughout your retirement planning.
- Automatic payroll deductions make saving easy.
- Wide array of investment options enables you to develop a strategy that best suits your needs.
- Interactive tools (such as the Retirement Income Calculator) to help you manage your account and access retirement planning and education.
Your contributions and investments
You can contribute 1% to 80% of your pay, up to the IRS maximum of $23,000 for 2024 on a before-tax or after-tax basis (with the exception of Highly Compensated Employees (HCEs), who are capped at 4%).
The BAYADA Home Health Care 401(k) Plan provides BAYADA employees with two ways to save:
- Traditional pre-tax contributions – Your contributions will come out of your pay before taxes are deducted, so you save on your taxes now. Every pre-tax dollar you contribute costs less than $1.00 in take-home pay.
- Roth after-tax contributions – Roth contributions come out of your pay after taxes have been withheld. Your take-home pay is reduced by the amount you contribute, but your contributions are never taxed again and any investment earning won’t face federal taxes as long as you hold the account for 5+ years from January 1 of your first contribution and are at least age 59.5 when you take your withdrawal.
If you are or will be at least 50 years old in 2024, you can make an additional before-tax or after-tax catch-up contribution of up to $7,500 per the IRS 2024 maximum.
You can make changes to your contributions and investment choices 24 hours a day, 7 days a week, by going to Empower’s website, empowermyretirement.com or by calling 833-961-5273 (Mon-Fri from 8am-10pm ET and Saturdays from 9am-5:30pm ET); It may take up to two pay periods for your contribution changes to be reflected in your paycheck.
Matching Contributions
Each year, BAYADA may match 35% of the first 4% you contribute to your eligible BAYADA Retirement plan. This formula is subject to change from year to year.
The employer match is based on the match-eligible contributions you make to the plan. To be eligible for employer match, you must be at least age 21, and have completed 1 year with 1000 hours of service from hire date, or if not, in a subsequent year. Catch-up contributions are not matched. The annual match is deposited to your account in the year following the year contributions are made. If you separate from service during the year, in addition to having met the plan eligibility requirements, you must have worked over 500 hours in that year to qualify for that year’s match allocation.
Matching contributions are subject to the vesting schedule below. “Vesting” refers to your ownership of the money in your account. You are always 100% vested in your own contributions. Starting in the year of your hire, for each calendar year in which you receive 1,000 hours of paid service, you earn a year of vesting service.
Vesting Schedule
Years of
Service |
Vested
Interest |
| Less than 2 |
0% |
| 2 |
20% |
| 3 |
40% |
| 4 |
60% |
| 5 |
80% |
| 6+ |
100% |
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