KPMG 401(k) match, vesting and fees

All eligible employees hired or rehired on or after January 1, 2022 are automatically enrolled in the savings feature of the Plan with a pre-tax contribution election of 5% of eligible compensation with automatic increases of 1% each November 1 to a maximum 8% pre-tax contribution rate.

Participants may contribute from 1% to 50% of their eligible compensation each pay period on a pre-tax and after-tax basis, using the traditional 401(k) and/or Roth 401(k) options as defined by the Plan Document. Contributions are generally subject to a maximum amount permitted by the Internal Revenue Code (“IRC”), which is $22,500 and $20,500 for the calendar years ended December 31, 2023 and 2022, respectively. If a participant is age 50 or older, they may make additional pre-tax or Roth after-tax salary reduction contributions of up to $7,500 for the calendar years ended December 31, 2023 and 2022, respectively.

Active participants may borrow from their vested accounts, excluding the thrift feature, a minimum of $1,000 to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years or up to twenty years for the purchase of a primary residence. The loans are secured by the balances in the accounts of the participants and bear interest at a rate commensurate with the interest rates charged by persons in the business of lending money for loans that would be made under similar circumstances. For the year ended December 31, 2023, the interest rates on outstanding loans ranged from 3.25% to 8.50%. Principal and interest are paid ratably, generally through payroll deductions. A participant may only have two loans outstanding at any time.