This 401(k) Election and Authorization form helps ensure proper documentation of employee enrollment, contribution election or their election not to participate in your company’s 401(k) plan.
Saving for your retirement plan may not always be a priority. However, there is an added incentive to save for retirement in the form of a non-refundable tax credit known as “the saver’s tax credit”. A tax credit reduces the amount of tax you owe, unlike a tax deduction which only reduces the amount of your taxable income. A tax credit is a dollar-for-dollar reduction of taxes owed.