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401(k) Plan Features
Eligibility determines when a new employee can start saving into the plan, what categories of employees can enroll ( e.g., age, hours worked, etc.) and when an employee can enroll (e.g., monthly or annually).
A vesting schedule determines when contributions made by the employer will be fully owned by the employee. Vesting schedules vary, but most 401(k) plans have a vesting schedule of three to five years.
Automatic enrollment is a 401(k) plan feature that automatically enrolls your eligible employees into your 401(k) plan and gets them started with contributing a portion of their salary at a preset rate.