401(k) Plan
Retire how you want.
Snowflake’s 401(k) plan with Fidelity makes saving for your retirement simple while providing tax benefits now or in the future.
For more information, please visit the 401(k) Retirement Savings Plan Article on the Lift.
Contributions
You can contribute to your retirement plan with traditional pre-tax contributions, Roth post-tax contributions and/or after-tax contributions.
Traditional pre-tax
Contributions are made from your paycheck before income taxes are applied, reducing your taxable income today. You’ll pay taxes when you withdraw money from the account during retirement.
Roth post-tax
Normal income taxes are applied to your contributions, so you won’t pay them later when you withdraw funds during retirement.
After-tax
Normal income taxes are applied to your contributions so when you withdraw your principle it is tax free. But any earnings on after-tax contributions are considered pre-tax and are taxable income when withdrawn from the Plan. Converting your After-Tax contributions to Roth status allows your earnings to grow and be distributed tax-free if certain requirements are met. This is why Snowflake also offers an automated Roth In-Plan Conversion.
Contribution Limits
| 2024 Contribution Limits | |
|---|---|
| Annual IRS Maximum Employee Contribution | $23,000 |
| Maximum Employee Contribution For Individuals Age 50+ | $30,500 |
| Maximum Defined Contribution From All Sources* | $69,000 |
| Maximum Defined Contribution From All Sources For Individuals Age 50+* | $76,500 |
These limits are set by the IRS each year and are subject to change.
*All sources include Traditional pre-tax, Roth after-tax, and after-tax contributions. They also include any contributions you made at a prior employer, as well as any employer match.
Enrollment and Management
New employees are eligible to participate as of the first day of employment. If you do not take any action to enroll within the first 31 days of employment, you will automatically be enrolled with a 5% pre-tax contribution rate. You can adjust your contribution rate at any time on the Fidelity website or by calling Fidelity.
Note: Interns are not eligible for the 401(k) plan.
Rollovers
In order to consolidate your retirement savings, you can rollover your retirement savings plan into your Snowflake account. Click here to view the detailed instructions or contact Fidelity at 800-835-5097 for more information.
Contacts and Documents
Quick Links
Let ALEX assist with your retirement savings plan
Not sure how much you should contribute to your 401(k)? ALEX, an interactive online tool, can help you figure it out. Answer a few questions about your current situation, and ALEX will make recommendations on what you should be putting into your 401(k).
Click the below button and select “Retirement” from the top navigation menu
