Change My Contribution Amount
What you need to know
The IRS sets an annual cap on 401(k) contributions. For 2024, you can contribute up to $23,000 through salary deferrals. If you are 50 or older, you can defer an additional $7,500 in catch-up contributions. Total contributions to the 401(k) Plan (employers’ and yours) cannot exceed $69,000 ($76,500 with catch-up contributions) for 2024.
Combined with your personal savings and any pension you earn, your 401(k) provides income during retirement.
Contribution limits
Under the terms of the Equity-League 401(k) Plan, you can elect to defer 1% to 100% of your weekly salary (up to a maximum weekly salary of $7,500). You may not make direct or after-tax contributions to the Plan.
For those employed under the Levels 3 through 7 Touring Agreements, the maximum weekly salary is $5,500.
If you are employed under another contract where the weekly compensation has a maximum salary limit, then salary deferrals are only permitted up to that amount.
Actors employed through corporations are eligible for employer contributions but cannot contribute via salary deferrals.
To set or change your 401(k) contributions, complete and return the 401(k) Salary Deferral Agreement back to your employer, who will then be responsible for reporting and submitting the 401(k) deferral contribution amounts to Equity-League.
You can stop, restart, or change your contributions at any time.
Rollovers
As a Plan participant, you’re eligible to roll over funds from other eligible retirement plans into your Equity-League Benefit Funds 401(k). You can only roll over pretax contributions made to another retirement plan, and all rollovers are subject to approval by the Trustees of the 401(k) Plan. Rollovers are kept separate from contributions made by you and/or your employer.
To initiate a rollover, complete the 401(k) Rollover Form.
For rollover details, including other restrictions, review the Pension Plan and 401(k) Plan Summary Plan Description.