We were notified by the Company that beginning January 1, 2014, eligible associates may contribute up to 25% of eligible pay each pay period (an increase from the current 16% maximum.) Contributions can be made using any combination of before-tax and/or after-tax contributions (subject to IRS limits.)
Additionally, as a reminder, if you turn age 50 or older by the end of 2014, you can make additional catch-up contributions of up to 60% of eligible pay each pay period as long as you are contributing at least 6% before-tax or have reached the annual IRS before-tax contribution limit, which is $17,500 in 2014. Please note that you are not eligible to receive company match for any catch-up contributions made to the Plan.
If you have any questions, please call the Verizon Savings Plan Service Center at 1-888-457-9333 to speak to a Service Representative. Representatives are available from 8:30 am to midnight, Eastern Time, on any day the stock market is open.