Found this from the union...
Q: How does the company match work?
A: The company will match 200% up to your first 5% contribution per pay period. This
is a match as opposed to a direct contribution, so you must contribute to get the company money. If you put in 5%, they put in 10%. If you put in 3%, they will put in 6%. If you put in 15%, they will put in 10%. If you don't contribute, the company will not contribute to your plan. If there is a pay period that you drop below 5% contribution, you must increase later contributions to average 5% in order to receive the full company contributions for the year. That is why it is very important to contribute at least 5% each pay period (4.C.2). Contact your Teamsters Benefits Committee for more info.
Q: Are there limits to the amount that can be contributed to a 401k?
A: There are three basic limits to consider. These limits are set by the IRS each year
and are subject to change. Limits for 2018 are:
1. Individual Contribution: This is limited to $18,500 ($24,500 for those over 50).
This includes both Pre-tax and Roth deferrals, but NOT After-tax.
2. Max Total Contribution: This is limited to $55,000 ($61,000 for those over 50).
This includes all sources, Pre-tax, Roth, After-tax, and company contributions.
3. Annual Compensation: This is limited to $275,000. This is the max income
amount, limited by the IRS, that the company can consider when contributing to your 401k. Our current matching formula allows for a max company contribution of 10% (200% of 5%). Thus, the max amount the company can legally contribute is $27,500 for 2018. Any income made above $275,000 will not be matched. Note this limit applies only to the company match, not your personal deferral. You can still defer your own money when above $275,000.