Originally Posted by
bruhaha
It takes effect the next payroll so the Mar 15th payroll
i tried to contribute 100% of my pay when I was on first year pay but the system limits you to 60%. When I called payroll and HR to see about setting it to 100%, HR said the limit was not set by Spirit nor Schwab.
I've heard when 401k first started people would put 100% of their pay into the account. So no taxable income. Then they’d take a loan against the account to live. And there was a way to write off the loan interest. The IRS caught on fairly quickly and limited the contribution amount.