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2024 401(k) Savings Plan

The 401(k) Plan is an easy, tax-friendly way to help you reach your future financial goals.  

Pulmonx offers you a 401(k) Plan through Empower Retirement to help you save for your retirement. One of the ways to plan for retirement is to participate in the 401(k) Plan. The sooner you begin saving for retirement, the more supplemental income you will receive when it is time for you to retire. Also, because the money is deducted from your paycheck on a pre-tax basis, you will also benefit from tax advantages. The IRS annual limit for 2024 is $23,000. The catch-up contribution limit for employees aged 50 and over is $7,500.

 

The 401(k) plan is managed through Empower Retirement directly, not in ADP. You will be emailed a separate 401(k) communication.

Key Features of the 401(k) Plan

Eligibility: 

  • You can join our 401(k) plan at any time — there is no waiting period

401(k) Change Dates

  • You can change your deferral percentage (the amount of money you are contributing to the plan) at any time

  • You can stop your contributions at any time

  • You can change the funds in which you are invested as often as you like, as long as the fund in question does not have short term redemption fees associated with it

  • For more information on the funds with restrictions, please contact Empower Retirement at 800-338-4015

 

Loans and Withdrawals

  • Loans are permitted

  • Financial hardship withdrawals are permitted with company approval

Funding

Tax Deferral Benefits

Why?

Pre-Tax Contributions

Funded with pre-tax dollars

You defer paying taxes; your balance grows tax-deferred

  • You think you’ll be in a lower tax bracket when you retire

  • You’re OK not knowing exactly what you’ll owe when you retire

You pay taxes up front, but your contributions grow tax-free

Roth Contributions

Funded with after-tax dollars

You pay taxes up front, but your contributions grow tax-free

  • You think you’ll be in a higher tax bracket when you retire

  • You want the certainty of knowing exactly how much you’ll have in retirement

401(k) Plan Contact

For more information on your 401(k), please contact Empower Retirement at 800-338-4015 or visit www.empowermyretirement.com to access your account. Investment information can be found here.

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