Retirement - 401(k) Savings Plan
The 401(k) Plan is an easy, tax-friendly way to help you reach your future financial goals. Set your future self-up for financial stability with a 401(k) plan through Empower Retirement.
Pulmonx offers you a 401(k) Plan, administered by 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.
​Contributions
The IRS annual limit for 2025 is $23,500. If you are over age 50, or will be turning 50 during 2025, you can contribute a catch-up contribution of $7,500 in addition to the maximum limit. Starting January 1, 2025, the years you turn ages 60, 61, 62, and 63 you can save an extra $10,000 or 150 percent of the regular catch-up amount in 2025 catch-up contributions. Note the standard limit resumes the year you turn 64. Also, starting January 1, 2026, if you earned over $145,000 in FICA compensation last year, catch-up contributions must be made as Roth contributions.
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:
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You can join the 401(k) at any time - there is no waiting period. Choose from pre-tax (traditional) or after-tax (Roth) contributions, depending on your need.
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You can change your contribution amount or pre- or after-tax election any time.
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You can stop your contributions at any time.
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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.
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​Not sure whether to select pre-tax (traditional) or after-tax (Roth)? Check with your financial advisor to determine the best choice for you. The basic differences are:
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401(k) - pre-tax: Your contributions are deducted from your paycheck before Federal and state taxes but after FICA (Medicare and Social Security) taxes. You'll pay regular income tax when you withdraw your money at retirement.
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Roth - after-tax: Your contributions are deducted from your paycheck after taxes. When you withdraw your funds at retirement, they are tax-free.
Loans and Withdrawals
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Loans are permitted
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Financial hardship withdrawals are permitted with company approval
​For more information on the funds with restrictions, please contact Empower Retirement at 800-338-4015​.
Here is how to register your account:
Log into your account at www.empowermyretirement.com.
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Go to our plan website and select Register.
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Choose the I do not have a PIN tab
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Follow the prompts to create your username and password.
Funding
Tax Deferral Benefits
Why?
Plan Features
401(k) (traditional) Pre-Tax Contributions
Funded with pre-tax dollars
You defer paying taxes; your balance grows tax-deferred
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You think you’ll be in a lower tax bracket when you retire
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You’re OK not knowing exactly what you’ll owe when you retire
You pay taxes up front, but your contributions grow tax-free
Funded with after-tax dollars
You pay taxes up front, but your contributions grow tax-free
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You think you’ll be in a higher tax bracket when you retire
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You want the certainty of knowing exactly how much you’ll have in retirement
Roth
After Tax Contributions
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.
