Victory Capital Management employees are eligible to enroll in the plan after meeting eligibility requirements. Unless otherwise directed by the employee, an automatic deduction of 6% will begin the first payroll (taken on a pre-tax basis) following date of hire, or as administratively feasible.
Employee Pre-Tax or After-Tax (Roth) Contributions
- Your date of hire
Employer Matching Contributions
- After 1 year of service
Your Contributions
Through payroll deduction, you can make pre-tax or after-tax contributions (Roth) from your eligible pay. There is no minimum or maximum amount that you must elect to contribute. Participants may change deferral elections at any time.
Pre-tax contributions that are deferred from your compensation, and/or After-tax (Roth) contributions, are subject to the dollar limit for the calendar year as provided by law. For 2024, the maximum dollar limit (of $23,000) applies to the aggregate of all amounts that you contribute to this plan and all other 401(k), After-tax (Roth), 403(b) and SEPs of this employer or any other employer during the calendar year.
RESOURCES
Catch-up contributions: Participants age 50 and over are eligible to make catch-up contributions in addition to the normal maximum dollar limit. For 2025, the maximum catch-up contribution is $23,500.00. Rollovers: The plan will allow rollover contributions from other eligible plans. You are eligible to rollover funds upon date of hire. Distributions: Money may be distributed from your Plan account in these events:
- Death
- Disability
- Age 59 ½
- Termination of Services
Financial Hardship Withdrawals: Hardship withdrawals are permitted from this Plan. A hardship can include:
- Buying a house
- Paying for college tuition and expenses
- Paying certain medical expenses
- Preventing eviction from or foreclosure on your home / Paying expenses to repair damage to your home
- Paying burial or funeral expenses
- Repair of Residence that qualifies for casualty deduction on your tax return
- CARES Act was added in March 2020 allowing distribution or additional loan amount if you, spouse or dependent get COVID or if you or your spouse have financial hardship as a result of your income being reduced because of COVID due to layoffs, furloughs, salary cuts, etc.
Loans: Participants are eligible to take up to 50% of their vested plan balance up to a maximum of $50,000. Repayments are payroll deducted.
Employer Contributions to the Plan:
- Employer Matching Contributions – After the 1st year of employment you will begin to receive employer matching contributions equal to dollar for dollar matching up to 6% of your contributions (whether you are contributing on a Pretax or Roth basis). Employees are immediately vested in the employer portion.
- Discretionary annual profit sharing.
Student Loan Repayment – 401(k) Match
A matching contribution, up to 6% of compensation, based on the student loan payment amount, may be made to the participants VCM 401(k) account starting in 2025, for participants who have current, eligible, outstanding student loan debt.
