On the first day of employment, part-time employees automatically start contributing 7.5% of total pay on a before-tax basis as part-time mandatory contributions. You make these mandatory contributions instead of contributing to Social Security. This amount is automatically contributed to your part-time mandatory contributions account within the Supplemental Retirement Plan.
Parkland does not match your part-time mandatory contributions. For part-time-with-benefits employees, Parkland will match up to 6% of contributions to the SRP on amounts saved above the mandatory 7.5% contribution.
For part-time mandatory contributions and other contributions to the SRP, pay includes your before-tax contributions to the SRP. You may choose to contribute additional amounts to the SRP, subject to annual IRS limits, as explained in the FAQ below.