TOKYO, April 6, 2015 - Pasona N A, Inc. will start 401(k) matching contribution for its registered temporary staff. The Company will begin announcing the plan to newly registrants from Monday, April 6th.
The 401(k) helps employees save and invest portions of their paycheck before taxes. It is common in the United States also due to its portability. Currently, about 36%, or 513, 496 workers in U.S.A. are enrolled (DOL Report, 2012).
Pasona N A will start 401(k) matching contribution for its registered temporary staff and will begin announcing the plan to newly registrants. The Company will make a Matching Contribution equal to 50.0% of the staff's Elective Deferrals. The Company will not match Elective Deferrals that exceed 6.0% of the staff's eligible earnings.
Ever since its establishment in 1985, Pasona N A has provided career support for mainly job seekers who wish to pursue a global career. The Company will continue to provide employment opportunities and training to support people's careers and also assist workers' lives through health and social benefits.
Outline: Pasona N A 401(k) plan
| Eligibility |
Pasona N A's registered temporary staff, at least age 21 and meet both 1 and 2 below requirements.
1. Have completed one Year of Eligibility Service. A Year of Eligibility Service is accomplished after completing 1,000 Hours of Service during his/her first 12months of employment.
2. If 1,000 Hours of Service is not competed in the first 12 months of employment, s/he will be credited with a Year of Eligibility Service, provided s/he complete 1,000 Hours of Service in any following calendar year.
*Participation is not mandatory |
| Details |
The Company will provide 401(k) matching contribution.
【Registered temporary staff】
Elective Deferrals to the Plan are made from the staff's eligible earnings before taxes are deducted. One may contribute from 1% to 15% (in whole percentages) of the staff's eligible earnings.
(Maximum for 2015: up to $18,000/year. Up to $6,000 is additionally possible for those over 50 years of age)
【Pasona N A】
The Company will make a Matching Contribution equal to 50.0% of the staff's Elective Deferrals. The Company will not match Elective Deferrals that exceed 6.0% of the staff's eligible earnings.
Ex.) If the staff contributes 5% of his/her eligible earnings to the Plan as an Elective Deferral, the Company will contribute 50% of 5%, or 2.5% of his/her eligible earnings.
* Began announcing the plan to current staff from January 1, 2015
* Vesting Rule
(staff's right to the contributions in his/her total Account Balance)
Year of Service is:
less than 2 years, 0%
at least 2 years, but less than 3, 20%
3 years or more, 100%
* The staff is always 100% fully vested in his/her Elective Deferral,Rollover (if any) Contribution Accounts |
| Inquiries |
Pasona N A HR Department Ms. Kinoshita
 310-808-6116 (USA)
 hr@pasona.com |
About Pasona N A
| Pasona N A, Inc. |
| Headquarters |
757 Third Avenue, Suite 1901, New York, NY 10017 |
| Foundation |
May 1991 |
| Paid-in capital |
US $1.026M |
| Representative |
Kenji Furushiro, President & COO |
| Offices |
New York (HQs), South Bay, San Jose, Irvine, Atlanta, Houston,Chicago, Detroit |
| Business activities |
Place & Search and Temporary staffing / HR & personnel administration consulting / Outsourcing (Payroll, Hiring, Accounting etc.) |
About Pasona
Ever since its foundation in 1976, Pasona Group's corporate philosophy, "Providing Solutions to Society's Problems" has not changed. The Company has aimed to build a better society and to create an infrastructure that provides each individual the opportunity to work and the freedom to choose the job of his or her choice.
Pasona provides HR Solutions worldwide (Temporary staffing, Contracting, HR Consulting, Place & Search, Global Sourcing, Outplacement, Outsourcing), and Life Solutions such as services in the childcare and elderly care area. The Company is also engaged in agriculture and ventures to promote local revitalization.