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The 401(k) contributions, when converted from unused or forfeited PTO days, qualify as an employer non-elective contribution, thus allowing employees to contribute up to their annual maximum plus any catch-up contribution if they are over a specified age.
For employers with fewer than 25 employees, a new tax credit equal to 35 percent of non-elective contributions made by the employer is available.
The firm is required to make either a matching or a non-elective contribution on behalf of all eligible employees each year.