The Stratosphere Quality 401k retirement savings plan is one of the easiest and most convenient ways for employees to save for retirement, and it’s about to get better. We’re excited to share that beginning May 1, 2023, SQ is adding a 401k employer match contribution to the retirement plan so that you can look forward to a more secure financial future.

NEW EMPLOYER MATCH CONTRIBUTION IS EFFECTIVE MAY 1, 2023

SQ will provide a match contribution to each participant’s eligible 401k contributions (for either the Pre-Tax or Roth plan) in an amount equal to:

• 50% of the first 3% of the participant’s contributions
• 25% of the next 3% of the participant’s contributions, up to a max of 6%

ELIGIBILITY & VESTING:

Part-time and full-time employees who have reached the age of 18 are eligible to participate in the SQ 401k Retirement Plan after six (6) months of service. All employees are automatically enrolled after six (6) months of service at a rate of 3%, with the option to opt-out or select a different contribution rate between 1% to 75%.

Employees are always 100% vested in their own contributions to the 401k plan. This means your contributions (plus any earnings on those contributions) belong entirely to you, and you can take them with you when you retire or otherwise leave SQ.

The employer match contributions, however, are subject to a vesting schedule, as illustrated below. While your contributions to the plan are matched immediately, you earn the rights to (or “vest” in) the employer matching contributions over a period of six years.

YOUR MATCH GOES IN AS OFTEN AS YOUR CONTRIBUTIONS:

SQ will make the match contribution to your participant account as often as you contribute – in other words, as often as you get paid – weekly or biweekly. SQ will contribute $0.50 of the first 3% of your eligible contributions and $0.25 of the next 3% of your eligible contributions.

WHAT YOU NEED TO DO:

Employees enrolled in the SQ 401k plan will automatically receive company matching contributions into their ADP retirement account beginning with the May 12th pay date. To receive a company match, employees must contribute at least 1% of their income in either the Pre-Tax or Roth plans and contribute 6% to maximize the match.

HOW TO ENROLL OR MAKE CHANGES:

If you’ve opted out in the past and wish to participate now or want to change your current contribution amount, you have a couple of options for enrolling or making changes:

• − Online at www.mykplan.com OR
• − Calling ADP Retirement at (800) 695-7526 OR
• − Via the ADP Mobile app

Look for additional communications from ADP Retirement the week of May 1st with additional information and reminders.

Download this information as a PDF file

May’s employee spotlight is Tasha Bayne, Project Manager in South Carolina.

Prior to coming to Stratosphere Quality Tasha did clerical, administrative, and customer service work. She started working in Quality in 2004 and found she loved it. She describes herself as someone that “flies by the seat of her pants”. She is not a sit-behind-a-desk type of employee and enjoys the fact that what we do is diverse and constantly changing.

After the previous business that Tasha worked for went out of business, she was out of work for two days when she received a call from her mentor from the previous business. She was offered a position with a new company, Stratosphere Quality. She began her career at Stratosphere as a Quality Inspector. She also did administrative work, recruiting, training, and scheduling. She did a little bit of everything until her manager asked her if would be interested in becoming a Project Manager. Tasha was promoted to Project Manager in 2011 and maintains that title today.

Tasha likes a positive and friendly work environment. She ensures her team feels appreciated and receives recognition for their hard work. She says she has a wonderful team from the bottom to the top of the organization.

Tasha is very passionate about her role at Stratosphere and feels she has a knack for this kind of work. She appreciates the fact that Stratosphere cares about growth opportunities for all employees and has noticed a positive change in the company over the past four years. Tasha feels Stratosphere is a very family-style business environment and she is very happy with what she does.

Tasha’s advice to new employees is to be flexible. To always be a sponge and take in all that is presented to them. She would recommend that they be intentional in their actions.

What should you know about Tasha?
Tasha is a single mother to a wonderful daughter, London. London is in her first year of college. Tasha has two Labrador retriever dogs. She likes to stay active in her spare time and is competitive. Tasha participates in 5Ks for charities. In Tasha’s spare time, she enjoys volunteering. She works with underprivileged children, children with autism, and people suffering from depression, anxiety, or dementia. She enjoys helping those in need.

If Tasha could make the world better, she would have everyone be kind and respectful to one another.

Thank you, Tasha, for your dedication and hard work!