Voluntary Contribution
Yes, both Members and Employers can make voluntary contributions, which will be credited to the Member Account. There is no minimum amount required for voluntary contributions, but the maximum limit for combined Member and Employer voluntary contributions is $1,000 per month.
At SPK, the primary objective is to foster a fair and inclusive environment for all our Members, while also promoting healthy competition and driving industry growth.
The decision to cap voluntary contributions is aimed at ensuring equal access and creating opportunities for other financial institutions. By implementing this limit, we mitigate concentration risk and encourage the availability of a diverse range of retirement investment options.
Learn how to grow your SPK Member Account savings here.
The Retirement Account is only for contribution from Employer. However, you have the option to make voluntary contributions into your Member Account, which can help you save more for your retirement.