Verified Self-Employed Members Contribution Rate
Contribution Range:
$17.50 - $40.00
from a verified SPK Self-Employed Member
$17.50
from Government Match-Up
Verified SPK Self-Employed Member contributes within Contribution Range of $17.50 - $40.00
The Government will provide a fixed Match-Up contribution of $17.50 when a Member makes a voluntary contribution of at least $17.50. Both the contribution and the Match-Up will be credited to the SPK Retirement Account for SPK Annuity.
Contributions Below $17.50 or Above $40.00.
Any contributions exceeding $40.00 will be credited to the SPK Member Account as voluntary savings. Contribution below $17.50 will also be credited to the SPK Member Account. Verified SPK Self-Employed Members will still be able to make withdrawals from the SPK Member Account based on withdrawal eligibility.
Contribution Scenarios for Verified SPK Self-Employed Member
If the Self-Employed Member contributes $17.50:
SPK Retirement Account
$17.50 from Member's contribution
Government's Match-Up
$17.50 contributed into SPK Retirement Account
SPK Member Account
$0
No amount credited into this account
If the Self-Employed Member contributes $40.00:
SPK Retirement Account
$40.00 from Member's contribution
Government's Match-Up
$17.50 contributed into SPK Retirement Account
SPK Member Account
$0
No amount credited into this account
If the Self-Employed Member contributes $10.00:
SPK Retirement Account
$0
No amount credited into this account
Government's Match-Up
No Match-Up
SPK Member Account
$10.00 from Member's contribution
If the Self-Employed Member contributes $50.00:
SPK Retirement Account
$40.00 from Member's contribution
Government's Match-Up
$17.50 contributed into SPK Retirement Account
SPK Member Account
$10.00 from the remaining of Member's contribution