The takeaway
The 401(k) savings plan, administered through Fidelity, provides you with one of the easiest ways to save for your future using both pretax and after-tax dollars. You can take advantage of several investment options and access to guidance and financial planning services. Through your contributions and Okta’s matching contributions, you can build a solid retirement foundation, no matter where you are in your career.
Note: Some links on this page go to Okta Box documents which are for Okta employees and can only be accessed with an Okta account.
What is Okta's match for the 401(k)?
Okta provides dollar-for-dollar matching contributions, up to a quarterly maximum of $1,250 with an annual match cap of $5,000 per calendar year.
Highlights
- Full-time employees age 21 and older are immediately eligible upon hire.
- Part-time employees and interns age 21 and older are eligible after completion of 1,000 hours of service.
- Starting January 1, 2023, Okta will provide dollar-for-dollar matching contributions, up to a quarterly maximum of $1,250 with an annual match cap of $5,000 per calendar year.
- Four percent (4%) of your base pay is automatically deducted as pretax savings and deposited into the 401(k) plan on your behalf, unless you decide otherwise within 30 days of joining.
- Opt out, enroll, and change your contribution elections at any time through Fidelity’s website.
- You have the flexibility to make separate contribution elections for regular pay and bonus/commission pay.
- Manage your contribution elections and investments through Fidelity’s website.
- Okta’s Plan offers an Automated Roth In-Plan Conversion or after-tax contributions. Contact Fidelity directly for more information.
IRS and Plan Annual Limits
| Contribution type | 2022 Limits* | 2023 Limits* |
|---|---|---|
| Pre-tax Deducted from your paycheck pre-tax, reducing current taxable income. |
Up to 85% of your eligible earnings, up to the IRS limit $20,500. If you are age 50 or older, you can contribute an additional $6,500. |
Up to 85% of your eligible earnings, up to the IRS limit $22,500. If you are age 50 or older, you can contribute an additional $7,500. |
| Roth contributions Deducted from your paycheck after taxes are withheld. |
Up to 85% of your eligible earnings, up to the IRS limit $20,500. | Up to 85% of your eligible earnings, up to the IRS limit $22,500. |
| After-tax contributions Deducted from your paycheck after taxes are withheld. |
Limited to the lesser of $61,000 or 85% of your eligible compensation** (combined with pre-tax, Roth 401(k), and employer contributions); $67,500 if you are catch-up eligible. | Limited to the lesser of $66,000 or 85% of your eligible compensation** (combined with pre-tax, Roth 401(k), and employer contributions); $73,500 if you are catch-up eligible. |
* Contribution limits include the combined total of pre-tax and Roth contributions. After-tax limit includes the combined total of pre-tax, Roth, and employer matching contributions.
** Earnings are pre-tax upon withdrawal if you own the Roth 401(k) account for at least five years and have reached age 59½.
Three savings options
You have three ways to save for your future: through pretax, Roth, and after-tax contributions. Take a look at how the different options compare:
Pretax 401(k) contributions
Roth 401(k) contributions
After-tax contributions
Talk to Fidelity about your individual situation and decide which 401(k) options are best for you.
What else you need to know
New hires:
- Look for an email during your first two weeks on setting up your 401(k)
- Automatic enrollment of 4%; you must login to your account to change the percentage
- Contribute up to 85% of your salary up to IRS contribution limits
- If you contributed to a 401(k) or 403(b) plan prior to joining Okta during this calendar year, complete the Prior Contribution task in the People Portal, accessible on the Okta Dashboard, to ensure your Okta contributions do not put you over the annual IRS limits.
Making changes: You can make changes to your contribution amount, fund choices and beneficiaries at any time. It can take 1-2 pay cycles for contribution changes to take effect.
Get schooled with Fidelity’s tools
The 401(k) features many investment options, plus access to planning tools and calculators, education, and guidance—all from industry leader Fidelity.
Fidelity’s eLearning tools help you set financial goals to make the right plan for you. Register on Fidelity’s website, and after you log in, select “Tools” from the menu.
And that’s not all: Fidelity Investor Centers are located nationwide and available free of charge to all Fidelity account holders. You can meet with a financial advisor who will work with you to review and analyze your 401(k) account and answer your questions.
More helpful resources
401(k) Fact Sheet
401(k) Plan Summary
Fidelity Post-Tax Contributions
You can now set up your 401(k) plan so funds coming into your after-tax account automatically convert to your plan’s Roth account.
Participant Fund Letter
Brokerage Link Brochure
Fidelity Brokerage Link Fact Sheet
Automated Roth In-Plan Conversion
401(k) Match
View the list of Frequently Asked Questions.
Questions?
Contact Fidelity directly at 800-294-4015 or visit the Fidelity website.
Also available is the Fidelity Investor Centers site.