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 matches dollar-for-dollar up to $208.34 per paycheck on your pre-tax and Roth contributions with an annual maximum of $5,000.
Highlights
- Full-time employees age 21 and older are immediately eligible upon hire.
- 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.
- Starting February 1, 2022, Okta matches your contributions dollar for dollar up to $208.34 per paycheck (up to $5,000 per year).
- Opt out, enroll, and change your contribution elections at any time through Fidelity’s website.
- Contribute up to $20,500 for 2022 (or $27,000 if you're age 50+) to the pretax or Roth options; if you max out these contributions, you can save even more with after-tax contributions.
- 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.
- For 2022, the limit on employee (pre-tax, Roth, after-tax) and employer combined contributions is $61,000, or, if you’re age 50+, you can add a $6,500 catch-up contribution for a total of $67,500.
- Okta’s Plan offers an Automated Roth In-Plan Conversion or after-tax contributions. Contact Fidelity directly for more information.
IRS 2022 Annual Limits
| Contribution type | Limits* | Withdrawals |
|---|---|---|
| Pre-tax Deducted from your paycheck pre-tax, reducing current taxable income. |
Up to 50% of your eligible earnings, up to the IRS limit ($20,500 in 2022) If you are age 50 or older in 2022, you can contribute an additional $6,500 |
Subject to income tax |
| Roth contributions Deducted from your paycheck after taxes are withheld |
Up to 50% of your eligible earnings, up to the IRS limit ($20,500 in 2022) | Pre-tax** |
| After-tax contributions Deducted from your paycheck after taxes are withheld. |
Limited to the lesser of $61,000 or 50% of your eligible compensation** (combined with pre-tax, Roth 401(k), and employer contributions); $67,500 if you are catch-up eligible. | A withdrawal may be requested at any time. Contributions are pre-tax, earnings are subject to income tax. |
* 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
- Complete the Prior Contribution Form and provide to Okta Payroll
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.