Plan Highlights
This section describes highlights of your employer's retirement plan. It represents a general overview of the information printed in your employer's Summary Plan Description (SPD). Your retirement program is more fully described in the formal provisions of your employer's plan document. If there is a conflict between these plan highlights and your SPD, the language provided in the plan document will govern.
Eligibility Requirements
You are eligible to participate in the plan when you are 21 years of age.
Enrollment Dates
Once you have met the eligibility requirements, you can join the plan semi-annually.
Employer Contributions
Profit Sharing:
Your employer has established a Profit Sharing plan. A Profit Sharing plan is a tax-qualified retirement plan in which your employer makes contributions on your behalf. The amount of the contribution is determined by an allocation formula that is generally based on participant earnings, while annual contributions are generally based on the company's profits. Contributions may be modified during times of business hardship.
Vesting
Employer Match Contributions:
Employer matching contributions are based on other plan years.
Profit Sharing Contributions:
You have an immediate non-forfeitable right to your employer contributions made to your account.
Rollovers
Money from other qualified plans such as 401(k) plans is accepted. Rollover contributions are allowed prior to meeting the eligibility requirements of the plan.
Investment Transfers
Using Voya's automated telephone or Internet service, you have the ability to review your accounts and transfer funds from one investment option to another, 24-hours a day.
Hardship Withdrawals
Hardship withdrawal may be taken in case of extreme hardship as defined by the IRS when no other sources are available.
Distribution & Withdrawals
Funds are available at retirement, death, disability, or termination of service.
Loan Provision
You may take a loan from vested amounts in your account. The amount the Plan may loan to you is limited by rules under the Internal Revenue Code. Any new loans, when added to the outstanding balance of all other loans from the Plan, will be limited to the lesser of: a) $50,000 reduced by the excess, if any, of your highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date of the new loan over your current outstanding balance of loans as of the date of the new loan; or b) 1/2 of your vested interest in the Plan. The amount the Plan may loan to you can also be limited by Plan rules such as which Employee and Employer Contributions are available for loan use, the number of loans that can be outstanding at any one time or how often you may request a loan. For specific details please refer to your Summary Plan Description (SPD). When thinking about taking a loan from your plan, keep in mind that when money is withdrawn from a retirement savings account, it reduces the power of tax-deferred compounding.
Participant Account Statements
Your investment statements are provided quarterly.
