Plan Highlights
Plan Highlights describe your retirement plan. It represents a general overview of the information printed in your Summary Plan Description (SPD).
Your retirement program is more fully described in the formal provisions of your plan document. If there is a conflict between the plan highlights and your SPD, the language in your plan document will govern. For comments or changes regarding Plan Highlights, please utilize the Contact Us link at the top of this page.
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 immediately eligible to participate in the plan. |
| Enrollment Dates | Once you have met the eligibility requirements, you can join the plan XXX. |
| Employee Contributions | You may contribute 1 - 100% of your annual pay, not to exceed $18,000
annually. Annual limitations are set by the IRS and are subject to change.
The tax laws may also let you contribute an additional amount over the
regular annual limit if you are at least 50 years old. Check with your
benefits manager to see if you can take advantage of the increased
opportunity to 'catch up' and contribute even more to your employer's
plan. If your adjusted gross income does not exceed certain limits,
you may be eligible for a tax credit.
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| 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. Employer Match: Your employer has elected to contribute $1000 each year to your account. |
| Employer Contributions | Employer Safe Harbor: Your employer will contribute an amount equal to 100% up to 6% of your compensation. |
| Vesting | 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 [monthly/quarterly]. |