Plan Highlights

Eligibility and Participation:  You’re in right away. You are immediately eligible to participate in the Plan upon your date of hire if you work for a participating employer.  

Your Elective Contributions: You can put your own money in the Plan. Your before-tax contributions are made easy with payroll deductions and are typically based on a percentage of your weekly pay. You may contribute up to the maximum amount allowed by the IRS. If you will be age 50 or older during the calendar year, you can make additional, before-tax “catch-up” contributions above the maximum amount allowed by the IRS, subject to a separate annual limit.

Employer Contributions: Your employer may add to your account. If your collective bargaining agreement requires employer contributions, you will receive the following:

• Direct employer contributions

Investment Elections:  Your money can grow. The way your account is invested depends on your investment elections.

For before-tax contributions

• Option A – ready-mixed portfolios using either Target Date Funds or GoalMaker Footnote. GoalMaker’s model allocations are based on generally accepted financial theories that take into account the historic returns of different asset classes. But, of course, past performance of any investment does not guarantee future results. Participants should consider their other assets, income and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) in addition to their interest in the plan, to the extent those items are not taken into account in the model. Participants should also periodically reassess their GoalMaker investments to make sure their model portfolio continues to correspond to their changing attitudes and retirement time horizon. End footnote.*
• Option B – mix your own portfolio

If no investment election is made

• Employer Contributions and Elective Contributions are automatically invested in the Plan’s default funds.

Rollovers: You can put money from a prior plan into this one. The Plan accepts rollovers of certain before-tax contributions from other qualified plans.

Vesting: It’s always yours. You are always 100% vested in the value of your before-tax contributions, employer contributions, and any rollover contributions to your account (subject to gains or losses).  

Changing Your Before-Tax Contributions: You can change your mind. You may elect to increase or decrease your election on a monthly basis. Any requested change to your 401(k) Elective Contributions will take effect on the first day of the month following a 30-day period after you submit your change of 401(k) Elective Contribution Form.

Distribution of your Account: You collect when you’re ready. Your vested account balance, minus any outstanding loan balances, will be available to you or your beneficiary upon:

• Retirement
• Total disability
• Death
• Termination of employment
• Hardships
• Qualified Domestic Relations Order (QDRO)
• Qualified Birth or Adoption Distribution (QBAD)

If the vested value is greater than $1,000, you may defer distribution until April 1 following the year in which you reach age 72, or until you retire, whichever is later.  

* GoalMaker’s model allocations are based on generally accepted financial theories that take into account the historic returns of different asset classes. But, of course, past performance of any investment does not guarantee future results. Participants should consider their other assets, income and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) in addition to their interest in the plan, to the extent those items are not taken into account in the model. Participants should also periodically reassess their GoalMaker investments to make sure their model portfolio continues to correspond to their changing attitudes and retirement time horizon.