BenefitsPlus 401(k) Profit Sharing Plan
You may be able to participate in the BenefitsPlus 401(k) / ProfitSharing Plan effective upon hire. Below is a summary of the plan features. Please refer to the Summary Plan Description for more information.
Regular full-time employees who work at least 21 hours per week are eligible BenefitsPlus 401(k)/Profit Sharing Plan upon hire. If you are a part time or temporary worker, you will become eligible for the Plan after you work more than 1,000 hours in a period of 12 consecutive months.
You are eligible to able to contribute 1- 75% of your base compensation on either a pre-tax or post-tax (Roth) basis up to the IRS maximums
Once eligible, you are able to elect to defer to the Plan immediately. If you do not take any action, the company will automatically enroll you in the plan at a 6% pre-tax contribution rate following approximately your first 90 days of employment. If you are auto-enrolled, your contributions and the company match will be allocated into the age appropriate target date fund. If you are auto-enrolled and wish to decline participation, change your contribution rate and/or investment allocation, you may do so by logging into workplace.schwab.com or by calling 800.724.7526 to speak with a Schwab Retirement Plan Services representative.
The Company provides a matching contribution each pay period of 50% of every dollar you contribute up to the first 6% you contribute. This means that if you contribute 6%, the Company matches 3%. If you contribute 3%, the Company will also match 1.5%. If you contribute 10%, the company still matches the maximum match amount of 3%.
Vesting is based on your years of service. You are 25% vested with each year of service, becoming fully vested after four years.
If you were part of a merger/acquisition, your prior 401(k) plan was merged into the BenefitsPlus 401(k)/Profit Sharing Plan, and that prior plan had a more favorable vesting schedule; that plan’s vesting schedule will be grandfathered into your BenefitsPlus 401(k) account.
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