Page 30 - Busey Corporation 2022 Benefits Guide
P. 30
Retirement Savings
First Busey Corporation is committed to helping associates save for a inancially secure retirement through the
Proit Sharing Plan and Trust. The Plan also includes a 401(k) component.
Profit Sharing Recordkeeping and Investment
Associates enter the Proit Sharing Plan on January 1, Elections
April 1, July 1, or October 1 following attainment of EPIC Retirement Plan Services acts as the
age 21 and completion of one year of service during Plan’s recordkeeper. Through the EPIC website,
which they worked 1,000 hours. go-retire.com/busey, participants may view
their account summary, make/change investment
The annual Proit Sharing contribution is elections, and access investment performance as well
discretionary. If made, the contribution is made as various inancial resources and tools.
typically in late Q1 for the prior calendar year. Eligible
associates receive the contribution if, at year-end, Various investment options are available. They include
they have completed 1,000 hours of service during
the year and are employed on the last day of the Plan ■ Customized Investment Portfolio—Customize
year. your election by selecting from all the available
funds in the Plan to create your own portfolio.
The Proit Sharing Plan has a ive-year vesting You can also set up your custom portfolio to
schedule beginning with 20% vesting after one year rebalance to avoid becoming more aggressive or
to 100% after ive years. Completion of 1,000 hours of conservative over time than you intended.
service per calendar year equals one year of vesting. ■ Managed Portfolios—A managed portfolio
contains numerous stock and bond mutual
401(k)/Roth 401(k) funds but behaves like a single mutual fund for
Associates age 21 or better are eligible to contribute trading and pricing. Managed portfolios have
on a pre-tax basis to the 401(k) and/or on an after- their own fact sheets, performance reporting
tax basis to the Roth 401(k). Contribution elections, and automatic rebalancing. Busey Wealth
subject to annual IRS limits, can be either made as Management professionally manages and
a whole percentage or lat dollar amount. Elections includes additional diversifying asset classes
may be changed at any time through UKG. that aren’t available in the core fund lineup.
You can choose one of the ive risk-based
Safe Harbor Match (e.g., Conservative, Balanced, Aggressive, etc.)
managed portfolios the plan ofers.
As a reward for participating in the 401(k), associates ■ Retirement Date Funds—Funds are designed
will also receive a safe harbor matching contribution to be a participant’s sole diversiied holding by
each payroll equal to 100% of the irst 3% of eligible incorporating stocks and bonds, automatically
compensation contributed and 50% of the next 2% becoming more conservative (reducing
of eligible compensation contributed to the Plan. The stock and increasing bond allocations) as the
Safe Harbor Match is immediately 100% vested. retirement date approaches. They are available in
5-year increments, e.g. 2025, 2030, 2035, etc.
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First Busey Corporation is committed to helping associates save for a inancially secure retirement through the
Proit Sharing Plan and Trust. The Plan also includes a 401(k) component.
Profit Sharing Recordkeeping and Investment
Associates enter the Proit Sharing Plan on January 1, Elections
April 1, July 1, or October 1 following attainment of EPIC Retirement Plan Services acts as the
age 21 and completion of one year of service during Plan’s recordkeeper. Through the EPIC website,
which they worked 1,000 hours. go-retire.com/busey, participants may view
their account summary, make/change investment
The annual Proit Sharing contribution is elections, and access investment performance as well
discretionary. If made, the contribution is made as various inancial resources and tools.
typically in late Q1 for the prior calendar year. Eligible
associates receive the contribution if, at year-end, Various investment options are available. They include
they have completed 1,000 hours of service during
the year and are employed on the last day of the Plan ■ Customized Investment Portfolio—Customize
year. your election by selecting from all the available
funds in the Plan to create your own portfolio.
The Proit Sharing Plan has a ive-year vesting You can also set up your custom portfolio to
schedule beginning with 20% vesting after one year rebalance to avoid becoming more aggressive or
to 100% after ive years. Completion of 1,000 hours of conservative over time than you intended.
service per calendar year equals one year of vesting. ■ Managed Portfolios—A managed portfolio
contains numerous stock and bond mutual
401(k)/Roth 401(k) funds but behaves like a single mutual fund for
Associates age 21 or better are eligible to contribute trading and pricing. Managed portfolios have
on a pre-tax basis to the 401(k) and/or on an after- their own fact sheets, performance reporting
tax basis to the Roth 401(k). Contribution elections, and automatic rebalancing. Busey Wealth
subject to annual IRS limits, can be either made as Management professionally manages and
a whole percentage or lat dollar amount. Elections includes additional diversifying asset classes
may be changed at any time through UKG. that aren’t available in the core fund lineup.
You can choose one of the ive risk-based
Safe Harbor Match (e.g., Conservative, Balanced, Aggressive, etc.)
managed portfolios the plan ofers.
As a reward for participating in the 401(k), associates ■ Retirement Date Funds—Funds are designed
will also receive a safe harbor matching contribution to be a participant’s sole diversiied holding by
each payroll equal to 100% of the irst 3% of eligible incorporating stocks and bonds, automatically
compensation contributed and 50% of the next 2% becoming more conservative (reducing
of eligible compensation contributed to the Plan. The stock and increasing bond allocations) as the
Safe Harbor Match is immediately 100% vested. retirement date approaches. They are available in
5-year increments, e.g. 2025, 2030, 2035, etc.
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