Page 22 - 2020 Stein Mart Benefits
P. 22
401(k) RETIREMENT SAVINGS PLAN
Financial Security
Planning for financial security is important for you and your family. To help you prepare for the future,
Stein Mart sponsors a 401(k) Retirement Savings Plan through Prudential Financial.
Associates may enroll in the plan, change contributions, select investments or view plan documents by
contacting Prudential Financial directly:
Online: www.prudential.com/online/retirement
Phone: 877.778.2100
Eligibility
Full time associates are eligible the first of the month after 60 days of hire.
If you are promoted from part-time to full-time, the eligibility rule follows your date of hire, not your
promotion. Therefore, if you were promoted after 60 days of being hired, you are immediately eligible.
Automatic Enrollment and Annual Automatic Increase
If you take no action once eligible, you will automatically be enrolled into Stein Mart’s 401(k) retirement plan
at a 3% tax-deferred contribution.
In addition, each June, your 401(k) contributions will be automatically increased by 1% (except for those
contributing 10% or more.) This annual, tax-deferred contribution increase has a small effect on your net pay
as compared to its long-term savings benefits.
If you do not wish to enroll and/or participate in the automatic annual increase, please contact Prudential
directly.
Two Ways to Save
Traditional 401(k) - pre-tax contributions
Your contributions come out of your pay before taxes are deducted, so you save on your taxes now.
Roth 401(k) - after tax contributions
Your contributions come out of your pay after taxes have been withheld. Your take-home pay is reduced by
the amount you contribute, but your contributions are never taxed again.
Plan contributions are deduction from your paycheck each pay period. To learn more about Traditional vs. Roth,
please visit www.preparewithpru.com.
IRS 401(k) Maximums
For 2020, you may contribute up to $19,500 into your 401(k) account. An additional “catch-up” contribution of
$6,500 is allowed for associates age 50 or older.
Employer Matching Contributions
At this time, Stein Mart does not offer a matching contribution. Any previous matching contributions are vested
according to the plan’s vesting schedule, which is based on years of service. Please view the legal plan documents
for additional information.
Assistant Store Managers, Asset Protection and Loss 20
Prevention and Semi-Monthly Associates For 2020 Benefits
Financial Security
Planning for financial security is important for you and your family. To help you prepare for the future,
Stein Mart sponsors a 401(k) Retirement Savings Plan through Prudential Financial.
Associates may enroll in the plan, change contributions, select investments or view plan documents by
contacting Prudential Financial directly:
Online: www.prudential.com/online/retirement
Phone: 877.778.2100
Eligibility
Full time associates are eligible the first of the month after 60 days of hire.
If you are promoted from part-time to full-time, the eligibility rule follows your date of hire, not your
promotion. Therefore, if you were promoted after 60 days of being hired, you are immediately eligible.
Automatic Enrollment and Annual Automatic Increase
If you take no action once eligible, you will automatically be enrolled into Stein Mart’s 401(k) retirement plan
at a 3% tax-deferred contribution.
In addition, each June, your 401(k) contributions will be automatically increased by 1% (except for those
contributing 10% or more.) This annual, tax-deferred contribution increase has a small effect on your net pay
as compared to its long-term savings benefits.
If you do not wish to enroll and/or participate in the automatic annual increase, please contact Prudential
directly.
Two Ways to Save
Traditional 401(k) - pre-tax contributions
Your contributions come out of your pay before taxes are deducted, so you save on your taxes now.
Roth 401(k) - after tax contributions
Your contributions come out of your pay after taxes have been withheld. Your take-home pay is reduced by
the amount you contribute, but your contributions are never taxed again.
Plan contributions are deduction from your paycheck each pay period. To learn more about Traditional vs. Roth,
please visit www.preparewithpru.com.
IRS 401(k) Maximums
For 2020, you may contribute up to $19,500 into your 401(k) account. An additional “catch-up” contribution of
$6,500 is allowed for associates age 50 or older.
Employer Matching Contributions
At this time, Stein Mart does not offer a matching contribution. Any previous matching contributions are vested
according to the plan’s vesting schedule, which is based on years of service. Please view the legal plan documents
for additional information.
Assistant Store Managers, Asset Protection and Loss 20
Prevention and Semi-Monthly Associates For 2020 Benefits
