Page 17 - Lanter Delivery Systems 2021 Benefits Guide
P. 17
Lanter Delivery Systems, LLC Benefits Enrollment Guide
Retirement Savings Plan 401(k)
We partner with Lincoln Financial to provide you a 401(k) plan to help you feel secure and prepared for life after
your career.
How the Plan Works
Employees are eligible to join the plan the irst To be eligible for the company match and Proit-
day of the calendar month following 3 months of Sharing contributions you must have completed at
service and must be at least 18 years of age least 1,000 hours of service during the plan year
You have the option to contributing to a Traditional and are employed by our company on the last day
401(k), Roth 401(k), or both of the plan year
You can contribute before-tax dollars to your You choose how to invest your money in a variety
Traditional 401(k) account through payroll of investment options
deductions (up to the annual IRS limits) You are always 100% vested in your own
You can contribute after-tax dollars to your Roth contributions
401(k) account through payroll deductions (up to Your company contributions are subject to the
the annual IRS limits); your savings are not taxed vesting schedule shown below:
when you withdraw them at retirement ■ Less than two years—0% vested
The company may match up to 6% of your ■ Two years but less than three years—20%
contributions on a pay period basis once you vested
become eligible ■ Three years but less than four years—40%
In addition, each year the company may provide a vested
Proit-Sharing contribution at the end of the plan
year once you become eligible ■ Four years but less than ive years—60% vested
■ Five years but less than six years—80% vested
■ Six or more years—100% vested
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Retirement Savings Plan 401(k)
We partner with Lincoln Financial to provide you a 401(k) plan to help you feel secure and prepared for life after
your career.
How the Plan Works
Employees are eligible to join the plan the irst To be eligible for the company match and Proit-
day of the calendar month following 3 months of Sharing contributions you must have completed at
service and must be at least 18 years of age least 1,000 hours of service during the plan year
You have the option to contributing to a Traditional and are employed by our company on the last day
401(k), Roth 401(k), or both of the plan year
You can contribute before-tax dollars to your You choose how to invest your money in a variety
Traditional 401(k) account through payroll of investment options
deductions (up to the annual IRS limits) You are always 100% vested in your own
You can contribute after-tax dollars to your Roth contributions
401(k) account through payroll deductions (up to Your company contributions are subject to the
the annual IRS limits); your savings are not taxed vesting schedule shown below:
when you withdraw them at retirement ■ Less than two years—0% vested
The company may match up to 6% of your ■ Two years but less than three years—20%
contributions on a pay period basis once you vested
become eligible ■ Three years but less than four years—40%
In addition, each year the company may provide a vested
Proit-Sharing contribution at the end of the plan
year once you become eligible ■ Four years but less than ive years—60% vested
■ Five years but less than six years—80% vested
■ Six or more years—100% vested
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