Page 44 - Brady Corporation 2021 Annual Benefits Connecticut
P. 44
DISTRIBUTION RESTRICTIONS ON
EMPLOYER CONTRIBUTIONS
IN-SERVICE
You may elect to withdraw all or any part of your Rollover Contributions, if any, while still employed without
restriction.
After having attained the Plan's Normal Retirement Age, you may withdraw all or any part of your Elective
Deferrals, Roth Elective Deferrals, Employer's Qualified Non-Elective Contributions, Employer's Safe Harbor
Matching Contributions, vested Matching Contributions (Formula 1) and vested Non-Elective Contributions
(Formula 1).
After having attained age 59½, you may withdraw all or any part of your Elective Deferrals, Roth Elective Deferrals,
Employer's Qualified Non-Elective Contributions, Employer's Safe Harbor Matching Contributions, vested Matching
Contributions (Formula 1) and vested Non-Elective Contributions (Formula 1).
In-service withdrawals may be requested once you have attained age 70½.
HARDSHIP WITHDRAWAL
Hardship withdrawals are permitted from this Plan. You may take a hardship withdrawal from the following types of
contributions:
• Elective Deferrals.
• Roth Elective Deferrals.
• Rollover Contributions, plus their earnings.
• Vested Non-Elective Contributions, including earnings.
• Vested Matching Contributions, including earnings.
• Qualified Matching Contributions and Qualified Non-Elective Contributions plus their earnings and the
earnings on Elective Deferrals which have been credited to your account no later than December 31, 1988
(or, if later, the end of the last Plan Year ending before July 1, 1989).
DISTRIBUTION UPON RETIREMENT OR OTHER SEPARATION
The normal form of distribution will be a single lump-sum payment. Alternative forms, if available, will be indicated
on your benefit application.
If you terminate employment due to retirement, disability, or death, your payments will start as soon as
administratively feasible following the date on which a distribution is requested by you or is payable.
If you terminate employment for any other reason, your payments will start as soon as administratively feasible
following the date on which a distribution is requested by you or is payable.
ADMINISTRATIVE PROCEDURES
In order to begin participation in the Plan or to change an existing Salary Deferral Agreement, you must follow
either the enrollment or change Procedures as explained to you by the Plan Administrator. Elections to defer
Compensation will become effective as of the beginning of the next payroll period. Please refer to the Plan's
Summary Plan Description for more details. The Summary Plan Description discusses among other things
eligibility requirements, the definition of Compensation, more specific withdrawal restrictions and vesting
provisions.
Your Rights and Obligations under the Plan
Automatic payroll withholding as described above will continue until you increase or decrease the amount of
withholding, or stop payroll withholding, by going online and acces sing the Fidelity Service Center website
netbenefits.com or calling Fidelity Service Center at 1-800-835-5095 and making a deferral change.
44 QB\50221701.1
EMPLOYER CONTRIBUTIONS
IN-SERVICE
You may elect to withdraw all or any part of your Rollover Contributions, if any, while still employed without
restriction.
After having attained the Plan's Normal Retirement Age, you may withdraw all or any part of your Elective
Deferrals, Roth Elective Deferrals, Employer's Qualified Non-Elective Contributions, Employer's Safe Harbor
Matching Contributions, vested Matching Contributions (Formula 1) and vested Non-Elective Contributions
(Formula 1).
After having attained age 59½, you may withdraw all or any part of your Elective Deferrals, Roth Elective Deferrals,
Employer's Qualified Non-Elective Contributions, Employer's Safe Harbor Matching Contributions, vested Matching
Contributions (Formula 1) and vested Non-Elective Contributions (Formula 1).
In-service withdrawals may be requested once you have attained age 70½.
HARDSHIP WITHDRAWAL
Hardship withdrawals are permitted from this Plan. You may take a hardship withdrawal from the following types of
contributions:
• Elective Deferrals.
• Roth Elective Deferrals.
• Rollover Contributions, plus their earnings.
• Vested Non-Elective Contributions, including earnings.
• Vested Matching Contributions, including earnings.
• Qualified Matching Contributions and Qualified Non-Elective Contributions plus their earnings and the
earnings on Elective Deferrals which have been credited to your account no later than December 31, 1988
(or, if later, the end of the last Plan Year ending before July 1, 1989).
DISTRIBUTION UPON RETIREMENT OR OTHER SEPARATION
The normal form of distribution will be a single lump-sum payment. Alternative forms, if available, will be indicated
on your benefit application.
If you terminate employment due to retirement, disability, or death, your payments will start as soon as
administratively feasible following the date on which a distribution is requested by you or is payable.
If you terminate employment for any other reason, your payments will start as soon as administratively feasible
following the date on which a distribution is requested by you or is payable.
ADMINISTRATIVE PROCEDURES
In order to begin participation in the Plan or to change an existing Salary Deferral Agreement, you must follow
either the enrollment or change Procedures as explained to you by the Plan Administrator. Elections to defer
Compensation will become effective as of the beginning of the next payroll period. Please refer to the Plan's
Summary Plan Description for more details. The Summary Plan Description discusses among other things
eligibility requirements, the definition of Compensation, more specific withdrawal restrictions and vesting
provisions.
Your Rights and Obligations under the Plan
Automatic payroll withholding as described above will continue until you increase or decrease the amount of
withholding, or stop payroll withholding, by going online and acces sing the Fidelity Service Center website
netbenefits.com or calling Fidelity Service Center at 1-800-835-5095 and making a deferral change.
44 QB\50221701.1
