Page 29 - Busey 2021 Annual Benefits Enrollment
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First Busey Corporation Benefits Guide
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, participants may view their account
summary, make/change investment elections, and
The annual Proit Sharing contribution is discretionary. access investment performance as well as various
If made, the contribution is made typically in late Q1 inancial resources and tools.
for the prior calendar year. Eligible associates receive
the contribution if, at year-end, they have completed Various investment options are available. They include
1,000 hours of service during the year and are
employed on the last day of the Plan year. Customized Investment Portfolio—Customize
your election by selecting from all the available
The Proit Sharing Plan has a ive-year vesting schedule funds in the Plan to create your own portfolio. You
beginning with 20% vesting after one year to 100% can also set up your custom portfolio to rebalance
after ive years. Completion of 1,000 hours of service to avoid becoming more aggressive or conservative
per calendar year equals one year of vesting. over time than you intended.
Managed Portfolios—A managed portfolio
401(k)/Roth 401(k) contains numerous stock and bond mutual
Associates age 21 or better are eligible to contribute funds but behaves like a single mutual fund for
on a pre-tax basis to the 401(k) and/or on an after-tax trading and pricing. Managed portfolios have
basis to the Roth 401(k). Contribution elections, subject their own fact sheets, performance reporting and
to annual IRS limits, can be either made as a whole automatic rebalancing. Busey Wealth Management
percentage or lat dollar amount. Elections may be professionally manages and includes additional
changed at any time. diversifying asset classes that aren’t available in the
core fund lineup. You can choose one of the ive
Safe Harbor Match risk-based (e.g. Conservative, Balanced, Aggressive,
etc.) managed portfolios our plan offers.
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% of becoming more conservative (reducing stock and
eligible compensation contributed to the Plan. The Safe increasing bond allocations) as the retirement date
Harbor Match is immediately 100% vested. approaches. They are available in 5-year increments,
e.g. 2020, 2025, 2030, etc.
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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, participants may view their account
summary, make/change investment elections, and
The annual Proit Sharing contribution is discretionary. access investment performance as well as various
If made, the contribution is made typically in late Q1 inancial resources and tools.
for the prior calendar year. Eligible associates receive
the contribution if, at year-end, they have completed Various investment options are available. They include
1,000 hours of service during the year and are
employed on the last day of the Plan year. Customized Investment Portfolio—Customize
your election by selecting from all the available
The Proit Sharing Plan has a ive-year vesting schedule funds in the Plan to create your own portfolio. You
beginning with 20% vesting after one year to 100% can also set up your custom portfolio to rebalance
after ive years. Completion of 1,000 hours of service to avoid becoming more aggressive or conservative
per calendar year equals one year of vesting. over time than you intended.
Managed Portfolios—A managed portfolio
401(k)/Roth 401(k) contains numerous stock and bond mutual
Associates age 21 or better are eligible to contribute funds but behaves like a single mutual fund for
on a pre-tax basis to the 401(k) and/or on an after-tax trading and pricing. Managed portfolios have
basis to the Roth 401(k). Contribution elections, subject their own fact sheets, performance reporting and
to annual IRS limits, can be either made as a whole automatic rebalancing. Busey Wealth Management
percentage or lat dollar amount. Elections may be professionally manages and includes additional
changed at any time. diversifying asset classes that aren’t available in the
core fund lineup. You can choose one of the ive
Safe Harbor Match risk-based (e.g. Conservative, Balanced, Aggressive,
etc.) managed portfolios our plan offers.
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% of becoming more conservative (reducing stock and
eligible compensation contributed to the Plan. The Safe increasing bond allocations) as the retirement date
Harbor Match is immediately 100% vested. approaches. They are available in 5-year increments,
e.g. 2020, 2025, 2030, etc.
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