Page 19 - Nortek Open Enrollment
P. 19
Nortek
401(k) Savings
401(k) Savings Plan Plan
The 401(k) Savings Plan allows you to contribute toward your own
inancial security on a tax-favored basis. What follows are a few key
features of the plan; please refer to the oficial Plan Document for
complete details.
You may contribute up to 18% of your salary on a before tax basis,
subject to the annual dollar limit ($18,000 for 2015). When you join
the company, you will be enrolled automatically at 3%; however, you
can chose a different amount, more, less, or nothing by logging on to
Workday and visiting your deferral elections.
If you are or will be turning age 50 during 2015, you will be able to
make catch-up contributions over and above the other elective limit.
The catch-up limit for 2015 is $6,000.
Your pre-tax deferrals (excluding catch-up contributions) are eligible
for discretionary matching contributions by Nortek up to 6% of your
salary. Your personal elective deferral contributions and earnings
are always 100% vested. Nortek’s matching contributions will vest
33-1/3% each year until you complete 3 years of vesting service, at
which time you will be 100% vested in the matching contributions and
earnings.
You must complete and sign a paper Salary Deferral Agreement
election form to make your initial fund selections. The form is
available from your HR representative. You will also designate your
beneiciary on the form. Once you enroll, you can initiate investment
transfers anytime using the Charles Schwab Participant website at
www.401kaccess.com or by calling (800) 777-4015.
For more details on the 401(k) plan and to obtain a copy of the
Summary Plan Description, please contact your HR representative.
19
401(k) Savings
401(k) Savings Plan Plan
The 401(k) Savings Plan allows you to contribute toward your own
inancial security on a tax-favored basis. What follows are a few key
features of the plan; please refer to the oficial Plan Document for
complete details.
You may contribute up to 18% of your salary on a before tax basis,
subject to the annual dollar limit ($18,000 for 2015). When you join
the company, you will be enrolled automatically at 3%; however, you
can chose a different amount, more, less, or nothing by logging on to
Workday and visiting your deferral elections.
If you are or will be turning age 50 during 2015, you will be able to
make catch-up contributions over and above the other elective limit.
The catch-up limit for 2015 is $6,000.
Your pre-tax deferrals (excluding catch-up contributions) are eligible
for discretionary matching contributions by Nortek up to 6% of your
salary. Your personal elective deferral contributions and earnings
are always 100% vested. Nortek’s matching contributions will vest
33-1/3% each year until you complete 3 years of vesting service, at
which time you will be 100% vested in the matching contributions and
earnings.
You must complete and sign a paper Salary Deferral Agreement
election form to make your initial fund selections. The form is
available from your HR representative. You will also designate your
beneiciary on the form. Once you enroll, you can initiate investment
transfers anytime using the Charles Schwab Participant website at
www.401kaccess.com or by calling (800) 777-4015.
For more details on the 401(k) plan and to obtain a copy of the
Summary Plan Description, please contact your HR representative.
19
