Page 27 - Future Steps
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401(k) Retirement Plan 2017 Beneits Enrollment
If you are in our retirement plan, annual enrollment is a great time to evaluate your level of
participation in the 401(k) plan. Could you be saving more? Do your investment funds need to be reviewed
or reallocated?
Eligibility Employees age 21 or older who work 807 hours or more within the first 10 calendar months of initial hire
date
Employee Contributions X You may contribute up to $18,000 in calendar year 2017 on a pre-tax basis or after-tax basis (Roth)
X Individuals age 50 or older by the end of calendar year will be allowed to make an additional catch-up
contribution, up to a maximum of $6,000 in calendar year 2017, $24,000 in total ($18,000 + $6,000)
X Upon meeting the eligibility requirements, you will have an opportunity to elect to make an optional
a 401(k) contribution with a payroll deduction; if you make no election, you will automatically be
enrolled to contribute 3% of wages in a non-Roth plan; you can modify or stop contributions at any
time by notifying the payroll department (all changes will be effective the next payroll period)
Company Contribution X GESM currently contributes equal to 3% of wages; this accrual is not a match; you do not need to
contribute to receive the contribution; the contribution is made once a year—within six months after
the plan year-end (September 30)
X In addition, GESM may also make an optional, discretionary contribution based on the company’s
inancial performance; should the discretionary contribution be made, it would occur at the same time
as the regular company contribution
X To be eligible for the discretionary contribution you must be an active employee and in the Plan at the
end of plan year (September 30) to receive contribution
Investing You choose how to invest your savings from an array of funds; you may make changes to your fund
choices at any time by going myaccount.ascensus.com/ or by calling 877.819.7214
Vesting You are always 100% vested in the contributions you choose to defer; these contributions cannot be
forfeited; eligible employees are 100% vested in the company contribution immediately upon date of hire;
in addition, you are 100% vested in the optional, discretionary company contribution after five years
Payment of Benefits Vested benefits are payable when your employment ends due to retirement, death, disability, or any other
cause as defined by the plan; payments may be in a single lump sum payment in cash
Unless transferred to an IRA rollover account or another qualified retirement plan, all pre-tax savings
become taxable income for the year in which you withdraw them; additionally, a 10% penalty tax may
apply to distributions received before age 59½
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If you are in our retirement plan, annual enrollment is a great time to evaluate your level of
participation in the 401(k) plan. Could you be saving more? Do your investment funds need to be reviewed
or reallocated?
Eligibility Employees age 21 or older who work 807 hours or more within the first 10 calendar months of initial hire
date
Employee Contributions X You may contribute up to $18,000 in calendar year 2017 on a pre-tax basis or after-tax basis (Roth)
X Individuals age 50 or older by the end of calendar year will be allowed to make an additional catch-up
contribution, up to a maximum of $6,000 in calendar year 2017, $24,000 in total ($18,000 + $6,000)
X Upon meeting the eligibility requirements, you will have an opportunity to elect to make an optional
a 401(k) contribution with a payroll deduction; if you make no election, you will automatically be
enrolled to contribute 3% of wages in a non-Roth plan; you can modify or stop contributions at any
time by notifying the payroll department (all changes will be effective the next payroll period)
Company Contribution X GESM currently contributes equal to 3% of wages; this accrual is not a match; you do not need to
contribute to receive the contribution; the contribution is made once a year—within six months after
the plan year-end (September 30)
X In addition, GESM may also make an optional, discretionary contribution based on the company’s
inancial performance; should the discretionary contribution be made, it would occur at the same time
as the regular company contribution
X To be eligible for the discretionary contribution you must be an active employee and in the Plan at the
end of plan year (September 30) to receive contribution
Investing You choose how to invest your savings from an array of funds; you may make changes to your fund
choices at any time by going myaccount.ascensus.com/ or by calling 877.819.7214
Vesting You are always 100% vested in the contributions you choose to defer; these contributions cannot be
forfeited; eligible employees are 100% vested in the company contribution immediately upon date of hire;
in addition, you are 100% vested in the optional, discretionary company contribution after five years
Payment of Benefits Vested benefits are payable when your employment ends due to retirement, death, disability, or any other
cause as defined by the plan; payments may be in a single lump sum payment in cash
Unless transferred to an IRA rollover account or another qualified retirement plan, all pre-tax savings
become taxable income for the year in which you withdraw them; additionally, a 10% penalty tax may
apply to distributions received before age 59½
27
