Page 30 - Busey 2020 Benefits
P. 30
RETIREMENT SAVINGS
First Busey Corporation is 401(k)/Roth 401(k)
committed to helping associates Associates age 21 or better are eligible to contribute on a pre-tax basis to
save for a inancially secure the 401(k) and/or on an after-tax basis to the Roth 401(k). Contribution
retirement through the Proit elections, subject to annual IRS limits, can be either made as a whole
Sharing Plan and Trust. The Plan percentage or lat dollar amount. Elections may be changed at any time.
also includes a 401(k) component.
Profit Sharing Safe Harbor Match
Associates enter the Proit Sharing As a reward for participating in the 401(k), associates will also receive a
safe harbor matching contribution each payroll equal to 100% of the irst
Plan on January 1, April 1, July 1, 3% of eligible compensation contributed and 50% of the next 2% of
or October 1 following attainment eligible compensation contributed to the Plan. The Safe Harbor Match is
of age 21 and completion of one immediately 100% vested.
year of service during which they
worked 1,000 hours.
Recordkeeping and Investment Elections
The annual Proit Sharing ABG Retirement Plan Services acts as the Plan’s recordkeeper. Through
contribution is discretionary. If the ABG website, abglogin.com, participants may view their account
made, the contribution is made summary, make/change investment elections, and access investment
typically in late Q1 for the prior performance as well as various inancial resources and tools.
calendar year. Eligible associates
receive the contribution if, at year- Various investment options are available. They include
end, they have completed 1,000 Customized Investment Portfolio—Customize your election by
hours of service during the year selecting from all the available funds in the Plan to create your own
and are employed on the last day portfolio. You can also set up your custom portfolio to rebalance to
of the Plan year. avoid becoming more aggressive or conservative over time than you
The Proit Sharing Plan has a ive- intended.
year vesting schedule beginning Suggested Portfolios—Choose from ive risk-based portfolios
with 20% vesting after one year to (ranging from conservative to balanced to aggressive) that provide
100% after ive years. Completion broad diversiication across domestic and international stocks and
of 1,000 hours of service per bonds using the individual funds in the plan’s lineup. Setting your
calendar year equals one year of account to rebalance annually is recommended.
vesting. Retirement Date Funds—Funds are designed to be a participant’s
sole diversiied holding by incorporating stocks and bonds,
automatically becoming more conservative (reducing stock and
increasing bond allocations) as the retirement date approaches. They
are available in 5-year increments, e.g. 2020, 2025, 2030, etc.
30 2020 Benefits Guide
First Busey Corporation is 401(k)/Roth 401(k)
committed to helping associates Associates age 21 or better are eligible to contribute on a pre-tax basis to
save for a inancially secure the 401(k) and/or on an after-tax basis to the Roth 401(k). Contribution
retirement through the Proit elections, subject to annual IRS limits, can be either made as a whole
Sharing Plan and Trust. The Plan percentage or lat dollar amount. Elections may be changed at any time.
also includes a 401(k) component.
Profit Sharing Safe Harbor Match
Associates enter the Proit Sharing As a reward for participating in the 401(k), associates will also receive a
safe harbor matching contribution each payroll equal to 100% of the irst
Plan on January 1, April 1, July 1, 3% of eligible compensation contributed and 50% of the next 2% of
or October 1 following attainment eligible compensation contributed to the Plan. The Safe Harbor Match is
of age 21 and completion of one immediately 100% vested.
year of service during which they
worked 1,000 hours.
Recordkeeping and Investment Elections
The annual Proit Sharing ABG Retirement Plan Services acts as the Plan’s recordkeeper. Through
contribution is discretionary. If the ABG website, abglogin.com, participants may view their account
made, the contribution is made summary, make/change investment elections, and access investment
typically in late Q1 for the prior performance as well as various inancial resources and tools.
calendar year. Eligible associates
receive the contribution if, at year- Various investment options are available. They include
end, they have completed 1,000 Customized Investment Portfolio—Customize your election by
hours of service during the year selecting from all the available funds in the Plan to create your own
and are employed on the last day portfolio. You can also set up your custom portfolio to rebalance to
of the Plan year. avoid becoming more aggressive or conservative over time than you
The Proit Sharing Plan has a ive- intended.
year vesting schedule beginning Suggested Portfolios—Choose from ive risk-based portfolios
with 20% vesting after one year to (ranging from conservative to balanced to aggressive) that provide
100% after ive years. Completion broad diversiication across domestic and international stocks and
of 1,000 hours of service per bonds using the individual funds in the plan’s lineup. Setting your
calendar year equals one year of account to rebalance annually is recommended.
vesting. Retirement Date Funds—Funds are designed to be a participant’s
sole diversiied holding by incorporating stocks and bonds,
automatically becoming more conservative (reducing stock and
increasing bond allocations) as the retirement date approaches. They
are available in 5-year increments, e.g. 2020, 2025, 2030, etc.
30 2020 Benefits Guide
