Page 12 - 2021 Vocon Benefits Guide

401(k) Retirement

Savings Plan

Vocon’s 401(k) Retirement Savings Plan gives you an easy
way to save for your future through payroll deductions.

EMPLOYEE CONTRIBUTIONS
You may elect to defer up to 100% of your Compensation
on a pre-tax basis. You may also elect to make Roth
contributions to the Plan on an after-tax basis.
Contributions are able to be made up to the IRS annual
limit. If you are 50 years of age or older, (or if you will reach VESTING
age 50 by the end of the year), you may make a catch-up Vesting refers to your right of ownership to the money in
contribution in addition to the normal IRS annual limit. your account. You are immediately vested in all of your
contributions and earnings on your contributions. Vesting
of employer contributions is as follows:
EMPLOYER CONTRIBUTIONS
The Company will make a Matching Contribution on your Year Vesting Amount
behalf in an amount equal to 25% of your contributions that
are not in excess of 6% of your Compensation. The 1 N/A
Company may, in its sole discretion, make Matching
contributions in addition to those described above. You
must complete at least 1,000 Hours of Service during the 2 20%
Plan Year and be employed by the Company on the last day
of the Plan Year in order to receive a Matching 3 40%
Contribution.

4 60%

5 80%

6 100%

MORE INFORMATION
For additional details about the 401(k) Retirement Savings
New hires are automatically enrolled at a 4%
Plan or to enroll or change your contribution rates or
deferral and are invested in the balanced investment elections, please refer to the Summary Plan
model. If you wish to waive or change your Description.
contributions, you need to log onto the Newport
website to make your changes.
www.newportgroup.com

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