Page 19 - Watermark 2022 Benefits Guide - CA
P. 19

401(k) Retirement Savings Plan


         Whether retirement is way down the road or just around the corner, it’s important to have savings goals and specific
         investment objectives. To help you meet your goals and objectives, we offer a 401(k) Retirement Savings Plan,
         administered by Principal, with multiple investment options. Key details and features of our plan are listed below.


                   Eligibility and entry



           All employees eligible for the
                                                                           No
                      plan
                   Exclusions             ·  Nonresident alien with no U.S. income
                                          ·  Leased employee
                                          ·  Independent contractor reclassified as an employee by the IRS
                                          ·  Part-time, temporary, or seasonal employee, until hours requirement is satisfied
                                          ·  Employees covered under another plan
                                          ·  Employees employed: as On-call Employees, until hours requirement is satisfied


                                         Requirements for all contributions

                     Age                                                   21
                    Service                                        6 months of service
                Hours of service                                         1,000

              Entry service period             First of the month following 6 months of service (Age and hours
                                                                  requirement satisfied)
                   Entry date                                           Monthly


                   Deferrals and employee contributions



          Elective deferral contributions                Allowed                Elective deferral (pre-tax)

                                                                                Catch-up deferral (pre-tax)
                                                                                 Roth deferral (after-tax)
                                                                                 Roth catch-up deferral (after-tax)
                Minimum deferral                    3% Auto Enrollment                 3% of eligible pay
                                                                               Applied when participants enter or re-
                                                                                 enter the plan – Associates may
                                                                                 increase, decrease or Opt-Out
               Maximum deferral                          100.00%
             When deferrals can be                       Any date
                    changed
             When deferrals can be                       Any date
                    stopped
           Auto enrollment and features                    Yes
                                                Contribution arrangement        Automatic contribution arrangement
                                                                                             (ACA)

                                                Auto enrollment percent                3% of eligible pay
                                                                                Applied when participants enter or
                                                                                       re-enter the plan

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