Page 18 - 2022 Thrall Benefits Guide

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, Thrall Enterprises, Inc. offers a 401(k) Savings Plan,
administered by Fidelity. Key details and features of our plan are listed below.

Eligibility
You are eligible to participate in the plan after 60 days of service with the Company.
Automatic Enrollment / Automatic Increase
This Plan contains an Automatic Enrollment provision. Eligible employees will be automatically enrolled at a 4% pre -
tax contribution rate after 60 days of employment. The Plan also contains an Automatic Increase provision. New
members are automatically enrolled in a 1% automatic increase applied annually on May 1st. Those who do not wish
to be automatically enrolled or to be automatically increased may contact Fidelity to make an alternate election.

Employee Contributions
Pre-tax and Roth contributions are accepted via payroll deduction. Contribution elections may range from 1% to 50% of
your annual income, up to the IRS allowable maximum. If you are 50 years old during any given year (or older), you may
also contribute an additional “catch up” contribution, up to the IRS defined maximum. The IRS limits apply to both tax -
deferred and Roth after-tax contributions to the plan. If you elect both types of contributions to the 401(k) plan, your
contributions will be aggregated to determine your overall limit.
Matching
The Company contributes to your retirement savings through an annual discretionary matching contribution based on your
st
annual savings amount as of December 31 of each year. Company contributions are calculated on the first 6% of your
contributions. The match is a lump sum contribution and is contingent upon the Company’s profitability and performance.
Vesting
Vesting refers to your right of ownership to the money in your account. You are immediately vested in all
contributions and earnings that you make to the plan. You are fully vested in the Company contributions and
earnings on those contributions after three years of service.

More Information
For additional details about the Thrall Enterprises, Inc. 401(k) Savings Plan, or to change your contribution rates
and/or investment elections, please visit www.401k.com or call Fidelity at 800-835-5097.

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