Page 18 - Tessenderlo Kerley, Inc 2022 Benefit Guide

401(k) RETIREMENT SAVINGS PLAN

Whether retirement is way down the road or just around the corner, Vesting
it’s important to have savings goals and specific investment objectives. Vesting refers to your ownership of the money in your 401(k). You are
To help you meet your goals and objectives, we offer a 401(k) immediately vested in all contributions and earnings.
Retirement Savings Plan, administered by Merrill Lynch, with multiple
investment options and a company match. Key details and features
of our plan are listed below. More Information
• You can enroll in the plan and make changes to your contributions
Employee contributions Employer contributions at any time
You can contribute up to $19,500* in Company contributions will be comprised • Merrill Lynch has many different investment options for you to
2021, and if you are age 50 or older, of two parts. The first part is matching choose from, along with tools and resources you can use to
you may contribute up to an additional dollar for dollar through your first 5%
$6,500* as a “catch-up” contribution. contributions. This will be done on a determine which options best meet your investment objectives.
Contributions may be made on a per pay period basis. Distributions into For additional details about the 401(k) Retirement Savings Plan
pre-tax basis. To make it easier for employee accounts will mirror employee or to enroll, please contact the Human Resources department.
you to save, the plan offers annual investment contributions. The second
savings adjustments to help you set part is through a year-end retirement To change your contribution rates or investment elections,
aside extra money automatically. contribution program. Unless otherwise visit www.benefits.ml.com or call 800-229-9040 or 800-228-4015.
indicated by the Board of Directors,
a discretionary % of base annual salary will
be contributed to the 401(k) accounts of
eligible employees at year-end. For newly
eligible employees, the contribution will
be pro-rated according to hire date
*The plan will follow IRS approved
contribution limits for 2022. and eligibility.

WELCOME BENEFIT BASICS MEDICAL DENTAL VISION FSA ADDITIONAL BENEFITS 401(k) CONTACTS LEGAL RIGHTS 18