Page 21 - 2022 Benefits Resource Guide

TXM retirement savings plan

The Texas Mutual Retirement Savings Plan (“Plan”) is designed to
provide you with a means of accumulating savings for your retirement.
You can invest these savings in a variety of mutual funds available
through the Plan. The Plan is qualified under the Internal Revenue Code.

Retirement savings plan summary
As a Texas Mutual employee, you will receive an employer contribution to
your retirement savings account in an amount equal to 4% of your
eligible compensation each pay period. You’ll receive an additional 4%
contribution if your compensation exceeds the Social Security Wage Base
(the compensation limit that is subject to Social Security taxes).

Texas Mutual also offers a generous match on your contributions to the
Plan. TXM will match 100% of each $1.00 you contribute, up to and
including 6% of your eligible compensation each pay period. Severance,
car allowance, rewards, and relocation expenses are types of
compensation excluded from the retirement contribution calculation.

You may elect to contribute from one to 75 percent of your eligible
compensation each pay period, subject to Plan and IRS limits. Your
contribution can be made as a pre-tax 401(k) deferral with tax-deferred
investment growth and/or as an after-tax Roth 401(k) deferral with the
potential for tax-free investment growth.
To select your investment strategy, please contact Fidelity Investments
directly at fidelity.com/atwork or call (800) 343-0860. If you do not
provide investment instructions, your contributions will be invested in
one of the Fidelity Freedom Funds (refer to the default investment notice
on the intranet).

Starting / changing / stopping contributions
To start, change, or stop your contributions, please contact Fidelity
Investments directly at fidelity.com/atwork or call (800) 343-0860.
You may change or stop your employee contributions at any time
(changes will be effective in the first full pay period following your
change date).

Retirement plan beneficiaries
To name or update your Plan beneficiary, please contact Fidelity
Investments directly at fidelity.com/atwork or call (800) 343-0860.

Building ownership in your account
You have 100% vested ownership in your own contributions. The Plan
maintains a vesting schedule to determine your ownership in the
employer contribution and the employer matching contribution. You earn
a vesting credit equal to an additional 20% vested ownership in your
employer contributions for each year of service. A year of service is
attained for each calendar year in which you work at least 1,000 hours.
You may earn only one vesting credit per calendar year. The vesting
percentage is 100% after five or more years of service.

You will become immediately 100% vested in the employer matching
contribution if one of these events occurs while employed: you reach age
65, you become permanently disabled, or in the event of your death.

18 Employee Benefits Guide