Page 28 - 2018 Carlstar Benefit Guide
P. 28
28 BENEFITS ENROLLMENT • 2018
401(k) Plan
The Carlstar Group offers a savings plan which is designed to help you save for retirement. The Carlstar Group
401(k) Plan provides a means for you to build savings for the future by giving you the opportunity to:
X Save for retirement X Choose from a range of investment options
X Contribute through payroll deductions X Build a tax deferred accumulation of dividends,
X Receive company contributions interest, and other earnings
X Reduce your income taxes X Receive beneits when you retire, become disabled,
or otherwise terminate employment
Eligibility
Once you have satisied the eligibility conditions, you will be eligible to participate under the Plan on your Entry
Date. For this purpose, your Entry Date is the irst day of the payroll period coinciding with or next following
the date you satisfy the eligibility conditions described above. For example, if you satisfy the Plan’s eligibility
conditions during a payroll period, you will be eligible to enter the Plan on the irst day of the next payroll period.
There is a 30 day OPT out before the automoticaly enrollment takes effect. However, you can contact Mass
Mutual by calling or visiting their website to enroll sooner.
Employee Deferrals Catch-Up Contributions
Your contribution is initially set at 3%. You may If you are age 50 or over and have reached the
change your deferral percentage at any time. You may annual IRS limit or plan’s maximum contribution
contribute on a pretax and/or Roth after tax basis limit for the year, you may make additional salary
basis, up to the annual IRS dollar limit. deferral, pretax and/or Roth after tax contributions
to the plan up to the IRS catch up provision limit.
Annual election may be required. The maximum
contributions are set annually by the IRS and can be
found at www.irs.gov.
For additional information on The Carlstar Group 401(k) Plan contact
Mass Mutual by calling 800.743.5274 or online at www.retiresmart.com.
401(k) Plan
The Carlstar Group offers a savings plan which is designed to help you save for retirement. The Carlstar Group
401(k) Plan provides a means for you to build savings for the future by giving you the opportunity to:
X Save for retirement X Choose from a range of investment options
X Contribute through payroll deductions X Build a tax deferred accumulation of dividends,
X Receive company contributions interest, and other earnings
X Reduce your income taxes X Receive beneits when you retire, become disabled,
or otherwise terminate employment
Eligibility
Once you have satisied the eligibility conditions, you will be eligible to participate under the Plan on your Entry
Date. For this purpose, your Entry Date is the irst day of the payroll period coinciding with or next following
the date you satisfy the eligibility conditions described above. For example, if you satisfy the Plan’s eligibility
conditions during a payroll period, you will be eligible to enter the Plan on the irst day of the next payroll period.
There is a 30 day OPT out before the automoticaly enrollment takes effect. However, you can contact Mass
Mutual by calling or visiting their website to enroll sooner.
Employee Deferrals Catch-Up Contributions
Your contribution is initially set at 3%. You may If you are age 50 or over and have reached the
change your deferral percentage at any time. You may annual IRS limit or plan’s maximum contribution
contribute on a pretax and/or Roth after tax basis limit for the year, you may make additional salary
basis, up to the annual IRS dollar limit. deferral, pretax and/or Roth after tax contributions
to the plan up to the IRS catch up provision limit.
Annual election may be required. The maximum
contributions are set annually by the IRS and can be
found at www.irs.gov.
For additional information on The Carlstar Group 401(k) Plan contact
Mass Mutual by calling 800.743.5274 or online at www.retiresmart.com.
