Page 16 - 2019 Heico Core Benefits Guide
P. 16
2019 | The Heico Companies Enrollment Guide
401(k)
Mass Mutual
Contract Number: 60082
What Is a 401(k) Plan? When Can I Enroll?
A 401(k) is a retirement savings account that allows you to You can enroll on the first day of the month following the date
invest money “tax-deferred” from income tax� This means that you have completed 3 calendar months of employment with
your eligible contributions are deducted from your paycheck your company�
and reduce your taxable income�
Will the Company Contribute to
Eligibility My Account?
You are eligible to participate in the Plan on the first day Yes! After one year of service, Heico will match 100% of the first
of the month following the date you meet the following 3% of compensation that you contribute, plus 50% of the next
requirements: 2% of your contributions� The maximum match you can earn is
You are an employee of one of the employers covered by 4% on a 5% or greater employee contribution�
the Plan and you are employed on a permanent, full-time
basis; When Will My Deductions Begin?
You are at least 21 years of age;
You are not a nonresident alien who receives no earned Your deductions will begin at the beginning of the next month
income from an employer which constitutes income from following your enrollment�
sources within the United States;
You are not a temporary employee of an employer; Can I Rollover My Previous 401(k) or
You will complete at least 1,000 hours of service in any IRA Account?
12-consecutive-month period;
You do not belong to a group of hourly employees Yes, you can rollover your 401(k) from a previous employer
represented by a collective bargaining representative, or an IRA into the Heico 401(k) Plan� To do so, indicate
unless the Plan was extended to your group through that you would like to rollover when you enroll at
collective bargaining� www.retiresmart.com or call Mass Mutual at 800-743-5274�
How Do I Enroll?
To enroll, simply go to www.retiresmart.com�
To register, select “create account” to create your username
and PIN�
You will receive a welcome kit mailer which
provides plan information.
16
401(k)
Mass Mutual
Contract Number: 60082
What Is a 401(k) Plan? When Can I Enroll?
A 401(k) is a retirement savings account that allows you to You can enroll on the first day of the month following the date
invest money “tax-deferred” from income tax� This means that you have completed 3 calendar months of employment with
your eligible contributions are deducted from your paycheck your company�
and reduce your taxable income�
Will the Company Contribute to
Eligibility My Account?
You are eligible to participate in the Plan on the first day Yes! After one year of service, Heico will match 100% of the first
of the month following the date you meet the following 3% of compensation that you contribute, plus 50% of the next
requirements: 2% of your contributions� The maximum match you can earn is
You are an employee of one of the employers covered by 4% on a 5% or greater employee contribution�
the Plan and you are employed on a permanent, full-time
basis; When Will My Deductions Begin?
You are at least 21 years of age;
You are not a nonresident alien who receives no earned Your deductions will begin at the beginning of the next month
income from an employer which constitutes income from following your enrollment�
sources within the United States;
You are not a temporary employee of an employer; Can I Rollover My Previous 401(k) or
You will complete at least 1,000 hours of service in any IRA Account?
12-consecutive-month period;
You do not belong to a group of hourly employees Yes, you can rollover your 401(k) from a previous employer
represented by a collective bargaining representative, or an IRA into the Heico 401(k) Plan� To do so, indicate
unless the Plan was extended to your group through that you would like to rollover when you enroll at
collective bargaining� www.retiresmart.com or call Mass Mutual at 800-743-5274�
How Do I Enroll?
To enroll, simply go to www.retiresmart.com�
To register, select “create account” to create your username
and PIN�
You will receive a welcome kit mailer which
provides plan information.
16
