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