Page 15 - 2020 BH Management Benefits Guide
P. 15
Retirement Savings Plan Wells Fargo
401(k) Policy # WF000BHM
Your inancial security is important to you, your family, and to us as your www.wellsfargo.com/
employer. We want you to feel secure and prepared for life after your retirement-plan
career. In partnership with Wells Fargo, our 401(k) plan is designed to 800.728.3123
help you plan ahead and feel prepared.
How the Plan Works
X Employees who are at least 18 years of age are eligible to join the plan IRS 401(k)
after completing 90 days of service Maximums
X You can contribute before-tax dollars to your 401(k) account through For 2020, you can contribute
payroll deductions (up to the annual IRS limits) up to $19,500 to your 401(k)
X After 6 months of service, BH Management will provide a 50% account. If you are age 50 or will
turn age 50 by December 31,
401(k) match up to 2% of your deferrals into the plan based on your you may contribute an additional
eligible compensation, current plan document, and current annual “catch-up” contribution of $6,500.
contribution limits Please check www.irs.gov for
Y Example: employee annual gross wages are $20,000 and the the most updated contribution
limit guidance.
employee elects to contribute 4% of gross wages; the employee
would contribute $800 and the employer would contribute $400
X You choose how to invest your money in a variety of investment
options
X Your company contributions are subject to a vesting schedule of: 1
year of service 0%; 2 years of service 20%; 3 years of service 40%; 4
years of service 60%; 5 years of service 80%; 6 years of service 100%
Wells Fargo Tools
Wells Fargo offers retirement calculators and investment services which
allow you to choose your own investments options or use a managed
account plan which does the hard work for you.
Remember to add a beneiciary for your 401(k) on the Wells Fargo
website through their convenient online beneiciary tool.
2020 Benefits Guide 15
401(k) Policy # WF000BHM
Your inancial security is important to you, your family, and to us as your www.wellsfargo.com/
employer. We want you to feel secure and prepared for life after your retirement-plan
career. In partnership with Wells Fargo, our 401(k) plan is designed to 800.728.3123
help you plan ahead and feel prepared.
How the Plan Works
X Employees who are at least 18 years of age are eligible to join the plan IRS 401(k)
after completing 90 days of service Maximums
X You can contribute before-tax dollars to your 401(k) account through For 2020, you can contribute
payroll deductions (up to the annual IRS limits) up to $19,500 to your 401(k)
X After 6 months of service, BH Management will provide a 50% account. If you are age 50 or will
turn age 50 by December 31,
401(k) match up to 2% of your deferrals into the plan based on your you may contribute an additional
eligible compensation, current plan document, and current annual “catch-up” contribution of $6,500.
contribution limits Please check www.irs.gov for
Y Example: employee annual gross wages are $20,000 and the the most updated contribution
limit guidance.
employee elects to contribute 4% of gross wages; the employee
would contribute $800 and the employer would contribute $400
X You choose how to invest your money in a variety of investment
options
X Your company contributions are subject to a vesting schedule of: 1
year of service 0%; 2 years of service 20%; 3 years of service 40%; 4
years of service 60%; 5 years of service 80%; 6 years of service 100%
Wells Fargo Tools
Wells Fargo offers retirement calculators and investment services which
allow you to choose your own investments options or use a managed
account plan which does the hard work for you.
Remember to add a beneiciary for your 401(k) on the Wells Fargo
website through their convenient online beneiciary tool.
2020 Benefits Guide 15
