Page 15 - 2018 BH Management Guide
P. 15
BH Management Services, LLC
Retirement Savings Plan 401(k) Principal Financial
Your inancial security is important to you, your family, and to us as your Group
employer. We want you to feel secure and prepared for life after your career. In Policy #615627
partnership with Principal Financial Group, our 401(k) plan is designed to help www.principal.com
800.547.7754
you plan ahead and feel prepared.
How the Plan Works
Employees who are at least 21 years of age are eligible to join the plan after
completing 90 days of service
Once you have met the eligibility requirements, you can join the plan
on one of the following enrollment dates: January 1, April 1, July 1, and
October 1
You can contribute before-tax dollars to your 401(k) account through
payroll deductions (up to the annual IRS limits)
BH Management will provide a 50% 401(k) match up to 2% of your
deferrals into the plan based on your eligible compensation, current plan
document, and current annual contribution limits
Example: employee annual gross wages are $20,000 and the employee
elects to contribute 4% of gross wages; the employee would contribute
$800 and the employer would contribute $400
You choose how to invest your money in a variety of investment options
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 IRS 401(k)
service 60%; 5 years of service 80%; 6 years of service 100% Maximums
For 2018, you can contribute
Principal Financial Group Tools up to $18,500 to your 401(k)
account. If you are age 50 or
Principal Financial Group offers retirement calculators and investment services will turn age 50 by December
which allow you to choose your own investments options or use a managed 31, you may contribute
account plan which does the hard work for you. an additional “catch-up”
contribution of $6,000. Please
Remember to add a beneiciary for your 401(k) on the Principal Financial check www.irs.gov for the
Group website through their convenient online beneiciary tool. most updated contribution limit
guidance.
15
Retirement Savings Plan 401(k) Principal Financial
Your inancial security is important to you, your family, and to us as your Group
employer. We want you to feel secure and prepared for life after your career. In Policy #615627
partnership with Principal Financial Group, our 401(k) plan is designed to help www.principal.com
800.547.7754
you plan ahead and feel prepared.
How the Plan Works
Employees who are at least 21 years of age are eligible to join the plan after
completing 90 days of service
Once you have met the eligibility requirements, you can join the plan
on one of the following enrollment dates: January 1, April 1, July 1, and
October 1
You can contribute before-tax dollars to your 401(k) account through
payroll deductions (up to the annual IRS limits)
BH Management will provide a 50% 401(k) match up to 2% of your
deferrals into the plan based on your eligible compensation, current plan
document, and current annual contribution limits
Example: employee annual gross wages are $20,000 and the employee
elects to contribute 4% of gross wages; the employee would contribute
$800 and the employer would contribute $400
You choose how to invest your money in a variety of investment options
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 IRS 401(k)
service 60%; 5 years of service 80%; 6 years of service 100% Maximums
For 2018, you can contribute
Principal Financial Group Tools up to $18,500 to your 401(k)
account. If you are age 50 or
Principal Financial Group offers retirement calculators and investment services will turn age 50 by December
which allow you to choose your own investments options or use a managed 31, you may contribute
account plan which does the hard work for you. an additional “catch-up”
contribution of $6,000. Please
Remember to add a beneiciary for your 401(k) on the Principal Financial check www.irs.gov for the
Group website through their convenient online beneiciary tool. most updated contribution limit
guidance.
15
