Page 17 - PSA 2020-21 New Hire Guide
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Protection Strategies Incorporated
401(k) Plan
American Funds Company Matching
PSI offers eligible employees a retirement plan to help PSI will match 100% of the irst 3% you contribute and
you save toward your retirement goals. 50% of the next 2%. Matching contributions are Safe
Harbor and employee is fully vested.
Eligibility
X You will be immediately eligible to participate by PSI may also make an additional matching contribution
contributing a percentage of your annual salary or a discretionary contribution to your account in any
year. These contributions would be subject to a vesting
X PSI employer contributions to your account will schedule.
begin once you have met all eligibility requirements
Any money you contribute to the plan is always 100%
Contributions vested (owned by you). In addition, if you have any
The plan allows you to make the following types of money from a prior employer’s retirement plan, you can
contributions consolidate your balance into the PSI 401(k) plan.
X Participant salary deferrals—per pay deductions
taken on a pre-tax basis Withdrawals
X Participant Roth contributions—contributions You may take a withdrawal upon normal retirement
taken on an after tax basis age (59 1/2), total disability, death, or termination of
employment. Plan provisions also allow you to take a
X Participant catch-up contributions—available loan or hardship withdrawal from your account.
to those age 50+; allows you to contribute an
additional $6,500 above the annual maximum Financial Advisory Services
contribution limit on a pre-tax basis
PSI has engaged PYA Waltman, an independent irm,
Annual Maximum Contribution to provide enrollment support services and ongoing
X 2020 maximum contribution = $19,500 investment counsel to employees. PYA is a Registered
X Age 50+ you can contribute an additional $6,500 as Investment Adviser compromised of expert advisers
who will help guide employees in meeting their long-
a “catch up” contribution; this can be deferred from term inancial goals.
your paycheck
17
401(k) Plan
American Funds Company Matching
PSI offers eligible employees a retirement plan to help PSI will match 100% of the irst 3% you contribute and
you save toward your retirement goals. 50% of the next 2%. Matching contributions are Safe
Harbor and employee is fully vested.
Eligibility
X You will be immediately eligible to participate by PSI may also make an additional matching contribution
contributing a percentage of your annual salary or a discretionary contribution to your account in any
year. These contributions would be subject to a vesting
X PSI employer contributions to your account will schedule.
begin once you have met all eligibility requirements
Any money you contribute to the plan is always 100%
Contributions vested (owned by you). In addition, if you have any
The plan allows you to make the following types of money from a prior employer’s retirement plan, you can
contributions consolidate your balance into the PSI 401(k) plan.
X Participant salary deferrals—per pay deductions
taken on a pre-tax basis Withdrawals
X Participant Roth contributions—contributions You may take a withdrawal upon normal retirement
taken on an after tax basis age (59 1/2), total disability, death, or termination of
employment. Plan provisions also allow you to take a
X Participant catch-up contributions—available loan or hardship withdrawal from your account.
to those age 50+; allows you to contribute an
additional $6,500 above the annual maximum Financial Advisory Services
contribution limit on a pre-tax basis
PSI has engaged PYA Waltman, an independent irm,
Annual Maximum Contribution to provide enrollment support services and ongoing
X 2020 maximum contribution = $19,500 investment counsel to employees. PYA is a Registered
X Age 50+ you can contribute an additional $6,500 as Investment Adviser compromised of expert advisers
who will help guide employees in meeting their long-
a “catch up” contribution; this can be deferred from term inancial goals.
your paycheck
17
