Page 169 - 2021-2022 New Hire Benefits
P. 169
changetheamountwithheld, youmustmakeadeferralelection. Ifautomaticdeferralshavealreadystarted,
youmaymakeadeferralelectiontochangetheamountbeingwithheldortostopthedeferralsentirely.
Willtheamountoftheautomaticdeferralsincrease?
Yes. Ifyoudonotmakeadeferralelectiontheautomaticdeferralamountmaychangeasindicatedabove.
CONTRIBUTIONS - EMPLOYER
WilltheEmployermakeMatchingContributionstomyaccountunderthePlan?
IfyoumeettherequirementstoreceiveMatchingContributions, theEmployermaymakeMatching
ContributionstoyouraccountunderthePlan. TheamountoftheMatchingContributionsmadetoyour
accountwillbedeterminedaccordingtothefollowingformula: Adiscretionarypercentageof
CompensationasdeterminedbytheEmployerfromtimetotime. Inordertoreceivethiscontribution, an
eligibleParticipantmustcontributeanamountatleastequaltothelesserof5% ofCompensationorthe
percentageofCompensationtheEmployerhasestablishedfortheEmployercontribution.
AnyMatchingContributionswillbecontributedtoyouraccountatsuchtimeasdeterminedbythePlan
Administratoronauniformandnon-discriminatorybasis.
Whichofmycontributionswillbematched?
ThefollowingcontributionswillbeincludedindeterminingtheamountofyourMatchingContributions:
ElectiveDeferrals
RothElectiveDeferrals
Age50catch-upcontributions
403(b) longservicecatch-upcontributions
CantheEmployermakeQualifiedNon-ElectiveContributions?
Yes. TheEmployerhasthediscretiontomakeaQualifiedNon-ElectiveContributions. ThePlan
AdministratorwilldetermineeachPlanYearifthiscontributionwillbemade, howmuchitwillbeand
whichParticipantsareeligibletoreceivetheQualifiedNon-ElectiveContributions. Ifyouareeligibleto
receivethiscontributionyouwillreceiveaprorataportionoftheallocationbasedonyourCompensation.
ThismeansthatalleligibleParticipantswillgetanequalshareoftheQualifiedNon-ElectiveContributions
asapercentageoftheirCompensation.
CantheEmployermakeanyothertypeofcontributionstothePlan?
Yes. TheEmployermayhavethediscretiontoreallocateanyforfeituresandtomakeothercontributionsas
necessarytocomplywiththeIRS' non-discriminationrequirements.
Whatarethelimitsontotalcontributions?
Yourtotalcontributionsaresubjecttothefollowinglimits:
ThetotalamountthatmaybecontributedtothePlanonyourbehalfinanyyearmaynotexceedthe
lesserof100% ofyourcompensationor $56,000 (for2019).
CanImovemoneyIhaveinanotherretirementplantothisPlan?
Yes. IfyouareeligibletoparticipateinthePlanyoucanrolloverthemoneyyouhaveinotherplansintothe
Plan. WhilethePlanAdministratormayestablishproceduresthatrelatetotherequirementsforRollover
Contributions, ingeneralrolloverswillbeacceptedfromanyplanthatiseligibletoberolledintothePlan.
Whilethereareexceptionsthisgenerallyincludesrolloversfromaqualifiedretirementplan (i.e., 401(k),
definedbenefit), another403(b) plan, agovernmental457(b) planandpre-taxassetsheldinatraditional
4 Copyright © 2002-2019
