Page 18 - Benefit Guide 2022

401(k) Retirement Savings Plan

Whether retirement is way down the road or just around the corner, it’s important to have savings goals.
To help you meet your goals and objectives, we offer a 401(k) Retirement Savings Plan, administered by
Fidelity Investments, with multiple investment options and a company match.

Key details and features of our plan are listed below.

Employee contributions Employer contributions

• All employees over age 18 are eligible for the 401(k). Benefits • The company will match 100%
start on the first of the month following 30 days of employ- on your first 3% and 50% on the
ment. next 2%. If you are contributing
• You can contribute up to $20,500 for 2022, and if you are age at least 5% of your money into
50 or older, you may contribute up to an additional $6,500 as a your 401(k) account, Hillyard will
“catch-up” contribution. match and put in an additional
4%. That’s 9% going into your
• Contributions may be made on a pretax or Roth after-tax basis. retirement savings plan every
To make it easier for you to save, the plan automatically enrolls pay check.
new employees in the 401(k) at 5% and auto-increases your
contribution by 1% every year, up to 10%.

Discretionary Profit Sharing Contribution

Hillyard may make an additional contribution More Information
to your 401(k) account each year as Profit • You can stop, start or change your contribu-
Sharing. Non-sales employees are eligible for tions or funds at any time.
the Discretionary Contribution after 6 months • You are always 100% vested in your contri-
of service and enter the pool on 1/1 or 7/1. butions to the plan and the Hillyard match
You are 100% vesting in the Discretionary money.
Profit Sharing Contribution after 6 years of • Fidelity Investments has many different in-
employment with Hillyard. vestment options for you to choose from,
along with tools and resources you can use
to determine which options best meet your
investment objectives.

For additional details about the 401(k) Plan or to
make changes to your account, visit NetBene-
fits.com or call 800-835-5097.

18 98
18