Page 27 - Dragados 2022 Benefits Guide

Please note that your combined employee deferral contributions to both traditional before-tax and/or Roth after-tax cannot exceed the annual limits set by the IRS ($20,500 for standard employee deferral contributions and an additional $6,500 for catch-up contributions for 2022, indexed for future years).
Employer matching contributions will be made on both before-tax and Roth 401(k) deferrals. Any match made based upon Roth 401(k) deferrals and the earnings on that match will be subject to income tax upon withdrawal.
Contributions – Employer Match
Does my employer offer matching contributions?
Yes, your employer will make a fixed, matching contribution that is based on 100% of your salary deferral contribution.
Are there limits to the employer match?
The employer may match 100% of your salary deferral contribution up to 6% of your compensation per pay period. The employer may make matching contributions up to $8,000 annually.
When will I receive my employer matching contributions under the plan?
The period for determining matching contributions is the payroll period.
Vesting
What is vesting?
Vesting is the amount of time it takes for an employee to own the employer’s contribution to the plan. The employee vests (or acquires ownership) of the employer’s contribution according to a vesting schedule set by the employer.
How do I become vested in my retirement plan account?
You are always 100% vested in your employee contributions and rollover account, plus any earnings they generate. Employer contributions to the plan, plus any earnings they generate are vested based upon your years of service with the employer.
You will become vested in your employer match account based on the completion of the following schedule:
20%
40% 100%
Regardless of the vesting schedule, you will become 100% vested upon:
• Death • Disability
Retirement Ages
What is considered “normal retirement age” according to the plan?
The plan considers age 65 to be “normal retirement age.”
Access to Your Retirement Plan
Can I take money out of my account?
The federal government established retirement plans to help you prepare for retirement. For that reason, there are certain restrictions regarding withdrawals and distributions. Remember to consider the tax and long-term savings implications of taking money out of your retirement
plan account.
Auto Enrollment
All employees will be auto-enrolled in the plan at 1%; employees will be notified when they are eligible to make changes to their deferment.
Fiduciary Plan Advisors
Looking for financial advisement? You may contact our investment advisors, Fiduciary Plan Advisors, at 401kadvisor@htfpa.com or call 443-578-3211 for independent, fiduciary investment advice at no additional cost.
Contact your Benefits Team
for more information about your 401(k) Retirement Benefits.
1 Year
2 Years
3 Years
27