Page 51 - 2019 - erbe employee handbook.draft national

Limited Purpose FSA
Eligible expenses are limited to qualifying dental and vision expenses for the employee and any eligible dependents. The IRS is the sole determiner of eligible expenses. Employees are encouraged to review a list of these eligible expenses, a link to which is provided on the Erbe Human Resources Portal.
Rollover Provision
Erbe has established a rollover provision for the Limited Purpose FSA that allows employees to rollover $500 to the next successive plan year. Monies in excess of $500 must be used by December 31st each year and are subject to forfeit if not used by that date.
Dependent Care FSA
This spending account reimburses dependent care expenses deemed eligible by the IRS. The IRS is the sole determiner of eligible expenses. Employees are encouraged to review a list of these eligible expenses, a link to which is provided on the Erbe benefits website. Monies set aside in this account must be used by December 31st of each year. Any monies not used by this date are forfeited.
9-10. Retirement
This section describes eligibility and features of the Erbe USA, Incorporated 401(k) Plan.
Eligibility
Benefit-eligible employees who are 21 years of age are allowed to participate in the plan.
Employee Deferral Contributions
Eligible employees are allowed to defer a portion of their compensation to the Plan. These amounts are referred to as deferrals and are held in an account on the employee’s behalf. When employees are permitted to take a distribution from the Plan, they will be entitled to all deferral contributions, as adjusted for any gains or losses. The type of compensation that may be deferred under the Plan is explained in the section of the Summary Plan Description entitled "What compensation is used to determine my Plan benefits?" (this is in the Article entitled "COMPENSATION AND ACCOUNT BALANCE").
Total deferrals in any taxable year may not exceed a dollar limit which is set by law. The dollar limit may increase each year for cost-of-living adjustments. The Administrator will notify employees each year of the maximum deferral percentage.
Employees who are age 50 or will attain age 50 during a calendar year, may elect to defer additional amounts (called "catch-up contributions") to the Plan. These are additional amounts that employees may defer, up to an annual limit imposed by law, regardless of any other limits imposed by the Plan.
Employees may make either Regular 401(k) deferrals (pre-tax) or Roth 401(k) deferrals (after-tax). An employee’s election regarding the amount and type of deferrals is irrevocable with respect to any deferrals already withheld from the employee’s compensation. Regular 401(k) deferrals are not subject to income tax until distributed from the Plan. Roth 401(k) deferrals are subject to income tax at the time of deferral. The Roth 401(k) deferrals, however, are not taxed at the time of distribution from the Plan. In addition, if the distribution of Roth 401(k) deferrals is considered
51 | Company Benefit Programs Confidential/Internal Use Only