Page 32 - Allegacy 2017 booklet 8.5x11

Allegacy Benefit Solutions Page 32

Allegacy Retirement Savings Plan

Option 1: Allegacy 401K Savings Plan Employee and Employer contributions are made
pre-tax.

Option 2: Roth 401K Savings Plan Employee contributions are made after tax.
Employer contributions are made pre-tax.

Active Full Time Employees
Eligible Employees
Active Part Time Employees
(Deferral and Match Contributions Only)

st
Eligibility & Participation 1 of the Month following
1 Month Service

Compensation Total Direct Compensation (including all pre-tax deferral
contributions)

Automatic Enrollment at 3%– Participant must elect to opt-out of
Plan
Employee
Contributions % Maximum – Dollar Code Limits
Minimum – 1% of Comp
Catch-Up Contribution Allowed (during 12 Months of Plan Year)
No After Tax Contributions Allowed

Employer Active Full Time Employees
Contributions Active Part Time Employees
Match - $1 per $1 up to 3%; $.50 per $1 between 3% and 5% -
paid to the Plan each Payroll
Period

Rollover Contributions Allowed, even if not yet eligible to participants.

Vesting 100% Vest for Employer Contributions

100% Vest for Death and Disability

Discretionary Active Full Time Employees
Employer Contributions Active Part Time Employees
Employer Contribution – Eligible employees may receive a
Discretionary matching contribution equal to a uniform percent-
age of your salary deferral