Page 30 - 2019 Sharks Benefits V6.1

HCE Definition

1) Individual who owned more than 5% of the interest in the business at any time during the
current or preceding year (spouse or lineal relative such as, the parent, child, or grandchild of
that person, with some restrictions).
2) Individual who for the previous year received compensation from the employer in excess of
the applicable IRS limit, and was in the top 20% of employees ranked by compensation.

3) Note Limits: $120,000 is the 2019 compensation limit for HCE’s – based on combined Salary,
Bonus, Commissions, and all other earnings.

Deferral Limits for 2019

• 401(k) Elective Deferrals - $18,500.00
• 401(k) Catch-Up Contributions (if 50 or older during 2019) additional $6,000.00

401k Plan Eligibility and Enrollment

In order to be eligible to participate in the plan, you:

1) Must have completed one year of employment, and
2) Must be at least 21 years of age, and
3) Must have completed 500 hours within the first six months of service.
4) If you didn’t meet the 500 hours/six month service requirement in #3 above, then you must
have completed 1,000 hours worked within your first year or in any calendar year thereafter

Eligibility is fully described in the Summary Plan Description – please contact Human Resources for a
copy. In the event of any apparent or perceived conflict between this document, the Summary Plan
Description and the Plan Documents, the Plan Documents will prevail.

Once you become eligible, you may enroll by the first of the next quarter or any time thereafter. An
enrollment package will be mailed to your home once you become eligible.

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