Page 13 - Burlingame EE Guide 12-19 - English

BENEFITS

Retirement Savings

The Burlingame Industries 401(k) and Profit Sharing Retirement Plan helps you provide for your retirement security by making it
simple and convenient for you to contribute to your retirement savings regularly. Your Employer may also make contributions to
your Plan Account to provide you with additional savings. Because the Plan is qualified by the Internal Revenue Service, special tax
exclusions allow you to save more dollars for your retirement.

As a team member, you are eligible to participate in the plan the first day of the month following 30 days of successful service. If
you do not enroll yourself during this period, you will be automatically enrolled on the first week of the month following 60 days of
service.

Profit Sharing
Each year, your employer decides whether to make a profit sharing contribution. Your share of contribution is based on your pay
compared to the pay of all plan participants. These contributions grow tax-deferred. You receive profit sharing contributions, if you
work at least 1,000 hours in a plan year and remain employed on the last day of the plan year. Participants who retire, die or
become disabled during the plan year also receive profit sharing contributions.

Charles Schwab | 401(k) Retirement Plan
The 401(k) Retirement Plan is voluntary, and allows you to contribute toward your retirement on a pre-tax or after-tax basis
through payroll deductions. Your employer will match your contributions with $0.75 per $1.00 contributed, on the first 5% of your
gross annual pay.

Catch-up: If you reach age 50 or are over age 50 in 2020, you can make additional contributions (“or catch up”) above and beyond
the normal plan & legal limits.

401(k) IRS Maximums 2019 2020

Elective Deferral $19,000 $19,500
Catch-Up for Team Members Age 50+ $6,000 $6,500

For More Information
• Call Norma Luna-Torres, Retirement Plan Administrator, at (909) 349-3338 or via email at
normat@burlingameindustries.com.
• Call Schwab Retirement Services at (800) 724-7526 (English) or (877) 905-2553 (Spanish) or go to
www.schwab.com/workplace

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