Page 16 - MMCS Benefit Guide 2019 FINAL

401(k) Retirement Savings Plan

Eligibility
On the first day of the calendar quarter following the completion of one month’s employment, regular, full-time, active
employees working 30 hours or more are eligible to participate in the 401(k) plan. This plan allows participants to set aside
pre-tax or post-tax money for retirement through payroll deductions. Participants may defer up to 100% of their gross
earnings subject to federally mandated maximum annual deferrals.

Company Match (Safe Harbor)

The Company will make a matching contribution of up to 50% of a participant’s salary deferral with an annual maximum of
$6,000. Matching contributions are subject to a 3-year vesting period.

Types of Salary Deferral Options
There are two types of salary deferral options available, Traditional 401(k) deferrals and Roth 401(k) deferrals.

TRADITIONAL 401(K)
• Your taxable income is reduced by your contributions and reduces the amount you pay in taxes.
• Income tax would be due if/when you withdraw amounts from the Plan, generally at retirement, but your tax savings
may be significant.

ROTH 401(K)
• Are subject to federal income taxes in the year of deferral rather than when it is distributed.
• No income restrictions as with a Roth IRA.

Making Changes: If necessary, changes can be made to your investment elections and/or your contribution amounts.
These changes can be completed any time by logging onto www.newportgroup.com or by calling the toll-free voice
response system at 888-401-5629.

*Please note it may take up to two payroll cycles for your changes to be processed*

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