Page 22 - Burnham EE Guide 01-20

OTHER BENEFITS

401(k) Retirement Savings Program

Burnham provides employees with the opportunity to build savings for long term financial goals, such as
retirement, through a 401(k) plan administered by Principal Financial Group. You are eligible to enroll in the
Burnham 401(k) plan on the first day of the month following three months of service.

You can defer a percentage of your annual salary up to the IRS maximum. If you are 50 years or older during
the plan year, you may contribute a catch-up deferral.
401(k) Contribution Limits

Deferral 2020 2021
Employee Deferral $19,500
Indexed for Inflation
Catch-up Deferral for Employees Over Age 50 $6,500

The 401(k) plan offers a variety of investment options to meet your individual needs and investment styles. If
you are new to Burnham, you can roll-over your 401(k) from a previous employer.

Burnham matches 50% of the first 6% of your deferral. Your contributions are immediately 100% vested
when you make them. Burnham’s contributions vest over a period of five years of service as follows:

Burnham’s 401(k) Matching Contributions Vesting Schedule

Up to 1 Year 1 Year 2 Years 3 Years 4 Years 5 Years
0% 20% 40% 60% 80% 100%

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