ONLINE BENEFITS DIRECTORY

 

 

 

 


BENEFITS


 
 

 Profit Sharing Plan and 401(k) Plans

 

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Eligibility  

You will become eligible to participate in the Plan according to the table below: 

 

Conribution Type
Age
Requirement
Service
Requirement
Entry
Date
Employee Deferral Contributions and Qualified Non-Elective Contributions.
None
2 full month(s)
1st day of each month
Employer Non-Elective Contributions
None
2 full month(s)
1st day of each month

 

Pre-tax 401(k) option

The traditional, pre tax deferrals feature allows you to make contributions from your paycheck before tax.  Your total contributions to the plan (both 401(k) pre tax and Roth) cannot exceed IRS limits, or the plan limit, if less. 

 


Roth 401(k) option

Unlike your traditional, pre-tax 401(k) deferrals, the Roth 401(k) feature allows you to contribute after-tax dollars, but then withdraw tax-free dollars from your account when you retire. (additional information can  be found in the Profit Sharing Enrollment Guide).  Your total contributions to the plan (both Roth 401(k) deferrals and traditional pre-tax contributions) cannot exceed IRS limits, or your plan’s limit, if less.



Entrance date

If you have not enrolled in the 401(k) plans, you may do so as of the first of any month once you have completed two full months of service. Contact Fidelity for information on how to enroll, and be sure to allow time for your enrollment to be processed before the first of the month.

 

 


How much I can I save

If you are under 50 years of age the limit is $19,000.   If you are 50 and above it is $25,000 plus up to an additional $6,000 as a catch up contribution.

 

 


Company's contribution to the Plan

J  M Smith shall make Matching Employer Contributions on behalf of each of its “eligible” participants.  The Corporation may also make a discretionary contribution each year to each eligible employee’s account for the plan year.

 

 


Vesting

You are always 100% vested in your rollover contributions, employee pre-tax contributions, qualified non-elective contributions and earnings on each. Your Nonelective employer contributions and earnings will be vested according to this schedule:

Years of Service
Vesting Percentage
1 year
25%
2 years
50%
3 years
75%
4 years
100%


 


Withdrawal of money

Withdrawals from the Plan are generally permitted in the event of termination of employment, retirement, disability, or death. Please refer to your Summary Plan Description for further details. Keep in mind that withdrawals are subject to income taxes and possibly to early withdrawal penalties.

The taxable portion of your withdrawal that is eligible for rollover into an individual retirement account (IRA) or another employer's retirement plan is subject to 20% mandatory federal income tax withholding, unless it is directly rolled over to an IRA or another employer plan.


 


Rollover

You may rollover account balances from a previous employer's plan even before becoming eligible to participate in the 401(k) plans. Contact Fidelity for forms and further information.

 


Checking my balance

Fidelity Investments allows you to view your personal Profit Sharing and 401(k) accounts, and to make changes to your investment choices. Click on the logo below to get access to your account.


 

 


Changing my contribution

You may make contribution changes at any time by clicking on the Fidelity NetBenefits logo below and logging into your Fidelity account. Any changes in contributions become effective on the first of the month following the request for change.

 

 


Designating my beneficiaries

If you do not designate a beneficiary for your group life insurance, your profit-sharing and 401(k) plans, and your elected voluntary insurance, death benefits will be paid to your estate.  Each plan requires a separate beneficiary designation, so be sure to follow the instructions below for each applicable plan.

If your situation changes (through marriage, divorce, separation, birth of a child, etc.) be sure to review your beneficiary designations for each plan to make sure they reflect your current wishes.

You may make your beneficiary election or update it for both the Profit Sharing and 401(k) plans on the Fidelity website at netbenefits.com.

To choose or change your beneficiaries for the Profit Sharing and 401(k) plans, you must complete Fidelity's Beneficiary Designation Form. Click on the link to the Beneficiary Designation Form at the bottom of this section. Print a copy and submit the original to Corporate Human Resources Benefits.

There are special rules for married participants in a profit sharing or 401(k) plans. Federal law gives spouses the right to receive 100% of any benefits payable on the death of the participant in a retirement plan. If you wish to name someone other than your spouse as a primary beneficiary, your spouse must agree by signing the spousal consent section on the back of the form and having the signature witnessed by a notary public or plan representative.    

 

 


Other resources

  • Plan #10997


  • Amy Collier Garrison, CFP
    Financial Advisor
    Ameriprise Financial Services
    201 East Camperdown Way
    Greenville, SC 29601
    Office:  864.412.1029
    Mobile: 864.704.8964

    amy.garrison@ampf.com



    1-800-294-4015
    www.netbenefits.com

 

 


Online Forms

 


Note: The simplified benefit summaries contained herein are designed to be concise, simplified highlights of each benefit plan. As such, they are not comprehensive or authoritative. For complete details, please refer to the applicable benefit plan booklet provided by the insurer or your employer. In matters of tax or legal interpretation, seek the services of a qualified professional.



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