The 401(k) Lowdown: Everything You Need to Know
Eligibility
- Deferrals & Match: Age 18 with 1 Hour of Service
- Discretionary Contributions: Age 18 with 1 Year of Service (1,000 hours in first anniversary year or any anniversary year after)
*Excluded Employees: Collective Bargaining (union) Employees, Contracted Employees, and Leased Employees
Plan Entry Dates
- Deferrals: 1 Hour of Service
- Discretionary Nonelective: First day of the month after meeting 1 year of service
Vesting
Matching, Discretionary Nonelective, and MPP: 6 Year Graded (1,000 hours in plan year)
In-Service Distributions
- Age 59 1/2 - All 100% Vested Sources
- Hardship - Elective Deferrals & Rollover Sources, $1,000 minimum (or total of 100% vested balance, if less than $1,000)
Employer Contributions
$0.30 per $1 up to 10% & Discretionary Nonelective
Auto-Increase Program
Yes, 1% up to 10%
Loans
Any Purpose (1) - $1,000 minimum; limited to deferrals, rollovers, and matching contributions
*At least 1 year repayment period & can not make partial repayments with outside sources
*New loans can not be made until 30 days after prior loan is repaid
*If terminated, participants have 60 days to repay
You Ask, We Answer: Payroll Streamlined
How do I upload payroll?
How do I delete a duplicate payroll?
How do I change employee status information?
Let’s Stay in Sync:
How We Keep the Conversation Going!
Trustee Review Month
Periodic Check-In Calls
With LVM Capital Management
Your Plan Advisor
Chuck Prudhomme
What they can help with:
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Investment questions such as
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Allocation choice​
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Deferral amount
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Investment risk
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Financial plan creation
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Retirement and legacy planning
Phone:
Email:
