401(k) Plan

Summary of 401(k) plan

Entry Requirements:

  • Age 21 or older
  • Service is not required
  • Monthly entry date

Pay:

  • Pay is total pay, including elective deferral contributions but excluding fringe benefits.

Elective Deferral Contributions:

  • 100% of pay is the maximum
  • Total elective deferral contributions may not exceed $18,000 in 2015

Other Employer Contributions:

You may make the following employer contributions:

  • Discretionary Matching Contributions
  • Qualified Non-elective Contributions
  • Discretionary Contributions

Vesting Percentage:

  • 2 years - 20%
  • 3 years - 40%
  • 4 years - 60%
  • 5 years - 80%
  • 6 or more years - 100%

Plan Distributions:

  • Retirement
  • Early Retirement
  • Death
  • Disability
  • Termination of employment

Financial Hardship Withdrawals:

  • All or part of vested account (not earnings on elective deferral contributions) for immediate and severe financial need.
  • Elective Deferral Contributions will be suspended for six months following the date of the withdrawal.

In-Service Withdrawals:

  • Roll-over Withdrawal
  • Age 59 1/2 Withdrawal

Loans:

  • Maximum amount of any loan is the lesser of:
    • 50% of the Member's Vested Amount, reduced by any outstanding loan balance
    • $50,000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made
  • Minimum amount of any loan is $1,000
  • Maximum number of outstanding loans is 1
  • Maximum term of any loan is 5 years

If you have any questions, or would like further information, please contact Roxana Calderon, Benefits Administrator, at 817.847.6673 ext. 2127 or email rcalderon@teamglobal.com

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