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 $18,500 in 2018
  • 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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