Page 42 - 2022_OE Benefits Guide

401(k)
401(k)
Who is Eligible Vesting
All full-time and part-time team members who You are always 100% vested in any
have completed 60 days of employment. contributions you make to your account.
You become vested in employer matching
When Does Participation Begin? contributions on the following schedule:
Team members hired or rehired are
automatically enrolled at a contribution rate YEARS OF SERVICE PERCENT VESTED
of 1% by the first pay period after 60 days of Less than 1 Year 0%
employment. One Year 20%
Two Years 40%
Your Contributions Three Years 60%
You may contribute up to 75% of your eligible
earnings on to the 401(k) plan, up to the annual Four Years 80%
IRS limit ($20,500 as of this writing). If you are Five Years 100%
age 50 or greater, you may be eligible for an
additional “catch-up” contribution ($6,500 as Receiving Money From Your
of this writing). You specify the percentage of Account
your earnings you want to contribute. You can
change how much you are contributing at any The plan is intended to accumulate funds for
time. Contact your Plan Administrator directly to your retirement. However, you may have access
start, change or stop your contribution. to your funds while you are still employed by the
company under the following circumstances:
Company Match • You are age 59-1/2 or greater
In addition to your contributions, Builders • You become disabled (as determined
FirstSource helps you save by making the by the Social Security Administration)
following matching contribution: • You experience a financial hardship,
as defined by the IRS Code
50% of your contributions up to 6% of your
eligible compensation. • You take a loan against your 401(k)
account, as allowed under the plan
Investing Your Account document
You direct how your account is invested. You
may choose from a variety of funds offered Roth Feature
through your Plan Administrator including Team members may elect to treat all or a
“target date” funds to align with your estimated portion of your 401(k) contributions as pre-tax
retirement date. or after-tax under the Roth contribution feature.
DON'T FORGET TO REVIEW Unlike traditional pre-tax 401(k) contributions,
YOUR BENEFICIARY! Roth 401(k) contributions are designed to
allow for tax-free income in retirement with
contributions made using after-tax dollars now.
The same employer matching contribution will
apply to your Roth contributions.
Plan Administrators through December 31, 2021

Legacy BFS Team Members Legacy BMC Team Members
www.netbenefits.com www.empower-retirement.com/participant
800.835.5095 888..411.4015
As of January 1, 2022, the plan administrator will be Empower for all team members.
Additional details will be available at a later date.
40 • 2022 BUILDERS FIRSTSOURCE OPEN ENROLLMENT BENEFITS GUIDE 2022 BUILDERS FIRSTSOURCE OPEN ENROLLMENT BENEFITS GUIDE • 41