Page 41 - 2020 Benefits Guide

401(k) www.netbenefits.com

800-835-5095

Who is Eligible? Vesting
All full-time and part-time employees 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:
Employees hired or rehired on or after Years of Service Percent
1/1/2020 are automatically enrolled at a Vested
contribution rate of 1%.
Less than 1 0%
Your Contributions One year 20%
You may contribute up to 75% of your Two years 40%
eligible earnings on a pre-tax basis to the
401(k) plan, up to the annual IRS limit Three years 60%
($19,500 as of this writing). If you are Four years 80%
age 50 or greater, you may be eligible Five or more years 100%
for an additional “catch-up” contribution
($6,500 as of this writing). You specify the
percentage of your earnings you want to Receiving Money From Your Account
contribute. You can change how much The plan is intended to accumulate funds
you are contributing at any time. Contact for your retirement. However, you may
Fidelity Investments directly to start, have access to your funds while you are
change or stop your contribution. still employed by the company under the
following circumstances:
Company Match ; You are age 59-1/2 or greater
You become disabled (as determined
;
In addition to your pre-tax contributions, by the Social Security Administration)
Builders FirstSource helps you save ; You experience a financial hardship,
by making the following matching as defined by the IRS Code
contribution: ; You take a loan against your 401(k)
40 cents for every $1 up to 5% of your account, as allowed under the plan
contribution document
The company does not contribute a match
on catch-up contributions.

Thereza Ramirez, Inventory Control Specialist
Investing Your Account Rancho San Diego, CA Home Center
You direct how your account is invested.
You choose from a variety of funds
offered through Fidelity, including “target
date” funds to align with your estimated
retirement date.

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