Page 46 - 2021 Mid Year Open Enrollment 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%. Less than 1 Year 0%
One Year 20%
Your Contributions Two Years 40%
You may contribute up to 75% of your eligible Three Years 60%
earnings on to the 401(k) plan, up to the annual
IRS limit ($19,500 as of this writing). If you are Four Years 80%
age 50 or greater, you may be eligible for an Five Years 100%
additional “catch-up” contribution ($6,500 as
of this writing). You specify the percentage of Receiving Money From Your
your earnings you want to contribute. You can Account
change how much you are contributing at any
time. Contact your Plan Administrator directly to The plan is intended to accumulate funds for
start, change or stop your contribution. your retirement. However, you may have access
to your funds while you are still employed by the
Company Match company under the following circumstances:
• You are age 59-1/2 or greater
In addition to your contributions, Builders
FirstSource helps you save by making the • You become disabled (as determined
following matching contribution: by the Social Security Administration)
• You experience a financial hardship,
50% of your contributions up to 6% of your as defined by the IRS Code
eligible compensation
• You take a loan against you 401(k)
account, as allowed under the plan
New for Legacy BFS: This is an increase to the
company match effective 6/1/2021! document
The company does not contribute a match on Roth Feature
catch-up contributions. Team members may elect to treat all or a
portion of your 401(k) contributions as pre-tax
Investing Your Account or after-tax under the Roth contribution feature.
You direct how your account is invested. You Unlike traditional pre-tax 401(k) contributions,
choose from a variety of funds offered through Roth 401(k) contributions are designed to
your Plan Administrator including “target date” allow for tax-free income in retirement with
funds to align with your estimated retirement contributions made using after-tax dollars now.
date. The same employer matching contribution will
apply to your Roth contributions.
DON'T FORGET TO ADD A BENEFICIARY!
Plan Administrators

Legacy BFS Team Members Legacy BMC Team Members
www.netbenefits.com www.empower-retirement.com/participant
800.835.5095 888..411.4015

44 • 2021 BUILDERS FIRSTSOURCE MID-YEAR BENEFITS GUIDE 2021 BUILDERS FIRSTSOURCE MID-YEAR BENEFITS GUIDE • 45