Eligibility Requirements
You are eligible to join the Plan once you have completed 6 months of service. You may enter the plan on January 1, April 1, July 1 or October 1.
Your Contributions
You may contribute up to 20% of your annual compensation not to exceed the IRS annual maximum of $10,500. You may increase or decrease the amount of your contribution quarterly. You may stop contributing at any time but may not restart until the next entry date.
Employer Matching
The Roberts Companies will match 8% of your deferral amount. This amount may change annually to reflect profitability in the prior year.
Vesting
Your contributions, employer match, and earnings are fully and immediately 100% vested.
Self-Directed Account
Through an alliance with Charles Schwab a PCRA (Personal Choice Retirement Account) is available to participants who want a wider choice of investment options and desire to individually select and manage these funds. Investments in the PCRA are restricted to mutual funds.
Rollovers
The Plan will accept rollover contributions if proof can be furnished that the rollover amount has been in a qualified plan or Rollover IRA. You may roll over these funds prior to the time you are otherwise eligible to participate in this Plan. All rollovers are 100% vested. |
Fees
An annual charge of $20 will be deducted from your account for record-keeping. All other costs of administering the Plan are paid by The Roberts Companies.
Loans
Loans are available in the Plan. The minimum loan amount is $1000 and you may borrow up to 50% of your account balance or $50,000 whichever is less. Loan payments are made through payroll deductions and must be paid back within 5 years. A one-time set up fee of $75 will be deducted from your account.
If you terminate without completing loan payments, the outstanding balance may be taxed and penalized.
Withdrawals
Plan contributions may be withdrawn only in the event of:
- Retirement at Normal Retirement Age
- Reaching age 59 1/2
- Termination of Service
Options at Termination
- Rollover to another 401(k)
- Rollover to IRA
- Personal check to you
- Financial Hardship
- Medical expenses
- Saving or acquiring principal residence
- College tuition
- Disability
- Death
Taxes and penalties may apply to any distribution other than rollovers.
This is not a Summary Plan Description. If there are differences between this information and the Plan Document or Summary Plan Description, the Plan Document will govern. |
