This plan summary includes a brief description of your employer's retirement plan features, as supplied to Principal by Michael Sullivan & Associates. Click here to view or download MS&A's 401(k) Rollover document.
Eligibility and Entry
|Requirements for deferrals and employee contributions|
|Service||1 month of service|
|Hours of service||Not applicable|
|Entry service period||Not applicable|
Deferrals and Employee Contributions
|Elective deferral contributions||Allowed||Elective deferral (pre-tax)
Catch-up deferral (pre-tax)
Roth deferral (after-tax)
Roth catch-up deferral (after-tax)
|When deferrals can be changed||Monthly|
|When deferrals can be stopped||Any date|
|Auto enrollment and features||Yes
Auto enrollment percent
Automatic contribution arrangement (ACA)
5% of eligible pay, applied when participants enter or re-enter the plan
Match formula: MS&A matches 10 cents on the dollar, up to 10% max after one year of employment.
Catch-up contributions matched: Yes
Vesting schedule: (See Vesting schedule below)
Vesting schedule: 1 Year = 20%, 2 Years = 40%, 3 Years = 60%, 4 Years = 80%, 5 Years = 100%
|Loans allowed||Number of outstanding loans allowed: 1
Number allowed in a 12-month period: unlimited
Interest rate: determined when you apply
|Maximum amount||The lesser of:
|Vested contributions available||Refer to Summary Plan Description or Loan Policy|
|Term of loan||5 years, longer durations may be allowed if loan is taken for the purpose of purchasing a primary residence|
In-Service Withdrawal Options
|Age 59 1/2||Availability: anytime|
|Financial hardship||Availability: anytime|
Retirement and Other Benefits
|Normal retirement age||The older of age 65 or your age on the date 5 year(s) after your entry date occurred|
|Normal retirement date||The date you reach your normal retirement age|
|Start of retirement benefits before termination from employment||On or after the later of:
|Small amounts force out limit||$5,000||Rollovers are not included in this amount
Automatic rollover distribution:
|Deemed severance for military service||Allowed|
|Distribution at termination of employment||Allowed|
|Distribution at death||Required|
While this plan summary outlines many of the major provisions of your employer's retirement plan, this summary does not provide you with every plan detail. The legal plan document, which governs this plan, provides full details. If there are any discrepancies between this plan summary and the legal plan document, the legal plan document will govern.
From time to time, your employer may elect to amend the retirement plan provisions. This plan summary may be updated to reflect proposed amendments to the plan document provisions. Until a plan amendment is adopted, however, the legal plan document will govern. Contact your plan sponsor if you would like more details regarding applicable retirement plan provisions.
If you have questions about the retirement plan or your account information call 1-800-547-7754 Monday through Friday, 7 a.m. - 9 p.m. (Central time), to speak to a retirement specialist at The Principal®.
To learn more about The Principal® or to access your account information, visit principal.com.
Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group® (The Principal®), Des Moines, IA 50392.