401(k) Retirement

The Slavic401k Retirement Savings Plan will accept 401(k) plan assets from most individual plans. Participants gain access to a sophisticated technology suite that has a portal that allows users to:

• Access various forms related to the administration of an account.
• View quarterly account statements.
• Calculate money needed for retirement.
• Update email preferences for the weekly “Email Express” account update.

• Safe Harbor Matching Contribution: A fully-vested matching contribution of 100% on the first 3% of employee deferrals, plus 50% on the next 2% deferred.¹
• Safe Harbor Profit-Sharing Contribution: A fully-vested non-elective contribution to all eligible employees equivalent to 3% of gross compensation.

There are four types of profit-sharing contribution formulas used by employers:

• Traditional Method: Also referred to as the “pro-rata method,” each participant receives a proportional allocation based on eligible compensation. Contributions can be made in addition to 401(k) contributions.
• Integrated Allocation Method: Employees who earn incomes that exceed the Social Security taxable wage base accrue no Social Security retirement benefits compensation paid over that amount. Integrated profit-sharing contributions allow the employer to allocate more to employees based on their compensation above the Social Security taxable wage base.
• Age-Weighted Allocation Method: An age-weighted contribution allows an employer to allocate a contribution based on the compensation and age of the eligible employees. This method benefits participants that are older and closer to retirement.
• New Comparability Allocation Method: The new comparability plan, also known as “cross-tested,” allows the employer to divide employees into specific groups and allocate the contribution differently to each group. Compliance testing under a new comparability allocation formula is achieved by either testing contributions alone or converting contributions to an Equivalent Benefit Accrual Rate.