Retirement Plan

Your Employer offers eligible "Full-Time Regular" and "Part-Time Regular" employees the opportunity to participate in either a 401(k) or 403(b) retirement plan, providing employees the potential for financial security in retirement.

RETIREMENT PLAN

A 401(k) plan is a workplace retirement account that's offered as an employee benefit. The account allows you to contribute a portion of your pre-tax paycheck to tax-deferred investments (Traditional 401(k). This reduces the amount of income you must pay taxes on in that year. You may also choose to participate in a Roth 401(k), which taxes your contribution immediately. However, when you take a distribution in your retirement years, your distribution, including any earnings, will be tax free.

Beginning on the first day of employment, an employee may choose to begin Elective Deferral Contributions. You may be eligible to receive Employer Matching Contributions (if applicable); check with your HR representative to confirm whether your employer is currently matching employee contributions. If the employer does match, the match will occur the first pay period following completion of enrollment in the Retirement Plan, or as soon as it is administratively feasible. Your contributions to the Plan are fully vested at all times. This plan also offers 401(k) loans if you find yourself in a cash emergency.

The 401(k) Retirement Plan is provided through Nationwide. The Plan has multiple selections for financial investment, along with the ability to research options and update/change how your deferral is allocated. All investment options may be reviewed at the link below:

Link for investment options: Nationwide 401(k) Plan Enrollment Guide, 2020

Link for enrollment instructions: Instructions, 401(k) Online Enrollment

Link for investment terms: Glossary of Investment-Related Terms

RETIREMENT PLAN PRESENTATION

This presentation by Nationwide provides an excellent overview of the advantages and benefits you receive from retirement planning, along with explaining the differences between Traditional and Roth 401(k) investing . Please click on the link below to review the 401(k) presentation.

RETIREMENT PLAN PARTICIPATION CRITERIA

To be eligible to participate in one of these plans:

          1. The employee must be classified as a "Regular Full-Time "or "Regular Part-Time" employee

          2. Employee must be at least 21 years or older

Employee contributions to the Traditional 401(k) and 403(b) plans are automatically deducted from your pay before federal and state tax are withheld, thereby reducing the amount of taxes deducted bi-weekly from your paycheck. While the amounts deducted generally will be taxed when they are finally distributed, favorable tax rules typically apply to 401(k) and 403(b) when distributions are taken. Roth 401(k) plans are deducted after you pay federal and state tax. After age 59 1/2, distributions from your Roth 401 (k) are not subject to taxation.

In the event you have questions regarding your eligibility, the enrollment process, etc., please contact Human Resources for more information. Please note that Human Resources representatives cannot advise employees on investment options as they are not licensed to do so.

Questions regarding developing a portfolio, fund activities, and viability must be addressed to the appropriate retirement plan financial advisor listed below:

Chris Burke, VP Retirement Plan Advisory Services

LoVasco Consulting Group

313.394.1717

cburke@lovascogroup.com

2020 IRS 401 (k) CONTRIBUTION LIMITS

  • Beginning in January 2020, you may contribute as much as $19,500 per calendar year to your retirement plan account.

  • If you are 50 years old or older, you may also arrange for catch-up contributions, currently limited to $6,500 per calendar year.

  • Total contribution limit for an employee 50 years old or more is as follows:

$19,500 (contribution limit) + $6,500 (catch-up contribution limit) = $26,000 (total retirement plan contribution)

RETIREMENT PLAN DISTRIBUTIONS

As provided in the Plan, you may not take a distribution from your account until you separate from service, attain age 59½, attain normal retirement age, are disabled, die, or in the case of hardship, you must meet the criteria of both and have an immediate financial need. The Plan does make provisions for employee loans; however, the employee must contact the appropriate vendor; i.e. CBIZ or TIAA.

RETIREMENT PLAN INFORMATION FOR 401 (K) AND 403 (B)

CONTACTS

RETIREMENT PLAN ADMINISTRATOR

Becky Zmuda , HR Director

734.930.3196

rzmuda@avemariafoundation.org OR rzmuda@dominosfarms.com

RETIREMENT PLAN ENROLLMENT

Gloria Jancar, HR Generalist

734.930.4542

gjancar@avemariafoundation.org OR

gjancar@dominosfarms.com

RETIREMENT PLAN REPRESENTATIVE & FINANCIAL ADVISOR, 401(k) and 403(b)

Chris Burke, JD, CFP®, AIF®

VP Retirement Plan Advisory Services

Lovasco Consulting Group

One Woodward Avenue, Suite 1500 Detroit, MI 48226

313.394.1717

313.394.1737 (fax)

cburke@lovascogroup.com

PLAN REPRESENTATIVE FOR 403(b)

TIAA Customer Service

800.842.2888


COMPANY

NATIONWIDE

RETIREMENT PLAN ENROLLMENT www.nationwide.com/enroll

ACCESS ONLINE ACCOUNT

www.nationwide.com


CBIZ RETIREMENT PLAN SERVICES

401K LOANS AND DISTRIBUTIONS

Laura Shaffer, Client Services Manager

CBIZ

330.983.0544 ext. 244

lshaffer@cbiz.com