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.  Both Traditional and Roth plans are available.

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) Investment Guide

          Link for investment terms:      Glossary of Investment-Related Terms

NATIONWIDE ONLINE ACCOUNT MANAGEMENT      

All employees  have the option to manage their 401K accounts online at www.nationwide.com.  Please  complete online enrollment in order that you may manage all aspects related to your 401K account including deferral amount changes. Please use the following links for online account managment:

          Link: Nationwide Online Enrollment

          Link:   Nationwide Online Account Management

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.

          Link:  Retirement Plan Presentation  

RETIREMENT PLAN PARTICIPATION CRITERIA

To be eligible to participate in one of these plans:

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 Schuppe,  Consultant, Retirement Plan Consulting

                                               LoVasco Consulting Group

                                               313.394.1700

                                               retirement@lovascogroup.com

Or reach Chris at LoVasco's financial wellness page:   http://www.lovascogroup.com/financial-wellness/chris-schuppe-financialwellness




2024 IRS 401 (k) CONTRIBUTION LIMITS


   $23,000 contribution limit

   $   7,500 catch-up contribution limit

   $30,500 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 their HR Department.

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 

Chris Schuppe, Consultant, Retirement Plan            Consulting

LoVasco Consulting Group

One Woodward Avenue, Suite 1500 Detroit, MI 48226

313.394.1700

retirement@lovascogroup.com

Or reach Chris at LoVasco's financial wellness page:   http://www.lovascogroup.com/financial-wellness/chris-schuppe-financialwellness


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