Entry Date

As a new hire, you are eligible to participate in the 401(k) plan once you receive your first system generated paycheck. Fixed employer contribution is deposited into your 401(k) account at New York Life Retirement Services.

To Enroll

Go to New York Life’s website www.mylife.newyorklife.com
or call the Participant Service Center at 1-800-294-3575 Monday through Friday from 9:00 a.m. to 10:00 p.m. (Eastern Time).

Automatic Enrollment
(New Hires)

If you do not elect to contribute to or waive participation in the 401(k) plan, automatic enrollment will commence after 45 days from date of hire.

• 3% pre-tax contribution (with automatic 1% annual increases until contribution is equal to 15%)
• Default Investment Fund – age appropriate Target Investment Fund
• If you do not want to participate in the 401(k) plan, you must opt out by contacting New York Life Retirement Services

Fixed Employer Contribution

Fixed Employer Contribution = 3%

Employer-Matching Contribution

Employer Match = $1 for $1 match on the first 6% you save of total compensation

Maximum Employer Contribution

9%

Minimum Deferral Amount

1%

Maximum Deferral Amount

75%

Contribution Options

• Pre-Tax Contributions – Reduce your taxable income. Subject to taxation upon withdrawal.
• After-Tax Contributions – Pay taxes on contributions now (investment earnings subject to taxation upon withdrawal).
• Roth 401(k) - In addition to elective pre-tax and after-tax elective 401(k) contributions, you are able to designate some or all of your elective contributions as after-tax Roth 401(k) contributions. While both the elective pre-tax contributions and the after-tax Roth 401(k) contributions are subject to the Internal Revenue Service contribution limits, this feature provides another valuable option to save for your future.

Vesting

25% each year on anniversary date; fully vested after 4 years

Loans

Maximum of 2 - 1 general purpose and 1 home loan; or 2 general purpose