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Benefits Guide

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Defined Contribution/401(k) Plan

Your employer provides you with access to a Defined Contribution / 401(k) Plan through New York Life Retirement Plan Services. Your Plan offers a range of investment options, including:

  • Various Mutual Funds (Public Investment Funds open to all investors)
  • Commingled Funds (typically only available to participants in company sponsored retirement plans)
  • Separately Managed Accounts (portfolios of securities that are managed by a registered Investment Manager exclusively to participants in the Farm Credit Foundations 401(k) Plan)
  • Self-directed brokerage

Plan Highlights for New Hires (Hired January 1, 2007 or later)
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.bcomplete.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 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

 

Automatic 401(k) Enrollment for New Hires

If you do not make an active election to contribute or opt out of the 401(k) plan, you will be enrolled automatically as soon as administratively possible following 45 days after your date of hire.  Three percent of your salary will be automatically deducted on a pre-tax basis from your paycheck and contributed to the plan.  Thereafter, your contribution rate will increase by 1% each year on the anniversary date of your participation until your contribution equals 15% of your pay.

 

To enroll, increase or decrease your contribution, or waive participation in the plan, go to Benefits Complete at www.bcomplete.com.