401(k) Plan Features

• Pre-Tax Contributions

  You can contribute between 1% and 75% of your pay on a pre-tax basis.

• After-Tax Contributions
  You may also make after-tax contributions to the  plan of 1% to 75% of your pay.  Your pre-tax and after-tax combined contributions cannot exceed 75% of your pay for the year.
• 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.

Auto Rebalancing

 

Rebalancing is the process of adjusting your investment balances to bring them back to your original asset allocation.  Over time, differences in investment performance may shift your account away from your desired asset allocation strategy.  Asset classes associated with higher degrees of risk tend to have wider range of returns than less volatile asset classes.  For this reason, a portfolio of fund choices that is not rebalanced periodically may become out of line with your intended allocation and risk tolerance.

 

The automatic rebalancing feature lets you choose a rebalancing period of three, six or 12 months.  Once you enroll, you can have your existing account balances and future contributions automatically rebalanced in line with your desired asset allocation at the frequency you elect.  Your existing account balances and future deposits will be allocated, by percentage, to the plan’s investment options you have chosen.

 

Beneficiary Designation

 

As a participant in the 401(k) plan, you are able to elect, update or change your beneficiary designation directly with New York Life Retirement Plan Services.  You have two ways to enter and update your beneficiary designation for the 401(k) plan:

• Online: You may enter your beneficiary designation online by logging onto the website at www.bcomplete.com

• Telephone: You may also provide your beneficiary election information by calling the New York Life Participant Service Center at 1-800-294-3575.  Participant Service Center Representatives are available from 9:00 a.m. to 10:00 p.m. (Eastern) on New York Stock Exchange business days.