Roberts Companies, Your Employment Specialists

401(k) Plan Highlights

Transamerica Retirement Solutions

The Roberts Companies

401(k) Plan

PLAN HIGHLIGHTS

Eligibility Requirements

You are eligible to join the Plan once you have completed one full quarter of service. You may enter the plan on January 1, April 1, July 1 or October 1.

Your Contributions

You may contribute up to 20% of your annual compensation not to exceed the IRS limits that are published on an annual basis. You may decrease the amount of your contribution at any time. You may stop contributing at any time but may not restart until the next entry date.

Employees over the age of 50 can also participate in the catch up plan.

Employer Matching

The Roberts Companies will match a percentage of your deferral amount. This amount will be determined annually to reflect profitability in the prior year.

Vesting

Your contributions, employer match, and earnings are fully and immediately 100% vested.

Rollovers

The Plan will accept rollover contributions if proof can be furnished that the rollover amount has been in a qualified plan or Rollover IRA. You may roll over these funds prior to the time you are otherwise eligible to participate in this Plan. All rollovers are 100% vested.

Loans

Loans are available in the Plan. The minimum loan amount is $1000 and you may borrow up to 50% of your account balance or $50,000 whichever is less. Loan payments are made through payroll deductions and must be paid back within 5 years. A one-time set up fee of $75 will be deducted from your account.

If you terminate without completing loan payments, the outstanding balance may be taxed and penalized.

Withdrawals

Plan contributions may be withdrawn only in the event of:
  • Retirement at Normal Retirement Age
  • Reaching age 59 1/2
  • Termination of Service
    Options at Termination
    • Rollover to another 401(k)
    • Rollover to IRA
    • Personal check to you
  • Financial Hardship
    • Medical expenses
    • Saving or acquiring principal residence
    • College tuition
  • Disability
  • Death

Taxes and penalties may apply to any distribution other than rollovers.

This is not a Summary Plan Description. If there are differences between this information and the Plan Document or Summary Plan Description, the Plan Document will govern.


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