Am I eligible for the Myers Industries Profit Sharing and 401(k) Plan?
Employees with 30 days of service may begin making 401(k) deferrals from their paychecks.
Automatic Enrollment:
This retirement plan contains an automatic contribution arrangement. This means that in the absence of a salary deferral agreement, you may have been or will be automatically enrolled in the retirement plan to defer 3% of your pay after you have satisfied the plan’s eligibility and entry requirements. If you do not wish to be automatically enrolled, you may elect not to defer or to defer another percentage. If you affirmatively elect to make salary deferral contributions, or if you are automatically enrolled and you do not provide an investment direction as to how contributions made on your behalf should be directed, then the contributions will be directed to the investment option default discussed below.
Resources
Carrier:
Principal Financial Group
Policy Number: 4-50123
Customer Service:
1-800-547-7754
Website: www.principal.com
Automatic Annual Increase:
Automatic increases may make it easier for you to reach your retirement goals. If you’re automatically enrolled in the Plan, your contribution will increase by 1% each year on Jan. 1st until you reach 10% of eligible pay. This annual automatic increase applies to participants who were previously automatically enrolled in the Plan at 3% as well as those who will be moved to 3% on Jan. 1, 2019 based on the section above. If you made an affirmative election to contribute 3% or higher, your election won’t be increased each year.
401(k) Matching Contributions:
Myers Industries will make a matching contribution equal to 100% of the contributions you make, up to 3% of your pay, and an additional 50% on the next 2% of pay you contribute. So, if you contribute 5% of your pay to the 401(k) Plan, Myers Industries will contribute another 4%. Myers will deposit the matching contributions to your retirement account as soon as administratively feasible after each pay period.
Investment Option Default:
If you do not provide investment direction, or if contributions are received by the retirement plan prior to your investment direction being received in the Corporate Center of Principal Life Insurance Company, contributions will be directed to a Vanguard Target Retirement Fund (sub-advised by the Vanguard Group) based on your current age and the definition of normal retirement age under the retirement plan.
When am I vested in the retirement plan funds?
You are always 100% vested in the contributions you choose to defer. You cannot forfeit these contributions. If you were eligible to participate in the Plan prior to Jan. 1, 2019, you’re automatically 100% vested in the contributions you make, and you’re also 100% vested in employer matching contributions. Employees who become eligible for the Plan on or after Jan. 1, 2019 will not be vested in employer matching contributions until they have one year of service. One year of service is a calendar year in which you’ve worked at least 1,000 hours with Myers.
How do I enroll in the plan?
After you receive your first paycheck, you can enroll in the 401(k) plan by visiting www.principal.com to create an account, enroll in the plan and choose your investments.
Are there limits to my contributions?
The retirement plan includes an automatic contribution arrangement. Please refer to the notice provided to you by your plan sponsor for details.
You may choose to contribute from 1% to 75% of your total pay.
Your taxable income is reduced by the amount you contribute through salary deferral. This amount cannot exceed the Internal Revenue Services defined deferral limit. This amount is set each year by the IRS.
If you are 50 years old or older during the plan year and you have met the annual IRS deferral limit (or the specialized plan limit for deferrals), you may contribute a catch-up deferral not to exceed the limit set by the IRS. If you qualify and are interested in making catch-up contributions, please contact your Plan Administrator for details.
Can I change my contributions to my employer’s retirement plan?
You may stop making salary deferral contributions or change your salary deferral amount at any time. Changes will be implemented as soon as administratively feasible.
I have a retirement account with a previous employer – can I combine the two?
You may be allowed to rollover into this plan all or a portion of the retirement funds you have outside of this plan. Withdrawals from rollovers are restricted. Refer to your Summary Plan Description for more details.
To receive additional information, contact your Plan Administrator, visit www.principal.com or call 1-800-547-7754.
Will Prep
Through Principal Myers employees and family members have access to ARAG’s Will & Legal Document Center. Here you can take some time to make a plan for your assets, for the care of minor children, and plan who will make financial and medical decisions for you in the event you are unable to.
Having the proper documents in place can help ensure you’re still in control in case something happens to you. With access to ARAG’s free online resources, you and/or your spouse can prepare these documents:
- Will
- Healthcare power of attorney
- HIPAA authorization
- Durable power of attorney
- Living will
- Medical treatment authorization for minors
Plus you can also access:
- Personal Information Organizer
- Estate planning education and tools
For additional information download the Will Prep flyer located in the Resource Box to the right of this page.
