Lewis Drugs, Inc 401(k) Plan
Not sure how much to contribute? Vesting The term “vesting” refers to ownership of the money contributed to your retirement account. You are always 100% vested in the money you contribute, including any rollover or transfer contributions you have made and any matching contributions made by your employer plus any earnings on that money. Any contributions made to your account by Lewis Drugs are vested according to the following schedule: Employer Match Years of Service Vested Percentage Less than 2 0% 2 20% 3 40% 4 60% 5 80% 6 or more 100% The Power of Starting Early As the illustration below shows, the earlier you begin saving, the quicker you let your savings work for you!
Your Plan Highlights Consider these important facts about your plans. You are eligible to participate in the plan after you have attained age 21 and have completed 1 year of service. A year of service is defined as working 1,000 hours. You are eligible to start saving and investing on, or coinciding with the first day of the quarter after you’ve satisfied the Plan’s eligibility requirements. Employee Contribution You may contribute to your plan account through convenient payroll deductions. You may elect to make pre-tax and Roth 401(k) contributions. Participants can contribute up to the IRS limits, which are indexed annually. These limits are not plan-specific and apply to other contributions you may have made to other employers’ plans during a calendar year. The annual limits can be viewed under the ‘Contributions’ tab at MillimanBenefits.com. Employer Contribution Lewis Drugs may make a discretionary matching contribution equal to a uniform percentage or dollar amount of your elective deferrals each Plan Year. Lewis Drugs, Inc. will not match your elective deferrals in excess of 6% of your compensation each Plan Year.
Questions or need to enroll? Call the Milliman Benefits Service Center at 1.866.767.1212 . Or log on to MillimanBenefits.com . For more details on your plan, see the Summary Plan Description
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