401(k) Retirement Plan
Eligibility: Completed 6 months of service with the company.
Pay: In general, pay is your base compensation. Bonuses, car allowances, or commissions are not eligible for 401(k) deferral.
Benefit: You may choose to contribute up to 100% of your pay each pay period. Your taxable income is reduced by the amount you contribute through salary deferral. This lets you reduce your current income taxes. Your total salary deferral in 2024 may not be more than $23,000. However, if you are over 50 years old, you may contribute a Catch-Up contribution of $7,500, making your total deferral a maximum of $30,000. Your maximum deferral percentage and/or dollar amount is limited by IRS regulations.
Automatic Enrollment: After six months, you will be automatically enrolled with 6% being deducted from your pay. At this time, you will have the option of keeping that contribution the same, raising your contribution or declining to participate. You will need to fill out paperwork at that time.
Salary Deferral Changes: You may stop, increase, or decrease your deferral contribution at any time. You will need to fill out a form that directs the percentage of your change. You may also change your account elections, if you self-direct, by accessing your Fidelity account at www.netbenefits.com or www.401k.com. If you have chosen to have Prime Capital Investments do the investment selections for you, then you will need to contact Prime at (913) 491-6226. If you need investment help you may contact Tyler Olsen at Prime Capital Investments at 913.491.6226.
If you need help from Fidelity, please call: Planning and Investing Services at 866.602.0636 M-F 8:30am-11:00pm EST or Benefits Center for Participants at 800.835.5097
Employer Contributions: Hantover will match 50% of the first 6% of eligible pay you contribute through salary deferral. This equals 3% of your annual salary that Hantover gives each employee that contributes at the 6% rate.
Employees are always 100% vested in any employer contributions made on their behalf. There is no vesting schedule for 401(k) contributions. This means that upon termination, all contributions belong to the employee and are available to be rolled over into another employer’s plan or another tax-deferred individual account.
Employees also decide how to invest their salary deferral contributions as well as those contributions on their behalf by the company.
As of July 1, 2006 the Roth 401(k) was added to our plan. You may deduct after-tax contributions that will be disbursed upon your retirement without taxes being withheld. Taxes are also not withheld on any dividends and interest your Roth account may earn. The Roth amount is added to the elective deferral amount and together you may not go over the IRS limit set for each year.