401(k) automatic enrollment and opt -out election notice...
TRANSCRIPT
401K PLAN INFORMATION:
Remedial Construction Services, L.P. (the “Company”) currently sponsors the Remedial Construction Services, L.P. 401(k) Plan (the
“Plan”) for the benefit of its employees. The Plan provider, Transamerica Retirement Solutions, has over 70 years of experience in the
business, and is ranked among the nation’s top providers.
By participating in this retirement Plan, you may enjoy immediate and future federal income tax savings, as all contributions taken out
of your pay toward this plan are not subject to federal income tax at the time of payroll deduction. This means you save on your
payroll taxes immediately, and your contributions, as well as earnings, can grow substantially over time. Your account will be subject
to federal income tax only when funds are withdrawn from the Plan.
AUTOMATIC PLAN ENROLLMENT PROVISION
The Company is helping to make savings for retirement under the Plan easier by offering Automatic Plan Enrollment. The Plan uses
a “negative enrollment process” under which, upon meeting the Plan eligibility requirements listed below, 2% of your compensation
will be automatically contributed to your 401k account each pay period unless you either:
(1) Opt-out of the automatic enrollment provision by signing in the Opt-Out Election box below, or
(2) Select a different contribution percentage/flat dollar amount by accessing your personal account on the Transamerica
Retirement Solutions website prior to your eligibility date.
All automatic enrollments will be invested in the Vanguard Target Retirement portfolio fund closest to the employee’s 65 th birthday,
unless you elect a different investment direction.
ELIGIBILITY Eligibility to participate in the Company’s 401(k) plan is effective after you have met the following requirements:
You have attained age 18,
You have completed 90 days of service, and
You are not a union employee, non-resident alien employee or employee from a stock acquisition or merger
Rehired employees who have attained the above eligibility during a prior tenure with the Company will begin
Automatic Enrollment contributions immediately upon rehire, unless a signed Opt-Out Election Notice is submitted
during the current rehire process (Opt Out notices signed during a prior tenure will not be applicable).
CONTRIBUTION LIMITS AND COMPANY MATCH
The 2016 IRS 401(k) elective Contribution Limit: $18,000
The 2016 additional Catch up contribution for employees 50 years of age or over: $ 6,000
The Company currently makes a match of 50% of the employee’s contributions, up to a maximum employee contribution of 6% of
pay (3% effective). This match is funded weekly at the same time as your contributions are made. An additional match may be
awarded at the end of each year based on company performance. These Company matches are discretionary, meaning that they could
each be changed or stopped at any time upon decision of the board.
CONTRIBUTION AND INVESTMENT CHANGES As an eligible participant, you may change your contribution amounts or stop deferrals into the Plan at any time by accessing your
online account at www.ta-retirement.com, or by calling Transamerica Employee Solutions Desk (800-401-8726). Contribution
changes submitted by the 25th day of any month will be effective the 1st day of the following month. You may change future
investment allocations at any time by contacting Transamerica by phone or online. Fund allocation changes are effective immediately.
OPT-OUT ELECTION Only Sign in the Box Below if you want to Opt-Out of RECON’s 401(k) Plan and make NO payroll contributions upon eligibility.
By IRS law, employees that are automatically enrolled in the Plan may Opt-Out of the Automatic Enrollment and receive a full refund
of contributions with no penalty if an Opt-Out Election Notice and Refund Form is submitted within 90 days of the first automatic
deferral. This form can be requested from the Company’s Benefit Administrator.
If you have further questions about the Company’s 401(k) Automatic Enrollment provision, please contact the Benefits Administrator
at (281) 664-1158.
401(k) Automatic Enrollment and Opt -Out Election Notice - 2016
OPT-OUT ELECTION
I choose to opt-out of enrollment into the Remedial Construction Services, L.P. 401(k) Plan,
and no portion of my pay is to be withheld from my paycheck and contributed to the Plan.
____________________ ______________________________________
Date Signature
______________________________________
Printed Name