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To All Eligible 401 (k) Plan Participants: CHECK ELIGIBILITY
In our ongoing efforts to improve your employee benefits, we are pleased to announce that The Energy Group, Inc. will be offering a 401 (k)/profit sharing plan which will be available to all eligible full-time employees effective September 4, 2020. This plan will be managed and administered through Voya Financial, and is one of the best ways to save for your retirement.
This plan allows you to have a percentage of your income automatically withheld from your weekly paycheck, and in order to participate you will need to elect a % of your gross wages to be taken out of your check. These payroll withholdings will be deposited in an account that you will set up with Voya Financial to be invested in the manner that you choose. Please be advised that there are limits imposed by the Internal Revenue Service on the maximum amount of annual contributions that an employee may make, and for 2020 that amount is $19,500. In addition to your withholdings, the Company will also contribute to your account an additional amount of $.50 for every dollar you elect to save up to first 5% of your total earnings (the Company Matching Contribution). You can certainly choose to contribute more than 5%, but the Company will provide the matching contribution only up to the 5% maximum amount. The following will provide you an example of how the matching funds will be calculated:
In our ongoing efforts to improve your employee benefits, we are pleased to announce that The Energy Group, Inc. will be offering a 401 (k)/profit sharing plan which will be available to all eligible full-time employees effective September 4, 2020. This plan will be managed and administered through Voya Financial, and is one of the best ways to save for your retirement.
This plan allows you to have a percentage of your income automatically withheld from your weekly paycheck, and in order to participate you will need to elect a % of your gross wages to be taken out of your check. These payroll withholdings will be deposited in an account that you will set up with Voya Financial to be invested in the manner that you choose. Please be advised that there are limits imposed by the Internal Revenue Service on the maximum amount of annual contributions that an employee may make, and for 2020 that amount is $19,500. In addition to your withholdings, the Company will also contribute to your account an additional amount of $.50 for every dollar you elect to save up to first 5% of your total earnings (the Company Matching Contribution). You can certainly choose to contribute more than 5%, but the Company will provide the matching contribution only up to the 5% maximum amount. The following will provide you an example of how the matching funds will be calculated:
Your withholdings are always 100% vested in plan, that means that these funds belong to you at all times and you can take them with you when you retire of otherwise leave your employment at The Energy Group, Inc. A vesting schedule does however apply to the matching contribution you receive from The Energy Group, Inc. The amount of money in the matching portion of your account that you may take with you if you leave depends on the period of time you have been employed (your "years of service"). Your vesting % of these funds under the plan follows this schedule:
To introduce the plan to you we are providing you with a retirement savings plan enrollment guide. This guide will give you information you will need to enroll in the plan online, as well give you other valuable information you will need to set up your investment elections. Enrolling in the plan is easy, and you will find that there is wide range of investment options available to.
Also, to assist you in enrolling with the plan, a virtual meeting with Voya has been scheduled for Thursday August 20, 2020 at 12 noon. This meeting will be held online via Zoom with Victor Fernandez, a Retirement Education Specialist with Voya, and should last approximately I hour. Instructions on how to access the meeting will be provided as soon as it made available to us, and we highly recommend and encourage you to participate in this virtual session. This is a wonderful way to plan for retirement, and we are confident that this 401 k/profit sharing plan will provide increased benefits to our employees. We hope you are as pleased about this new plan as we are in providing it to you.
Also, to assist you in enrolling with the plan, a virtual meeting with Voya has been scheduled for Thursday August 20, 2020 at 12 noon. This meeting will be held online via Zoom with Victor Fernandez, a Retirement Education Specialist with Voya, and should last approximately I hour. Instructions on how to access the meeting will be provided as soon as it made available to us, and we highly recommend and encourage you to participate in this virtual session. This is a wonderful way to plan for retirement, and we are confident that this 401 k/profit sharing plan will provide increased benefits to our employees. We hope you are as pleased about this new plan as we are in providing it to you.
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