401(k)
Thorough the 401(k) plan, you and PAR work as partners to help build financial security for retirement. PAR will match 100% on the first 3% of your salary and 50% up to the next 2% of the salary.
When you participate, your savings grow in two ways: 1. Through your contribution (pre-tax or Roth post-tax) 2. Through the investment growth of your account
Your salary deferral amount can be modified on January 1, April 1, July 1 and October 1, but your investment allocation can be changed periodically by using the Newport Group website. All PAR match funds are fully-vested as soon as the funds go into your account.
PROFIT SHARING PLAN
PAR makes contributions to the profit sharing portion of PAR’s retirement savings plan on your behalf. The profit sharing contribution is based on PAR profitability and allocated to all eligible participants. Eligible participants include employees on payroll as of December 31 st who were hired on or before July 1 st . The profit contributions are subject to a vesting schedule based on the years of service. To earn a year of service you must be credited with at least 1,000 hours of service during the plan year.
Years of Service
Percentage
1
10%
2
20%
3
40%
4
60%
5
80%
6
100%
Step-by-step instructions
Online 1. Go to www.newportgroup.com 2. Enter your login ID (typically your social security number) 3. Enter your personal identification number (PIN), you can change your PIN once you're logged onto the site. 4. Click the “Login” button, this will bring you to your home page. Phone 1. Call 1-888-401-5488 (have your SSN and PIN available) 2. Choose amount these options 1. Press 1 – Automated system 2. Press 2 – to speak to a Client Service Representative 3. If you choose the automated system, you will be prompted for your social security number and PIN 4. Make a selection from the menu
www.newportgroup.com, the site gives you access to a variety of tools, you’ll have access to:
Balance and transaction history
• Transfer assets between investment options • Plan documents • Loans • Fund performance
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Statements on demand
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Personalized rates of return
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Personalized forecast
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