JOHNSONCO 401K PLAN
VERTICAL EARTH 401(K) PLAN PLAN HIGHLIGHTS IMPORTANT: This is a summary of the plan features. For full details, please refer to the Summary Plan Description. Eligibility Excluded Employees: You are excluded from the Plan if you are a member of any of the following classes of employees: •
Employees covered by a collective bargaining agreement, for purposes of Elective Deferral Contributions, Safe Harbor Matching Contributions and Non-Elective Contributions. Any leased employee, for purposes of Elective Deferral Contributions, Safe Harbor Matching Contributions and Non-Elective Contributions. Non-resident aliens, for purposes of Elective Deferral Contributions, Safe Harbor Matching Contributions and Non-Elective Contributions.
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Elective Deferral Contributions, Safe Harbor Matching Contributions and Non-Elective Contributions: Elective Deferral Contributions, Safe Harbor Matching Contributions and Non-Elective Contributions:
You must meet the following criteria to become eligible to participate in the Plan: • Attain age 18 • Complete 90 days elapsed time. You will enter the Plan on the first day of each plan quarter coincident with or next following the time you meet the eligibility criteria specified above. Under certain circumstances, you may be automatically enrolled in the Plan. A notice will be provided with details prior to the beginning of each plan year.
Contributions Elective Deferral: You may elect to defer up to 100% of your Plan Compensation on a pre-tax basis. You may also elect to make Roth contributions to the Plan on an after-tax basis. You may elect to change your elections to contribute to the Plan on the dates established pursuant to Plan Administrator procedures. Federal law also limits the amount you may elect to defer under the Plan ($22,500 in 2023). However, if you are age 50 or over, you may defer an additional amount up to $7,500 (in 2023). These dollar limits are indexed; therefore, they may increase each year for cost-of-living adjustments.
Safe Harbor Matching Contributions:
The Employer will contribute a matching contribution to your Safe Harbor Matching Contribution Account in an amount equal to: (i) 100% of the Matched Employee Contributions that are not in excess of 1% of your Plan Compensation, plus (ii) 50% of the amount of the Matched Employee Contributions that exceed 1% of your Plan Compensation but that do not exceed 6% of your Plan Compensation. Matching contributions will be allocated to the Safe Harbor Matching Contribution Accounts of Participants as soon as administratively feasible after the end of each pay period. The Employer may, in its sole discretion, make a Non-Elective Contribution on your behalf in an amount determined by the Employer. Such contribution, if made, will be allocated in an amount designated by the Employer to be allocated to similarly situated eligible Participants. You must complete at least 1,000 hours of service during the Applicable Period and be employed by the Employer on the last day of the Applicable Period in order to receive a Non-Elective Contribution. For purposes of this section, the Applicable Period for determining satisfaction of service requirements for an allocation of Non-Elective Contributions will be each Plan Year.
Non-Elective Contributions:
16 | JohnsonCo 2025 Benefits Guide Vertical Earth 401(k) Plan
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