401(k) PLAN HIGHLIGHTS
Private Prep offers a 401(k) plan through Principal Getting into the plan • Once you are age 21 and complete 1,000 hours of service within a 12-month period you are eligible to join in the plan • You will be automatically enrolled in the Plan on the first day of the month coinciding with the date on which the eligibility requirements are met. Elective deferrals in the amount of 3% of compensation will automatically be deducted from your compensation, unless you elect not to participate in the Plan or change your contributions. • Private Prep makes an employer contribution equal to no less than 3% of your salary. • The plan allows you to defer up to $22,500 in 2024. The plan also allows for catch- up contributions of $7,500 for participants over age 50 • You select the investment(s) that are right for you • Make sure to designate your beneficiary
If you have questions, please contact retirement@briobenefits.com
Receiving benefits from the plan •
Vesting refers to your "ownership" of a benefit from the Plan. You are always 100% vested in your Plan contributions and your rollover contributions, plus any earnings they generate. • You will be fully vested in your plan benefits when you have completed four years of service with us (working at least 1,000 hours per year) • You may take a loan from this plan • If you have certain financial hardship situations, you may be able to withdraw money from the plan • Visit www.principal.com for more detailed information about our plan
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PRIVATE PREP BENEFITS GUIDE
401(k) I
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