401(k) Plan Highlights
Getting into the plan • Once you are age 21 and complete three months of service 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 or stop your contributions. • Alice+Olivia will make a matching contribution of 50% on the first 6% of pay you defer • The plan allows you to defer up to $22,500 in 2023. The plan also allows for catch-up contributions of $7,400 for participants over age 50 • You select the investment(s) that are right for your situation
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.BenefitsForYou.com to see your Summary Plan Description for more detailed information about our plan
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