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Cardinal Innovations Plan Summary


You are eligible to join the plan unless you are an employee who is:

  • A leased employee
  • Hired to work less than 20 hours per week

If you meet the above requirements, you are eligible to join the plan if you:

  • Have completed 1,000 hours of service with the company


  • The retirement plan includes an automatic contribution arrangement. Please refer to the notice provided to you for details. 

  • You may choose to contribute from 1% to 75% of your total pay. Your total salary deferral in 2019 may not be more than $19,000.00.

  • If you are 50 years or older during the plan year and have met the annual IRS deferral limit, you may contribute a catch-up deferral of up to $6,000.00 in 2019. If you qualify and are interested in making catch-up contributions, please contact your plan administrator for details.

  • Roth salary deferral contributions are another option to designate your salary deferral contributions. Roth salary deferral contributions are made on an after-tax basis. You may designate any amount of the available salary deferral limit for a plan calendar year as Roth salary deferral contributions. 
  • Roth salary deferral contributions plus your pre-tax salary deferral contributions are counted toward the annual salary deferral contribution amount and salary deferral contribution percentage mentioned above. 

  • You may stop making salary deferral contributions at any time. You may change your salary deferral amount daily. Changes will be implemented as soon as administratively feasible.  


Matching Contributions

  • Matching contributions give you an additional return on the amount you contribute. If you are eligible, Cardinal Innovations will make a matching contribution equal to 100% of your elective deferral contributions.

  • Elective deferrals over 3% of your pay are not matched.

  • Matching contributions are calculated based on your pay and your elective deferral contributions ~ for the payroll periods that end with or within each month excluding pay and contributions for all or any portion of a payroll period within the month in which you were not an active participant.

  • Matching contributions are made for all persons who were active participants on the last day of the month.

Additional Contributions

If you are eligible, Cardinal Innovations will make an additional contribution for you as of each December 31. This contribution equals a percentage of your pay as stated below:

Years of Vesting Service

Percentage of Pay

15 or more years


10 years, but less than 15


5 years, but less than 10


2 years, but less than 5


Less than 2 years


You are eligible for an additional contribution on the last day of the plan year if you were an active participant at any time during the plan year.


The part of your account that you always have a right to is called your vested account. You are always 100% vested in the part of your account resulting from the following:

  • 401(k) elective deferral contributions

  • Additional contributions

  • Rollover contributions

You have a right to a percentage of your account resulting from all other contributions. This is called your vesting percentage. Your vesting percentage will be 100% if you:

  • Reach normal retirement age while employed by Cardinal Innovations

  • Become totally disabled, as defined in the plan, while employed by Cardinal Innovations

  • Pass away while employed by Cardinal Innovations

Before that, the schedule below determines your vesting percentage for the contributions Cardinal Innovations makes for you that are not 100% vested when made:

Years of Vesting Service

Years of Vesting Service

Less than 1


1 or more


Changing for 2019

Auto Increase
Cardinal Innovations will be adding an auto increase feature for all employees who were previously auto enrolled at 6%. This feature is designed to help you save more for retirement with ease.  If you were auto enrolled at 6% and have made no changes to your deferral rate you will be increased 1% on the first paycheck in January 2019.

My Virtual Coach

Saving for retirement doesn’t have to be difficult. A checkup with My Virtual Coach simplifies the annual steps you should take to make sure you’re on track for retirement. It’s educational and interactive. And we’ve even made it a little fun!

Check out My Virtual Coach

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While this communication may outline one of your employer’s retirement plan features, it is not the legal plan document, which governs the plan. If there are discrepancies between this communication and the legal plan document, the legal plan document will govern. Contact your plan sponsor if you would like more details regarding applicable retirement plan provisions.

The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, IA 50392.

© 2018 Principal Financial Services, Inc. 558705-530810-082018