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Waxie Sanitary Supply Plan Summary

  • Eligibility
  • Contributions
  • Matching
  • Vesting

You are eligible to join the plan unless you are an employee who is represented by a bargaining unit that has collectively bargained with us in good faith on the subject of retirement benefits.

  • You may begin making salary deferral contributions on the first quarterly entry date after date of hire.
  • For employer contributions, you become eligible if you have completed 1 year of service with the company.
  • The plan allows for a discretionary or profit sharing contribution. This contribution is available for all employees who are active at any time during the year that it is being funded for.
  • You may choose to contribute from 1% to 100% of your total pay. Your total salary deferral in 2018 may not be more than $18,500.00.
  • 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 in 2018. If you qualify and are interested in making catch-up contributions, please contact your plan administrator for details
  • You may change your salary contribution amount quarterly. Changes will be implemented as soon as administratively feasible.
  • Waxie may begin making matching contributions the first quarterly entry date after one year of service.
  • Waxie Sanitary Supply may match part of the pay you contribute to the plan through salary deferral.
  • If a matching contribution is made to the plan it will be calculated based on salary deferrals and pay as of the end of the pay period.
  • Waxie Sanitary Supply has chosen not to match the pay you contribute to the plan through catch-up contributions.
  • Waxie Sanitary Supply may make a discretionary contribution at the end of the plan year if you meet the eligibility requirements.
  • Employer contributions may change in the future.
  • You are always 100% vested in the contributions you choose to defer. You cannot forfeit these contributions.
  • You are vested in employer contributions based on years of vesting service in which you worked at least 1,000 hours as shown below.

The vesting schedule is:

5 Years Graded Custom
< 2 years
2 years
3 years
4 years
5 years
  • The vesting schedule applies to the Employer Match and Employer Discretionary contributions.

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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