Dear Jamison New Associate:
An important benefit that Jamison Professional Services, Inc. offers to eligible employees is a Retirement Savings 401(k) Plan through Transamerica Retirement Services. Within 30 days of being eligible to participate in the plan, you should receive a welcome letter at your address on file with Concept H.R. from Transamerica with instructions on how to enroll in the plan via online or via telephone.

In the meantime, to make sure all employees fully understand how to maximize the opportunities that come with being able to access an employer sponsored 401(k) plan; please find attached the following to start getting familiar with the plan.

1. 1. Frequently Ask Questions (FAQ)- provides an overview of the plan’s features.

2. 2. Summary Plan Description- a detailed version of how the plan works

3. 3. Important Notice To Participants-explains the automatic deferral and automatic default fund features associated with the plan. NOTE: These two features allow you to automatically enroll at 3% deferrals (gross wages deductions) and automatically invest in DOL target retirement age appropriate default investment funds- regardless if you do anything or not, making it easy for you to get started saving for your future.

4. 4. Yearly Disclosure & Comparative Chart for Retirement Plan Participants- explains how to compare information and fees associated with the plan
IMPORTANT: If/when you become an eligible participant of the 401(k) you will automatically be enrolled to defer 3% pretax of your gross wages on the first available check after eligibility is established, then ongoing, if you do not elect a different deferral amount or opt out otherwise.

I understand that deferral begins first check of the month after the eligibility waiting period of one month has been satisfied. For example: If you are hired on 1/5/18, your eligibility waiting period ends on 2/5/18 and deductions begin on first check received on or after 3/1/18. I understand I can make changes (including not participating at all or deferring 1%-90% of my gross or net wages being deducted and invested) at any time, accordingly to get started I elect to defer the following:

401(K) Retirement Savings Plan Overview & Disclosures

What is a 401(k) Plan?

A 401(k) plan is a retirement savings plan that an employer sponsors to allow its employees to deduct to save for retirement income at a future date. Varied investment options are available for the money your money to invest in including DOL approved default “target retirement funds.”

Who is eligible to participate?

Employees must have satisfied an eligibility period of at least 1 month and are not union or non-resident alien with no U.S. income. After eligibility has been met, deferrals can begin with the first payroll after the first day of the next plan month (also known as the future entry date).

When/How should I enroll?

Within 15 days of receiving your first processed check through Concept H.R., you can go online and pre enroll in the 401(k) plan by visiting the following website: www.transamerica.com/portal/home. You will be able to select the % of your per pay period gross wages you desire to defer in both pre-tax and after-tax (Roth) fields. In addition, you can select the funds you want invest in or allow your deferrals to auto invest in target retirement funds that look at your age and chose an approved DOL default fund. This is a great option if you know how much you want to defer, but are unsure how to invest it. Your plan also has an auto enrollment feature whereas if you do not specifically change your deferral % amount to something different including 0% (if you want to opt out completely ), you will automatically be enrolled at 3% pre-tax.

What if initially opt out, can I enroll later?

You can enroll at any time online thereafter and deferrals will come out of the first check of the following the next available future entry date.

How much can I contribute to the plan?

0% – 90% of your wages can be contributed to the plan each year not to exceed yearly IRS limits for 401(k) plans. If a participant is age 50 or older in a calendar year, he/she may be eligible to contribute additional catch up deferrals not to exceed yearly IRS catch up limits. Contributions can be pre-tax, after tax (Roth 401k), or a combination of both for both deferral sources.

Does my employer match?

Yes, effective 1/1/2022 ongoing your employer will generously match at 50% of your deferral amount up to 4% of your pay period pay not to exceed 2% total match. (Example: 4% voluntary deductions (deferrals) from your paycheck = 2% company match for a total of 6% invested). You can defer more than 4% but will not receive company match past the 4% on a payroll by payroll basis. The match is a discretionary match and may change with notice from your employer. Matching funds are subject to a vesting schedule.

How do I Name a Beneficiary?

As you enroll online, make sure to print and complete the beneficiary information that you provide on the website portals. If you enroll via phone- retrieve a beneficiary form from your employer. 1. Return a copy to your in-house personnel records keeper and 2. Keep a copy for your files in a safe place, as this is a legal document. Note: Although Transamerica captures this information for convenience on the website, it does not ultimately assume responsibility for accuracy of beneficiary information thus it is the responsibility of the participant and his/her employer to retain the most up to date and accurate beneficiary information in the event a claim should be filed.

Can I make changes to my deduction levels?

Yes, you can increase or decrease them as often as you desire online, even stop them when needed. Concept H.R. then updates payroll deductions with files we retrieve from Transamerica, so it is always best to report changes online at www.ta-retirement.com and allow at least 1 pay cycle prior to desired pay check effective date to ensure Concept H.R.’s timely ability to process desired deferral change. Once it is deducted from your paycheck, it is forwarded to Transamerica within several business days and cannot be reversed.

Please note that all W-2 wages (ie. regular gross wages, bonuses, vacation, sick, PTO, severance, etc.) are eligible and required per plan design to be included for 401(k) calculations. Accordingly, if you desire otherwise, please make such changes online or inform your employer payroll contact in writing at least 5
days prior to a paycheck being processed for you that you desire a change in 401(k) processing so that your employer contact can advise Concept H.R. to make applicable changes. This is often a request on secondary sources income like bonuses, etc.

Can I roll other retirement monies into this 401(k)?

Funds from other qualified 401(k), 401(a), 401(b), 403(a), 403(b), government 457 plans, and traditional IRA’s that you have participated in are eligible to be rolled into this plan. A rollover form is available online to easily complete and initiate the process. It is very simple and allows you to consolidate assets into 1 plan to allow for loan provisions faster. Additionally this sometimes available prior to your future entry date of new elections.

Can I ever take a loan (borrow) against my 401(k)?

Yes, if your account meets the minimum criteria to process a loan of at least $2000 vested balance. Loans are available in at least $1000 increments and are paid back through payroll deductions. You can apply online for an initial loan including having the loan amount direct deposited to your checking account. Additionally, refinancing provisions allow for some loans to be refinanced allowing a participant to maintain one loan but draw additional funds from “principal” if eligible. Applying for a re-financed loan requires calling the participant help-line at: (800) 401-8726 to establish and evaluate what re-financing term options are available.

How are fees calculated and to whom are they paid?

If not included with this information sheet, ask your employer contact for a “Disclosure & Comparative Chart for Retirement Plan Participants.” It identifies fees that could be associated with the plan. Additionally, please note the Morgan Stanley Financial Advisors and Concept H.R. Insurance Services Providers (owned by Concept H.R. principals) are available for help as needed as they are compensated as financial advisors as described in the “asset-based fee” section of the “Disclosure & Comparative Chart for Retirement Plan Participants.”

How can I monitor my account?

You can access your account information 24 hours daily by enrolling for online access at www.ta retirement.com, Transamerica’s award winning website allows you to move money from account to account, update your future investment elections, change deduction levels, and access a variety of information including retirement planning tools to empower you to make the investment choices to work toward achieving your retirement goals. It also includes a full summary plan description of your plan and has additional plan updates, material changes, communication pieces as needed. Finally, it has access for mobile app downloads and other fun tech tools for planning and staying “informed!”

Questions?
Please contact Transamerica’s dedicated helpline at (800) 401-8726 or go to www.ta-retirement.com They are there to make it easy for you to participate!