Associated Builders and Contractors - ABC - Empire State Chapter - New York - ABC Staff Area

ABC Staff Area

Staff 401-K App & Change Form

DISCLAIMER

The information provided by our website is not legal advice. Although efforts are made to ensure that the information is correct, Associated Builders and Contractors, Inc. - Empire State Chapter will not be liable for any damages, direct or indirect, arising out of your use of the information provided at this site, or information provided at any other site that can be accessed from this site.

Staff 401-K Application & Change Form

Click here for the Staff 401-K Application and Change Form
Click here for the Beneficiary Designation Form

THIS INFORMATION APPLIES TO FULL-TIME ABC STAFF ONLY

Enrollment in ABC’s 401(k) plan is a great way to save for your retirement. The plan allows for quarterly enrollment and with the first of April around the corner, this is the time to do this.

If you are not currently participating and would like to start deferring, please complete the attached enrollment and beneficiary forms. If you would like to just change your deferral amount, you can also use the enrollment form. You will not need to fill out the allocation portion. I would also like to remind you of some of the particulars and benefits of joining the ABC 401(k) plan:

Participants can enroll or change their deferral amount the first of each quarter (January, April, July, and October).
A participant can defer between 1 to 50% of their gross income up to the IRS limits, which is $15,500 for 2007. (Please note that highly compensated employees are limited to a 9% deferral for the year.) ABC does have an “Over 50 Catch-up Provision,” which allows participants age 50 and over to defer an extra $5000.
After one year with ABC and on the beginning of a quarter, participants are eligible for employer matching contributions. This is equal to $.50 on each $1.00 up to the first 8% deferred. So, if you defer a minimum of 8%, you can maximize the employer matching. In addition to the employer matching, another great benefit is the ABC Basic Contribution. After a year with ABC and on the beginning of a quarter, all eligible employees will receive a basic contribution, which is equal to 4% of their gross income. An employee does not have to defer any monies into the plan to receive this benefit. (Please note that the employer matching and basic contributions does follow a five (5) year vesting schedule. You are always 100% vested in the monies you defer into the 401(k).)