Summary Plan Description

401(k) Annual Election

Section modified by Amendment 1 View previous policy.
You may elect annually to make 401(k) contributions to the plan for the next calendar plan year. You may elect to make contributions in increments of $1.00 up to a maximum of $8.00 per hour depending on your personal financial situation. The annual election period is determined by the Board of Trustees each year. For the 2014 calendar plan year, the election period was November 1, 2013 through December 16, 2013.


To make a timely election, you must complete an Application For 401(k) Elective Contributions and return it to the Trust Office. You must also notify your employer on the first day of employment but not later than the tenth business day of employment. Timely notification allows your employer to make the necessary changes to the payroll process.

Once you make an election, that 401(k) election amount remains in place, year after year, unless you elect to increase or decrease it during the annual election period. You can increase or decrease your 401(k) contribution amount as many as two times in a calendar year. You can also elect to rescind your 401(k) contribution (elect a $0/hour contribution) even if you previously made two changes within the same calendar year.

If you move from one employer to another employer, please provide a copy of the application to your new employer on the first day of employment but not later than the tenth business day of employment. This is the only way your employer will know to make 401(k) deductions from your paycheck and how much to deduct.