401(k)
- Newly-hired employees may increase their deferral rate above 3%, reduce their deferral rate, or “opt out” of the plan with no deferrals taken.
- If you do not specify how the funds will be invested, the funds will be placed in a Fidelity Freedom Fund based upon your projected retirement date.
- This does not apply to re-hired or existing employees. Employees eligible to participate in the 401(k) retirement plan can view their account at www.401k.com or www.fidelity.com.
After achieving annual corporate profitability goals, Bernards typically matches 100% of the first 3% of employee deferrals. However, any employer matching contributions are discretionary each year. If it is determined that a company match will be made in that calendar year, the match will vest based upon the individual’s years of service with the company. Individuals must also have worked 1,000 hours in the plan year to receive the match. The Plan’s vesting schedule for employer contributions is:
