401(k)

IncredibleBank has partnered with Fidelity and Hays Financial Group to provide 401K benefits to eligible IncredibleBank employees.

Eligibility: 1^st of the month following 1 month of service, age 18.

https://nb.fidelity.com/public/nb/401k/home

Employer Matching and Profit-Sharing contributions are subject to a vesting schedule based upon years of services.

Important: Your Salary deferrals and rollovers are NEVER subject to vesting.

Employer Match is paid each pay period.

Profit-Sharing (Discretionary): If a profit-sharing contribution is made; it will be paid in a lump sum to your account at year-end. You must work at least 1,000 hours in the plan year and be employed on the last day of the plan year in order to receive the profit-sharing contribution.

Employee Contributions: Contributions can be pre-tax (Traditional) or after-tax (Roth). Contributions must be a percentage of each paycheck – no flat dollar amounts. At age 50 and over you can make additional “catch-up” contributions. For 2025, the IRS annual limit is $23,500, and an additional $7,500 for “catch-up” contributions. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies to participants ages 60-63; these participants can contribute up to $11,250 starting in 2025 (instead of $7,500).

Automatic Deferral: As a new participant; if you fail to make a salary deferral election, IncredibleBank will automatically withhold 6% of your pay as a contribution to the plan on your behalf.

All eligible employees are allowed to make a special “standing” deferral election for bonuses (excluding bonuses paid as cash)

401(k) Rollovers: IncredibleBank’s 401(k) plan will accept rollovers from previous employers plans any time after your date of hire.  Your rollovers are NEVER subject to vesting and the money is always yours.

You may contact Fidelity 1-800-835-5097 to begin the rollover process or complete the Fidelity Rollover form.

401(k) Loans: IncredibleBank’s 401(k) plan does permit Participant loans.  You may initiate a loan within the Fidelity 401(k) participant site.

401(k) Conversions:  IncredibleBank’s 401(k) plan does allow In-plan Roth conversions.  For additional information please contact a Hays Financial Group representative.

Bonus Election: IncredibleBank’s 401(k) plan allows participants to elect a separate deferral percent for any bonus paid if preferred, except for bonuses paid as actual currency. The bonus election form can be found here.

401(k) Plan Highlights

401(k) Summary Plan Description

Please log onto your netbenefits.com account or netbenefits mobile app to see a current list of available investment options.

https://nb.fidelity.com/public/nb/401k/home

Fidelity offers a variety of tools to help you meet your financial and retirement goals. Log onto your NetBenefits account or your NetBenefits mobile app to get started. The link is provided below:

https://nb.fidelity.com/public/nb/401k/home