IncredibleBank has partnered with WoodTrust to provide 401K benefits to eligible IncredibleBank employees.
Eligibility: 1st of the month following 30 days of employment, age 21.
Employer Matching and Profit Sharing Contributions:
Employer Matching and Profit-sharing contributions are subject to a vesting schedule based upon years of services. An employee must work at least 1,000 hours in a year to be considered 1 year of vested.
Important: Your Salary deferrals and rollovers are NEVER subject to vesting.
|Years of Service||% Vested|
|1 but less than 2||33%|
|2 but less than 3||33%|
|3 or more years||34%|
|Employee Salary Deferrals||Always 100% Vested|
|Rollover Contributions||Always 100% Vested|
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.
401(K) Retirement Plan
|401(K) Retirement Plan|
|Company Match (Discretionary)||50% of Employee contributions up to 6% of earnings (for a maximum match of 3%)|
|Profit Sharing (Discretionary)||Based upon profitability|
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 an additional “catch-up” contributions.
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 anytime after your date of hire. Your rollovers are NEVER subject to vesting and the money is always yours.
- Rollover forms: Direct Rollover Procedures, Rollover Certification Form (Please return completed form to People Operations).
401(k) Loans: IncredibleBank’s 401(k) plan does permit Participant loans. You may initiate a loan within the 401(k) participant site.
401(k) Conversions: IncrediblBank’s 401(k) plan does allow In-plan Roth conversions. For additional information please contact a WoodTrust representative.
Retirement Plan Calculator