401k Benefits
401K Benefits for Employees
Participating in the Plan provides you with an excellent way to either start or continue saving for the day you no longer draw a paycheck — your retirement. Please see plan highlights below for eligibility and enrollment information. Fidelity Investments is our plan administrator and can answer questions on investments, your account balances, or just general information on saving for your retirement. You may call Fidelity at 1.800.835.5097 or use their website www.nb.fidelity.com.
Summary Plan Description*
A new summary plan description is available here: CLICK HERE.
*Requires Adobe Acrobat Reader
Helpful Workshops
Fidelity Online Learning
This year we aren’t able to have our annual onsite financial learning workshops from Fidelity, but I would like to remind everyone about the many Fidelity educational resources that are available online at www.nb.fidelity.com.
Sign in and click on Library. There are articles, podcasts, workshops, and videos. Many of the onsite classes we have had in the past are available plus many more topics and other tools like interactive calculators and quizzes.
These resources are FREE from Fidelity and are entirely self-directed, so you can learn at any time and proceed at your own pace. And it’s Web-based, so you can access it from any PC that has an Internet connection. There are a variety of topics – something for everyone:
- Learn about the benefits of saving at work
- Understand investment concepts, create an investment strategy, and actively manage your strategy
- Better manage debt and take control of your personal finances
- Plan for multiple goals, including college savings
- Decide what to do with workplace savings from former employers
- Build a solid income plan and strategies to help you generate lifetime income
- Establish and maintain an estate plan
Take an active role in planning your financial future.
Visit the Fidelity Learning Center today!
ENPOINTE Retirement Plan Highlights
Eligibility
Participation in the plan is open to all employees age 18 years and older.
Rollovers
If you have a retirement plan account with a prior employer or a rollover IRA, you may rollover all or some of that account into the ENPOINTE Retirement Plan. By rolling over this money you can avoid current income tax liability and penalties.
Changing Your Contributions
You may increase or decrease the amount of your contribution each paycheck.
Employer Matching Contribution
ENPOINTE may make a discretionary matching contribution to all eligible employees.
Age 50 and Over Catch-Up Contribution
The plan provides that participants who are projected to be age 50 or older by the end of the calendar year and who are making Deferral Contributions to the Plan may also make a catch-up contribution of up to $6,500 in 2021.
Vesting
Vesting refers to your “ownership” of a benefit from the Plan. You are always 100% vested in your Employee Plan contributions and your rollover contributions, plus any earnings they generate. ENPOINTE’ contributions to the Plan, plus any earnings they generate are vested as follows:
|
Number of Years
|
Vested
|
|
Less than 2 years
|
0
|
|
2 years
|
20%
|
|
3 years
|
40%
|
|
4 years
|
60%
|
|
5 years
|
80%
|
|
6 years
|
100%
|
Withdrawals
Money may be withdrawn from your plan account in these events:
- Your attaining age 59 ½
- Death
- Disability
- Termination of employment
- Hardship- Please see summary plan description for details
Loans
The plan is intended to help you put aside money for your retirement. However, ENPOINTE has included a plan feature that lets you borrow money from the Plan.
- The amount the plan may loan to you is limited by rules under the tax law. In general, all loans will be limited to the lesser of: one half of your vested account balance or $50,000.
- The minimum loan amount is $1000
- You may only have 2 loans at one time
Other requirements and limits must be met, and certain fees may apply. Refer to the Summary Plan Description for more details about this participant loan feature.
How do I obtain information on my account?
You can go online to www.nb.fidelity.com anytime to view information, access tools or make changes to your account. You may also call the automated phone systems at 1.800.835.5097. The phone system is available 24 hours a day, seven days a week. Customer Service Representatives are available through the phone system Monday – Friday, 8:30 a.m. to 8 p.m.
THE INFORMATION ABOVE IS ONLY A SUMMARY. PLEASE SEE SUMMARY PLAN DESCRIPTION* FOR MORE DETAILED INFORMATION.