Lynden 401(k) Retirement Savings Plan & Trust
Lynden 401(k) Retirement Savings Plan & Trust
Eligibility
You are immediately eligible to contribute to the Plan on the first day you are employed with the company—provided you are at least 18 years of age.
Enrollment
Once eligible, you will be automatically enrolled at a 6% contribution rate. If you do not want to be enrolled in the plan, wish to change your initial deferral percentage, or choose a different investment for your pre-tax contributions, you must contact Vanguard within 30 days of when you become eligible. Your pre-tax contributions will be invested in the date-specific Vanguard Target Retirement Fund closest to the year you turn age 65. To help you save more, your contribution rate will automatically increase one percentage point each April, until it reaches 10% of your pay or the IRS limit.
Employee contributions
You can contribute from 1% to 50% of your pay and up to 75% (50% effective January 1, 2022) of bonuses on a pre-tax or Roth 401(k) after-tax basis. Your auto-enrollment contribution percentage does not include any discretionary bonuses. Only payments made under Lynden’s discretionary bonus practice and the Lynden Logistics, Inc. general office and station bonuses are eligible for a separate deferral election. If you wish to contribute any bonus money to your account and receive additional matching contributions, you must make a separate election.
The IRS also limits plan contributions. For current IRS limits, visit www.irs.gov limits.
You can also make post-tax contributions through the Roth 401(k) option. When you contribute to your plan on a Roth after-tax basis, your withdrawals are tax-free, provided you have reached age 59½ and made your first Roth contribution at least five years earlier. Your employer contribution will still be made on a pre-tax basis.
You have the option to opt-out of contributing to the plan and/or the annual increase.
You can change your 401(k) contribution rate at any time during the year. All payroll and bonus 401(k) contribution changes are handled directly through Vanguard. To make changes to your 401(k) contributions, please contact Vanguard Participant Services.
If you are age 50 or older, or will turn 50 by year’s end, and you contribute the maximum allowed, you may make catch-up contributions. Catch-up contributions allow you to save above the normal IRS annual limit on a pre-tax basis.
Company match contributions
For every $1 you contribute (up to 6% of your pay), your company will contribute $0.50 to your account.
Additional Company contribution
Following one year of service, for employees whose first hire date is after December 31,2008 or who have had a break in service with a calendar year with less than 500 hours, the company may make an additional annual contribution to your account equal to 3% of your pay. You do not need to contribute to the plan to receive this contribution. If you do not have an investment allocation on file with Vanguard, this contribution will be invested in the date-specific Vanguard Target Retirement Fund closest to the year you turn age 65.
Vesting schedule
Vesting refers to your right of ownership to the money in your account. You are always 100% vested in your own contributions and their earnings. You become vested in your company’s contributions based on the following schedule:
Less than three years of service 0%
Three years of service 100%
Contact Vanguard Participant Services for assistance with these transactions:
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Accessing your 401(k) account online
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Stopping or changing your payroll deductions
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Changing how your contributions are invested
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Moving money between funds
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Rolling over money into the Plan from a former employer’s eligible plan
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Requesting a loan and withdrawals
Resources:
Contact Information:
Vanguard Participant Services
1-800-523-1188
Monday – Friday, 5:30am – 6:00pm (PT)
Lynden 401(k) Retirement Savings Plan & Trust
Plan 091896