Retirement
Schwazze offers a 401(k) retirement savings plan, which is administered by Alliance Benefit Group Rocky Mountain.
ELIGIBILITY
You must meet the following criteria to become eligible to participate in the Plan:
- Attain age 21
- Complete 3 consecutive month(s) of service. If you do not complete the service in the previous sentence, you may still become eligible for the Plan. The next successive 3 month period will be evaluated up until you have worked a full year. You will also be eligible for the Plan if you complete one (1) Year of Eligibility service, provided that you are not an excluded Employee at the end of that period.
You will enter the Plan on the first day of the calendar month coincident with or next following the time you meet the eligibility criteria specified above.
CONTRIBUTIONS
You may elect to defer up to 100% of your Plan Compensation on a pre-tax basis. You may also elect to make Roth contributions to the Plan on an after- tax basis. You may elect to change your elections to contribute to the Plan as of each pay period. Federal law also limits the amount you may elect to defer under the Plan ($22,500 in 2023). However, if you are age 50 or over, you may defer an additional amount up to $7,500 (in 2023). These dollar limits are indexed; therefore, they may increase each year for cost-of-living adjustments.
ROLLOVERS
The Plan may accept a Rollover Contribution made on behalf of any Employee not excluded from the Plan, regardless of whether such Employee has met the age and service requirements of the Plan.
VESTING
You will have a fully vested and nonforfeitable interest in your Elective Deferral Account, Rollover Contribution Account and Qualified Non-Elective Contribution Account.
INVESTMENTS
You may direct the investment of all of your Accounts in one or more of the available Investment Funds. Your elections will be subject to such rules and limitations as the Plan Administrator may prescribe. The Plan Administrator may restrict investment transfers to the extent required to comply with applicable law. The Plan is intended to constitute a plan described in section 404(c) of ERISA. This means that Plan fiduciaries may be relieved of liability for any of your losses that are the result of your investment elections.
ENROLLMENT
Visit abgrm.com. Click on the ONLINE ACCOUNT LOGIN at the top of the page. Once there, click on EMPLOYEES then click NEW USER? CLICK HERE TO ENROLL.
Your plan’s enrollment password is SCHWAZZE.
You will receive an email confirmation for changes made online. Please call 800-421-4758 Option #1 for questions and assistance.