Eligibility
Employees who work a minimum of 20 hours per week, and are at least 21 years of age, are eligible to participant at the beginning of the next quarter following 1 year of active employment.
The Brattleboro Food Co-Op recognizes the importance of saving for retirement and has partnered with VOYA to administer the 401(K) retirement plan for it’s employees.
401(k) Employee Contributions:
You have the option to select a plan deferral or opt out of the 401(k) plan. If no response is received after 30 days from your date of hire, there will be an automatic enrollment into the plan with a 4% employee deferral, pre-tax. Funds will be invested in the age-appropriate Target Date fund.
IRS-mandated 401(k) deferral limits
2021 deferral limits: $19,500 for employee elective deferrals and the age 50 or older catch-up contribution amount is $6,500.
2022 deferral limits: $20,500 for employee elective deferrals and the age 50 or older catch-up contribution amount is $6,500.
401(k) Investment Options:
You have the option of selecting one of several target-date retirement funds or you can build your own portfolio by choosing from among the other investment options in the plan.
* A year of vesting means any plan year in which you work 800 hours or more.
You become 100% vested in your 401(k) account balance if you attain age 62 while employed by the Company (regardless of whether you retire then), or if you die or become totally and permanently disabled while employed by the Company.
Once you enroll in the 401(k) plan, you may access your retirement plan account at www.voya.com. If you need assistance setting up your account, you may call VOYA directly at xxx-xxx-xxxx to start the process.
The Richards Group has partnered with SmartConnect™, an exclusive, no-cost program created specifically to connect Medicare-eligible working adults to the world of Medicare benefits. Whether an employee plans to continue working or is transitioning to retirement, SmartConnect tailors solutions designed around their needs. Agents will provide an unfiltered view of the entire range of options and prices available to the employee.
