Online Benefits Directory

Eligibility

You are eligible to participate in the 401(k) Plan when you have attained age 21 and completed 90 days of service.

Entrance date

After meeting the eligibility requirements, you may enter on the next January 1, April 1, July 1, and October 1.

How much I can save?

As a participant, you may elect to defer a percentage of your compensation each year instead of receiving that amount in cash. However, your total deferrals in any taxable year may not exceed a dollar limit which is set by law.  The Administrator will notify you of the maximum percentage you may defer. The amount you elect to defer, and any earnings on that amount, will not be subject to income tax until it is actually distributed to you. However, the amount you defer is counted as compensation for Social Security taxes.

If you are projected to attain age 50 before the end of a calendar year, then you may elect to defer additional amounts (called “catch-up contributions”) to the plan as of the January 1st of that year. The additional amounts may be deferred regardless of any other limitations on the amount that you may defer to the plan.

G&W Equipment matching

G&W Equipment will match 100% on the first 6% of deferred compensation.

Vesting

Vesting refers to your “ownership” of company contributions. You are always 100% vested in your plan contributions and your rollover contributions, plus any earnings they generate. You will be 100% vested in G & W Equipment contributions after 2 years of service

Loans

G&W Equipment, Inc. 401k Profit Sharing Plan and Trust permits loans to be made to participants and their beneficiaries. The following are some of the guidelines regarding the loan program:

1. Loans are limited to 50% of your vested balance and cannot exceed $50,000
2. Loans can be used for any purpose
3. Only two (2) loans can be outstanding at any one time
4. Loans can be no less than $1000
5. You can still contribute to the 401(k) plan while you have a loan outstanding
6. Loans are repaid through payroll deduction
7. Terms vary from 1 year to 5 years
8. There are no penalties or taxes on loans and the interest that you are charged goes back to your account
9. Pay loan initiation fees and annual maintenance fees

Loan initiation fees are $85.00 with an annual $50 maintenance fee.

All loan requests must be approved by the Plan Administrator prior to processing.
You can contact The American Funds Service Center at 1-800-204-3731 or online at www.myretirement.americanfunds.com.

Withdrawal of money

Money may be withdrawn from the plan in these events:

• Retirement at the plan’s normal retirement age
• Attain normal retirement age but continue to work
• Age 59 1/2 and still working
• At death to your named beneficiaries
• Upon a qualifying disability
• Termination of employment

The plan also allows for Hardship Withdrawals, governed by the IRS. Hardship withdrawals are allowed, under strict guidelines. Hardship Withdrawals may be made in the following circumstances:

• To pay for medical expenses not covered by insurance
• To pay for the purchase of a principal residence
• To pay for tuition for the next session of post secondary education for you, your spouse or your children
• To pay amounts necessary to prevent your eviction from or foreclosure of a mortgage on your principal residence.
• In addition, for Plan Years beginning on or after January 1, 2006, funeral or burial expenses of a member of your family or payments to repair damage to your principal residence that qualify for a casualty loss deduction are also considered to meet the financial hardship requirements

Complete details of the plan will be given to you when you become eligible to participate. The rules of the plan document govern the plan.

Rollover

G & W Equipment allows you to make rollover contributions, regardless of whether you have become a Participant in the Plan or not. Please see your Plan Administrator for more information.

Checking my balance or making changes

For account inquiries, you can contact the American Funds Service Center Representatives at 1-800-204-3731 or online at www.myretirement.americanfunds.com.Here are some examples of the inquiries that the Service Center Representatives can help you with:

• Help you log in to your account
• Answer questions about loans, distributions and other transactions
• Process account transactions
• Confirm account balances

Changing my contribution

You may change your Payroll Deduction Form as of each January 1, April 1, July 1 and October 1.

To discontinue making Elective Deferrals, you must complete and sign a revised Payroll Deduction Form. You may discontinue making Elective Deferrals as of the first day of any payroll period.

If you stop making Elective Deferrals, you must wait until the next January 1, April 1, July 1 or October 1 before you may begin making Elective Deferrals again.

Other Resources

Plan ID#: 1351893-01

Perry Clark
Raymond James
704-655-2102
[email protected]

American Funds
800-204-3731

Online Forms & Documents

Alternate Payee Distribution Request_American Funds
Beneficiary Account Withdrawal Request
Beneficiary Designation
Coronavirus- related Loan Form
Coronavirus- related Loan Repayment Suspension form
Coronavirus- related withdrawal Repayment
Coronavirus- related withdrawal
Death Claim
Direct Deposit ACH
Disability Withdrawal Request
Hardship Withdrawal Request
In-Service Withdrawal Request
Incoming Direct Rollover
Loan Application Loan Offset
Loan Payment Change request
Participant Enrollment
Paycheck contribution Election
Personal Information Change Request
Principal Reduction Loan Payment Request