You are offered a retirement plan as part of your benefits package. Here are the highlights:

Eligibility
requirements
  • Attained the age of 21
  • Completed 3 months of service, as defined by the plan
How to enroll
  • Confirm you meet the requirements

  • Go to the Securian website

  • Enter your information

  • Follow steps to enroll

Use plan number 063923 and an enrollment code of 063923enroll.

Personal
contributions

Special contribution limitations may apply to employees designated as "highly compensated."

  • You can make pre-tax and/or after-tax contributions of up to 100% of your eligible pay. An Internal Revenue Service (IRS) calendar year dollar limit of $18,500 for 2018 applies.
  • If you are age 50 or older in 2018, you may defer an additional $6,000 of "catch-up" contributions during the calendar year.
  • Set up Step-Up Savings if you want your contributions to automatically increase each year by a specified rate. Step-Up Savings starts your pre-tax contribution rate at 2% of eligible pay or at a higher rate of your choice. Your pre-tax contribution rate will automatically increase annually by 1% until it reaches a maximum of 6%.
  • You can increase or decrease your contributions as of each period specified by the plan. You may also stop your contributions at any time.
  • You may begin contributing on your entry date and as of each period specified by the plan.
  • You may also roll money into the plan from a prior employer's qualified plan or a rollover IRA.
Employer
contributions

City Electric Supply matches 50% on the first 6% you contribute to the plan (subject to statutory limits and earnings). If you elect both a pre-tax savings and an after-tax savings (Roth 401K) account, the company match will be 50% of the combined total (up to 6%).

Vesting

The term "vesting" refers to ownership of the money in your retirement account. You are always 100% vested in 401(k) Pre-tax, Roth(k) After-tax, Rollover, Related Rollover, Roth(k) Rollover and Roth(k) Related Rollover contributions. Other contributions are vested as stated below.

Years of Service Vesting Percentage
1 0%
2 20%
3 40%
4 60%
5 80%
6 100%

Please note: you may earn ownership rights to all contributions and earnings upon retirement, becoming disabled or death. There are specific rules for determining a year of service for vesting purposes.

Investments

You decide which investments to use and how much to allocate to each. A listing of the plan's available investment options can be found in your enrollment materials and on SecurianRetirementCenter.com. You can change how your existing balance and/or future contributions are invested at any time. To make changes, select "Change investments" on the Account Detail page after you log into your account at SecurianRetirementCenter.com. The plan's optional TargetAgeā„¢ feature provides a simple approach to select and maintain a suggested asset allocation based on your age. TargetAge uses a series of allocation portfolios based on age and the investments already available in the plan to gradually and automatically shift your entire account's asset allocation to a more conservative mix of fixed income and equities as you age. With TargetAge, your account is periodically rebalanced.

You can invest in a pre-mixed model portfolio based on your risk tolerance. A short quiz will help you determine your risk tolerance. The portfolios are selected by the plan sponsor and are made up of several investment options already available within the plan. The portfolio provides diversification and automatic account rebalancing in one easy choice.

If no indication of how to invest your contributions is made prior to receipt of money, money will be invested according to your Plan Sponsor's election (TargetAge investment allocation).

Distributions
& loans

Since your plan is designed primarily to help you save for retirement, the IRS has placed restrictions on when money may be withdrawn from your account before you retire. However, the IRS does recognize other events may trigger a need for you to access your retirement savings (e.g., disability, severe financial hardships, etc.). Additionally, your plan has a loan feature that lets you borrow money. The loan amount is limited by rules under the tax law.

Your Summary Plan Description provides more details about making withdrawals from your plan. For general information regarding the tax ramifications of withdrawing money from your account, review the Special Notice Regarding Distributions.

For more specific information, contact your tax advisor.

Retirement plan
provider

Your employer has selected Securian Retirement to manage and service its retirement plan. Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments, and retirement plans. Now one of the nation's largest financial services providers, it is the holding company parent of a group of companies that includes Minnesota Life Insurance Company.

TargetAge allocation portfolios are based on generally accepted investment principles and consider investors' life expectancy. TargetAge should not be construed as investment advice. A person should select investments based on personal goals and situation. The investment options which comprise TargetAge can also be selected separately outside of TargetAge. The investment options are not guaranteed and may increase or decrease in value.

Model portfolios are based on the historic volatility of the asset classes represented in the portfolios and consider investors' risk preference and time horizon. Model portfolios should not be construed as investment advice. A person should select investments based on personal goals and situation. The investment options which comprise model portfolios can also be selected separately outside of model portfolios. The investment options are not guaranteed and may increase or decrease in value.