401(k) Plan
To help you prepare for retirement, Derstine's offers the following benefits to all eligible employees:
401(k) Plan
The Company provides a 401(k) plan (“Plan”) to all eligible employees. The Plan is a self-directed, tax-deferred savings vehicle for retirement. Contributions to the Plan are made by payroll deduction, as well as a discretionary employer match and/or a discretionary profit-sharing contribution. Employees who have attained the age of 21 and 3 months of service will be auto enrolled for salary deferrals at the rate of 3% on the first entry date after satisfying the requirements (entry dates are the first day of January, April, July, and October). Eligibility for all employer contributions, including the discretionary match and/or discretionary profit sharing contribution, include the employee satisfying the following requirements: 1) be employed the last day of the plan year AND 2) have 501 hours of service during the plan year.
401(k) Employer Match
Derstine's will match 25% of the first 5% of eligible compensation that an employee contributes to the Plan. The match is calculated and remitted each pay period and is subject to a vesting schedule. An employee may contribute more than 5% of eligible compensation, but the excess contribution will not increase the employer match.
Profit Sharing Plan
The Company may, at its discretion, grant a profit-sharing contribution determined by the Company's profitability on an annual fiscal basis. The amount is contributed to profit sharing as described by the Plan for all eligible participants. Eligibility requirements are outlined in the 401k Plan section above.
Vanguard, in collaboration with Ascensus, currently administers the company's 401(k) plan. An employee will receive enrollment information upon reaching eligibility to participate in the Plan. To access your online Vanguard account, go to https://my.vanguardplan.com/vanguard/account/Login & click on the “Set Up Your Online Account” “Get Started” button.
To assist with retirement planning, Derstine's offers employees access to FREE financial advisory and planning services with FIFS Capital Advisor Group. Employees may contact our designated representative:
Sidney Ruth
https://www.fifscapital.com/team/sidney-j-ruth
In any instance where benefit provisions conflict with state or federal law, the law will prevail. Benefits may change or be modified at any time without notice.