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HUEN ELECTRIC, INC. 401(k) PLAN & TRUST HIGHLIGHTS
ELIBILITY - UNION EMPLOYEES:
You will be eligible to participate if:
- you are age twenty-one; and
- you have completed one year of service (which means you have worked at least 1,000 hours in a one year period).
ELIBILITY – OFFICE EMPLOYEES (NON-BARGAINING UNIT):
You will be eligible to participate if:
- you are age eighteen; and
- you have completed one month of service (which means you have worked at least 83 hours in a one month period).
- Company match for non-bargaining employees is $0.25 per $1.00 contributed in Plan up to $500.
PARTICIPATION COMMENCEMENT DATE Participation in the Plan will commence on the January 1 or July 1 next following the date on which you meet these requirements.
EMPLOYEE ELECTIVE CONTRIBUTIONS
Convenience of payroll deductions
Made with pre-tax dollars
Up to $15,500 of pay for 2008
If you are age 50 or older, you can elect to contribute an additional $5,000 during 2008 under the Catch Up Rule.
VESTING
Employee elective contributions (and company match for non-bargaining employees) are always fully vested.
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