Transcription of Qualified Retirement Plan - Paychex
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Qualified Retirement Plan SUMMARY PLAN DESCRIPTION 160339 - 1/2022 SECTION THREE: CONTRIBUTIONS TO THE PLAN .. 3 Contributions to 401(k) Plans .. 3 Contributions to Profit Sharing and Money Purchase pension Plans 6 Limitations on Contributions and Allocations .. 7 SECTION FOUR: VESTING AND FORFEITURES .. 7 How Your Vested Amount is Determined .. 7 What Happens to Nonvested 8 Break in Service Situations .. 8 SECTION FIVE: DISTRIBUTION OF BENEFITS, CLAIMS PROCEDURE AND LOANS .. 8 Benefit Eligibility .. 8 Distribution of Benefits .. 9 Restrictions or Penalties on Distributions .. 10 Payouts to Your Beneficiaries.
adopted. Refer to the top of the General Information Sheet to determine whether your Plan is a 401(k) (including simplified 401(k)), profit sharing, or money purchase pension plan. If your Plan is a 401(k) plan, you may elect to reduce your annual taxable income by deferring a portion of your Compensation into the Plan as Elective Deferrals.
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