Transcription of State Farm 401(k) Savings Plan Summary Plan Description
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State Farm 401(k) Savings Plan Summary Plan Description
State Farm 401(k) Savings Plan Summary Plan Description Effective June 09, 2019 401(k) Savings Plan Summary Plan Description 2 Table of Contents Introduction .. 5 Eligibility .. 5 Who Is Eligible .. 5 Who Is Not Eligible .. 5 Enrollment .. 6 As a New Hire or Newly Eligible for Benefits .. 6 As an Active Employee .. 6 How the Plan Works .. 7 Vesting .. 7 Benefits .. 7 8 Salary Deferral Contributions .. 8 Company Matching Contributions ..10 Company Non-Elective Contributions ..10 Rollover Contributions ..10 Maximum Annual Addition ..12 Investments .. 12 Investment of Contributions ..12 Valuation Day ..13 Earnings and Losses ..13 Elections Regarding Investments ..13 Transfer Money Between Investment Options ..14 Loans .. 15 General Provisions ..15 Repayment ..16 Additional Payment and Early Payoff.
Saving for retirement is an important consideration. State Farm offers the 401(k) Plan to encourage you to be active in planning and saving for your financial future. The 401(k) Plan provides eligible employees the opportunity to save your money on a before-tax and/or Roth after-tax basis through contributions made from payroll deductions.
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