Benchmark Benefits

https://www.mykplan.com/

  1-866-mykplan (695-7526)

The Retirement Plan offered by Benchmark through ADP Retirement Services provides you with the opportunity to save money for retirement on a tax-deferred basis through payroll deductions.

You will have the option to make contributions on a before-tax, Roth 401(k), and/or traditional after-tax basis in a variety of options that can be tailored to your situation.

• Eligibility starts the first of the month following 30 days of employment
• Employees are automatically enrolled in the plan at 3%
• Benchmark Matches 33 1/3rd % of your contributions up to 6%
  • (For example, you’ll receive 2% if you contribute 6%)

To access your retirement account and change contributions, switch up investment funds, rollover funds from a former plan, or print your statements, log into ADP and go to Myself > Benefits > Retirement Savings.

Benchmark begins matching contributions upon eligibility. The vesting (or how much of that match you keep) is based on the below schedule. Employees are 100% vested when turning age 65 regardless of service.

Vesting Information

1 Year       0%
2 Years   20%
3 Years   40%
4 Years   60%
5 Years   80%
6 Years 100%

How is my service determined for vesting purposes?

Year of Service. To earn a Year of Service, you must be credited with at least 1,000 Hours of Service during a Plan Year. The Plan contains specific rules for crediting Hours of Service for vesting purposes. The Administrator will track your service and will credit you 7 with a Year of Service for each Plan Year in which you are credited with the required Hours of Service, in accordance with the terms of the Plan. If you have any questions regarding your vesting service, you should contact the Administrator.

Hour of Service. The Plan does not credit you with your actual Hours of Service. Instead the Plan uses an “equivalency” method. Under this method you will be credited with 190 Hours of Service for each month during the year in which you would otherwise be credited with at least one Hour of Service.