Retirement Plans
401(k) & Profit Sharing
Roehl is an industry leader in company contributions to driver retirement plans.
If financing your retirement depends on a winning lottery ticket or a lucky night at the casino, it's unlikely that you'll be able to retire in the fashion you would like-if at all!
Saving money isn't easy. In fact, few Americans have a plan for saving for retirement or other long-term goals. However, we all know that financial security is very important if we are to fully enjoy our retirement years. Your retirement account at Roehl is made up of three different components; 401(k) that you put in through payroll deduction (pretax or Roth), profit sharing which allows us to share the company's successes with you and possibly a rollover from your previous employer's retirement plan.
Our plan is administered by Empower Retirement, one of the nation's leading retirement plan providers.
401(K)
The Roehl 401(k) plan makes long-term saving easy and profitable in a number of ways:
- You can save from 1% to 40% of your wages.
- Your 401(k) savings are deducted from your paycheck on a pre-tax basis, lowering your current tax bill.
- You pay no income taxes on your 401(k) contributions, company profit-sharing contributions or any investment earnings as long as the money stays in the plan.
- You may choose to contribute after-tax dollars through a 401(k) ROTH account. Upon retirement age, all withdrawals from your ROTH account would be tax free.
- You decide how to invest your retirement savings from a number of investment funds.
- Because of the size of Roehl’s retirement plan we are able to offer mutual fund share classes with much lower management fees than we, as individual investors, have access to. The returns on the funds you are invested in are reported net of these asset management fees.
- Through the loan provision, you may borrow up to 50% of your vested account balance as long as you remain employed with Roehl.
Customer Service Representatives are available from 7am–9pm (CST) Monday through Friday by calling 888-411-4015. They can answer your questions and explain options even if you’re not yet enrolled in the plan.
You can also review your account on the web at
www.empowermyretirement.com.
Here is an overview of the plan provisions. Please refer to your Summary Plan Description (SPD) booklet for more detailed information. The SPD is sent to you upon your 401(k) eligibility date.
- Eligibility—You become eligible for the 401(k) program on the first day of the month following 60 days of employment.
- Enrollment—You will automatically be enrolled on the first of the month following 90 days of employment if you do not opt out or change your percentage. A notice will be sent regarding this several weeks before the deduction begins.
- Pay deferrals—New employees will automatically be enrolled in the 401(k) plan at a rate of 4% of their gross pay. Each subsequent year on July 1, an automatic increase of 1% occurs up to a maximum of 10%. You may elect to stop or change your deferral percentage at any time during the year. To do so, contact Empower Retirement at 888-411-4015 or log onto www.empowermyretirement.com. Once you have made a change to your deferral percentage, any scheduled automatic deferral increases no longer apply to you. You will receive instructions on how to make these changes several weeks before your eligibility date.
- Catch-up provision—If you will be 50 years of age or older by December 31st, you are eligible to defer even greater amounts into your 401(k). Call the 401(k) Benefits Helpline for details.
- Investment of 401(k) contributions—You have many investment options, ranging from lower potential risk/return to higher potential risk/return. Investment changes can be made daily. If you do not make an investment election, your 401(k) deferrals will default to your age appropriate T. Rowe Price Target Date fund.
- Loans—You may borrow money from your account. The minimum loan is $1,000 and the maximum is generally 50% of your vested account balance. The interest rate is the current prime rate plus one percent. Repayment of principle and interest is handled through payroll deduction. There is a $50 fee to take out a loan which will be deducted from your loan check. In addition, there is an annual fee of $25 to maintain your loan.
- Hardship withdrawals—In certain extraordinary circumstances you can withdraw money from your 401(k) account, provided you are still employed and under age 59½.
- In-service withdrawals – Once you reach the age of 59½ you may make one in-service withdrawal per year while still employed with the company.
Rollover
Rolling over your retirement savings account balance from your previous employer to our 401(k) Profit Sharing Plan & Trust could be a smart move! By consolidating your plans, you can manage your account at one location. This information is available below or at
www.empowermyretirement.com.
Just complete the following four easy steps:
Step 1—Review the list below and determine the source of your rollover.
- Qualified retirement plan (pretax only, no after-tax)
- 403(b) plan
- 457 governmental plan
- Conduit IRA (Traditional IRAs consisting solely of amounts from a qualified retirement plan)
- Other IRA (Traditional IRAs only, no ROTH IRAs or educational savings accounts)
Money you roll over must be part of an eligible rollover distribution. You cannot roll over hardship distributions, required minimum distributions and certain extended installment distributions. You cannot make in-kind rollovers or rollovers of company stock. If you have questions about what money may be rolled over, please contact the Empower Retirement Service Center at 888-411-4015.
Step 2—Contact your prior company or IRA provider and obtain a distribution check (no personal checks will be accepted). Have the prior company or IRA provider mail the distribution check to your home address.
The check should be made payable to:
Roehl Transport, Inc.
401(k) Profit Sharing & Plan Trust
(194556-01) For the benefit of (Fill in Your Name)
If the distribution from your prior plan was paid directly to you (i.e. the distribution check was made payable to you with taxes withheld and not to a rollover institution for your benefit), include a copy of the distribution statement that accompanied your check or include similar documentation from a financial institution showing the date, tax withholding and amount of the distribution. After-tax contributions are not allowed for an indirect rollover. Your rollover must be invested within 60 days from when you received the check. Please submit a certified check, cashier’s check or money order made payable to Empower Retirement. No personal checks are accepted.
Step 3—Contact the Retirement Service Center at 888-411-4015.
A Retirement Service Representative will review the rollover process and mail or fax a Contribution Rollover Form to you.
Step 4—Review and sign the Contribution Rollover Form and return it with your rollover check and any other required documentation specified on the form to the address listed below.
Your rollover will be processed as soon as administratively possible when received in good order.
Empower Retirement
P.O. Box 173764
Denver, CO 80217-3764
A check received without the Contribution Rollover Form and required documentation will be returned to you.
Your rollover contribution will be invested based on your current investment election. If no election is on file, your rollover will be invested according to your plan’s default investment—a T. Rowe Price Retirement fund associated with a retirement age of 65. To change how your account is invested, you may contact Empower’s Retirement Service Center at 888-411-4015.
If you have any questions, please call the Empower Retirement Service Center at 888-411-4015.
For account information and investment education, visit the Empower Retirement website at
www.empowermyretirement.com.
Profit Sharing
One of the rewards of a successful year is the additional money you receive through the profit sharing plan. When we have a profitable year, the executive leadership group makes a decision on the contribution to the profit sharing plan. We have made a profit sharing contribution every year since the inception of the plan in 1980. We’re proud to provide this additional reward to you based upon the success of the entire team.
You become eligible for profit sharing after six months and at least 1,000 hours of service. Entry dates to the profit sharing plan are January 1 and July 1. You will automatically be enrolled in profit sharing once you become eligible. You must have worked at least 1,000 hours in the year for which the contribution is being made and you must be employed and at least 21 years old on December 31 of such year.
Your profit sharing contributions will be invested in the same funds you have elected for your 401(k) deferrals. If you have not made an investment election for your 401(k) deferrals, your profit sharing contributions will be invested into your age appropriate T. Rowe Price Target Date fund.
Vesting of Accounts
| Years of service |
% vested |
| 2 |
20% |
| 3 |
40% |
| 4 |
60% |
| 5 |
80% |
| 6 |
100% |
A minimum of 1,000 hours of service are required to qualify as a year of service.