401K Enrollment

Summary Plan Description

The 401(K) Program Summary Plan Description (pdf) contains important details regarding plan administration and plan rules.


Members may enroll twice a year during two enrollment periods prior to January 1st and July 1st. The enrollment will be effective that January 1st or July 1st.


Contribution percentages can be changed four times a year -- for effective dates of January 1st, April 1st, July 1st or October 1st.


"Catch up" Contributions

May be available up to a max of $7,500 for 2023. Members who will be at least 50 years old by the end of the current year can make catch-up contributions. This catch-up limit is in addition to the regular limit.

The Fund has contracted with the Principal Group as the service provider. The 401(k) Savings Plan is administered by a professional staff. The Board of Trustees make all the policy decisions and monitor its operations.

Catch-Up Contributions

Among the many important pension reform provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) is the catch-up contribution provision. The provision is intended to help those who are closest to reaching retirement age “catch up” by permitting additional contributions above the normal maximum allowed. To be eligible to make catch-up contributions, you must be at least 50 years of age by the end of the year and be unable to make additional contributions because of legal, plan, or ADP restrictions.

Our 401k Program permits catch-up contributions. The table below illustrates the difference between normal maximum contribution levels, and those allowed with the catch-up contribution provision.

2019 $19,000 $6,000 $25,000
2020 $19,500 $6,500 $26,000
2021 $19,500 $6,500 $26,000
2022 $20,500 $6,500 $27,000
2023 $22,500 $7,500 $30,000

Voluntary Contribution Changes

Voluntary Contribution Change Form (pdf)

The Voluntary Contribution Change Form is used whenever you want to make modifications to the voluntary amounts that you are contributing. Use this form when you need to:

  1. Change Contribution Amounts – use the form to increase or decrease the amount you want to contribute to your 401k plan
  2. Stop Contributions – use this form to discontinue making contributions to your account
  3. Re-start Contributions – use this form if you have previously enrolled, stopped making deferrals, and now want to re-start making contributions into your account

You are permitted to make changes to your contribution amounts up to 4 times per year. Participants must have a Voluntary Contribution Change Form completed one week prior to the beginning of the quarter (see dates below). Any forms received by the 401k Department after the dates below will be held until the next quarter.

1st Quarter December 15 January 1st
2nd Quarter March 15 April 1st
3rd Quarter June 15 July 1st
4th Quarter September 15 October 1st

You can use the Voluntary Change Form to stop contributions at any time. However, stopping deferral contributions does not mean that your plan is being closed. All monies in the account shall continue to be allocated according to the options you have chosen.

You can also use the Voluntary Change Form to re-start contributions if you have previously stopped making them. You can only restart deferrals at the beginning of a Quarter (see dates above).


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