401K

Plan Highlights

Eligibility

You are eligible to participate when you have attained age 18.

The plan does not allow participation by employees who are leased employees, non-resident aliens with no U.S. earned income, union employees or reclassified employees, part-time, temporary or seasonal employees whose regularly scheduled service is less than 1,000 hours of service, or students.

Other requirements may have to be met, as described in the Summary Plan Description

Plan Entry

Eligible employees may join the plan on their date of hire.

Contribution Limits

Through automatic payroll deductions, you may contribute from 1% to 100% of your pay in pre-tax contributions. An annually adjusted Internal Revenue Service (IRS) dollars limit also applies. The dollar limit is $18,000 for 2017. If you are 50 or older this year, you may contribute an additional $6,000 for a maximum of $24,000 for 2017. Your contributions may be limited below this amount by other legal limits in certain cases.

Convenient Asset Consolidation

To simplify your financial life, the plan allows for rollovers from other retirement accounts you may have such as 401(k)s, 403(b)s, Governmental 457(b) plans and some IRAs. Complete the rollover form located in this booklet if you wold like to roll assets into your account. You may also call 800-228-8076 to request a rollover form.

Changing Contributions

You may stop your contributions anytime. You may also increase or decrease how much you contribute to the plan anytime. Log on to BBT.com/MyRetirementPlan or call 800-228-8076 to make changes to your contributions.

Employer Contributions

The plan provides for discretionary matching contributions on your contributions in an amount to be determined by your employer. The employer match also applies to any catch-up contributions you are allowed to make to the plan, subject to the same terms and conditions.

Your Summary Plan Description  provides more information describing how these employer contributions as computed.

Vesting

Vesting refers to “ownership” or the portion of your account that belongs to you. You are always 100% vested in your own contributions and your rollover contributions, plus any related earnings.

Employer contributions to the plan, plus any related earnings, are currently vested as follows.

Years of Vesting Service Vesting Percentage
Less than 30%
3 or more 100%

Plan Investments

You give investment direction for your plan account by selecting from the plan’s investment options. You may change how your future contributions are invested anytime. More information about the plan’s investment choices can be found elsewhere in these materials.

If you do not make an investment election, your plan contributions will be invested in one of the target date funds listed below most applicable to the date you are expected to retire.

Investment Option NameFrom DateTo Date
T. Rowe Price
Retirement 2010 Fund
01/01/200012/31/2014
T. Rowe Price
Retirement 2015 Fund
01/01/201512/31/2019
T. Rowe Price
Retirement 2020 Fund
01/01/202012/31/2024
T. Rowe Price
Retirement 2025 Fund
01/01/202512/31/2029
T. Rowe Price
Retirement 2030 Fund
01/01/203012/31/2034
T. Rowe Price
Retirement 2035 Fund
01/01/203512/31/2039
T. Rowe Price
Retirement 2040 Fund
01/01/204012/31/2044
T. Rowe Price
Retirement 2045 Fund
01/01/204512/31/2049
T. Rowe Price
Retirement 2050 Fund
01/01/205012/31/2054
T. Rowe Price
Retirement 2055 Fund
01/01/205512/31/2059
T. Rowe Price
Retirement 2060 Fund
01/01/206012/31/2070

If your date of birth is not on file, the investment selection will be made by your plan administrator.

ProNvest

The plan offers ProNvest, an independent retirement planning firm, to assist you in planning and managing your retirement plan assets. You can hire ProNvest to actively manage your account. ProNvest will use the investments available in the plan to implement ongoing investment advice, rebalance your account and make adjustments to become more conservative as you near retirement. You may have access to ProNvest once you are a participant in the plan by logging on to BBT.com/MyRetirementPlan and selecting the Investment Advice tab. ProNvest will deduct a 1.00% annual fee on a quarterly basis, if you hire ProNvest to actively manage your account. Additional details about ProNvest are provided in this guide.

Withdrawals and Distributions

Withdrawals from the Bethel University 401(k) Plan are generally allowed when you terminate employment, retire, reach age 59 1/2, have become permanently disabled or have a severe financial hardship as defined by the plan. Keep in mind that withdrawals are subject to income taxes and possibly early withdrawal penalties.

While you are employed at Bethel University, you may withdraw money from any rollover contributions.

In addition, the proceeds from your retirement plan account will go to your beneficiaries in the event of your death. Be sure to complete a beneficiary designation to select your beneficiaries.

It is important to talk to your tax advisor before withdrawing any money from your plan account.

Statements

A personalized summary plan statement is provided quarterly to help you monitor activity in your account.

24/7 Access

You have access to online retirement plan information before you log on to your account, including over 20 different tools and calculators. You may also log on to your account to find out information about your retirement plan features and investments. Go to BBT.com/MyRetirementPlan for more information or call 800-228-8076. Press “0” to speak to a representative Monday-Friday between 8 AM – 8 PM ET.

Additional Plan Information

Enrollment material and other important plan information are available at http://www.sponsorportal.com/bbtebn?plan=901027

Summary Plan Description

The above plan highlights provide only a brief overview of the plan’s features and is not a legally binding document. A more detailed Summary Plan Description will be given to you. Additionally, your employer may amend the plan at any time to change its terms. If there is a disagreement between this document and the plan, the plan’s terms govern. Please read it carefully and contact your plan administrator if you have any further questions.