| Contributions |
Employer Contributions (Either Matching or Nonelective)
Matching Contributions
Nonelective Contributions
|
As follows:
lesser of 3% of your compensation or
100% of salary reduction contributions
2% of compensation regardless of salary
reduction contributions
Employer may elect a reduced 1% of compensation
no more than 2 out of 5 rolling calendar years
|
Employee Deferral Contributions:
Employee Deferrals 2007
Age 50+
Employee Deferrals 2008
Age 50+
|
As follows:
lesser of $10,500 or 100% of compensation
lesser of $13,000 or 100% of compensation
lesser of $10,500 or 100% of compensation
lesser of $13,000 or 100% of compensation
|
| Regular IRA contributions |
Not allowed |
| Distributions |
Prior to Age 59 1/2:
Year 1-2
Year 3+
|
Premature Distribution: taxable and
25% penalty within first two years of participation
10% penalty unless exception applies
|
| Age 59 1/2+ |
Regular Distribution - taxable |
| Required Beginning Date (RBD) - April 1 following the year in which you turn 70 1/2 |
RBD - 50% penalty if minimum not taken. Taxable Distribution. |
| Required Minimum Distribution (RMD) -
must be taken annually by each Dec. 31st following account holder's RBD |
RMD - 50% penalty if minimum not taken. Taxable Distribution. |
| RMD Calculation: |
Previous year-end balance / life expectancy = RMD |
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