Eligibility Requirements
Employees who are at least the age of 21 may participate in the 401(K) Savings Plan after they have completed six months of service with SureFire.
If an employee does not enroll upon initial eligibility, employees may enroll in the 401(K) Savings Plan on any subsequent January 1, April 1, July 1, and October 1.
Contributions
Employees may contribute up to 100% of their pay on a pre-tax basis up to $14,000 annually for 2005.
Employees age 50 or over may contribute an additional catch-up contribution of up to $4,000 for 2005.
Employees may change the amount of their contributions quarterly, and may stop contributing at any time.
Vesting Schedule
Employee contributions and earnings are 100% vested. All contributions are subject to annual reviews for compliance. |
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Rollovers
Employees may rollover contributions from any other eligible plan. Rollovers are permitted prior to meeting the eligibility requirements and are 100% vested.
Loans
Loans are available with minimum loan of $1,000. The maximum is 50% of employee’s vested account balance or $50,000, whichever is less.
Withdrawals
Plan contributions may be withdrawn only in the event of:
- Retirement
- Death
- Disability
- Termination of employment
- Financial Hardship
Withdrawals may be subject to withholding tax. Please consult a Human Resources Representative for further details. |
