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401(k) Plan Information

As we continue to provide you with what we hope is helpful information in a variety of areas, this communication will address the Company’s 401(k) Retirement Savings Plan.   Much of the information included here applies in general to any type of investment account, and some is specific only to our 401(k) plan.  We do understand that when the market experiences such extreme downswings as we’ve seen over the past two weeks, it can be a tremendous cause for concern.  We have attached materials provided by our record-keeper, Empower Retirement, which addresses specific information on market volatility.  Please take a few minutes to review this information.  Below is a link to a short webinar provided by Strategic Retirement Partners, our financial advisor group. This is intended to be informational only. If you wish to discuss your personal investments within the 401 (k) plan feel free to contact our designated Strategic Retirement Partners on 757) 645-3975. We think you will find this to be very informative, and we hope the information puts your mind at ease, at least to some degree.

Click this link Market Volatility video to review the short webinar referenced.

For our associates who currently participate in the Company’s plan, we’d like to remind you of certain plan provisions.  While we discourage any type of withdrawal from your 401(k) account, we do recognize that during times of crisis a withdrawal may be unavoidable.  Generally, certain types of withdrawals are available:

  • Hardship withdrawal – IRS defines hardship as withdrawal of funds for an immediate financial need to alleviate certain conditions, which includes prevention of eviction/foreclosure and catastrophic medical costs not covered by insurance.  Documentation must be provided.
  • In-Service withdrawal – If age 59-1/2 or older, can withdraw from any money type in which you are 100% vested (your contribution and company match funds).  If under age 59-1/2 can withdraw only from company match funds provided you are 100% vested.  In-service withdrawals are limited to 3 each plan year.
  • Loans – Minimum of $1000 to maximum of 50% of vested account, not to exceed $50,000.  Only one loan allowed at any time.  Payroll deduction required for repayment of the loan.

If you find that you must take advantage of any of the withdrawal provisions, you should contact Empower Retirement directly, either by phone or website.  Be sure that Empower is showing your current home address, phone number and email address.  If incorrect, you must update your personal information on Kronos.  We also advise notifying HR ( that you have requested a 401(k) withdrawal, as we may need to provide the updated home address information to Empower outside of our normal process, to expedite your request.

EMPOWER:   1.800.338.4015  or  

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