THE BBA AVIATION 401(k) PLAN FEATURES
Here is what you need to know about the BBA Aviation 401(k) Plan in order to take full advantage of the benefits it has to offer. Please refer to the Summary Plan Description located on the Wells Fargo website or available by calling the Wells Fargo Retirement Service Center for more detailed information about the 401(k) Plan.
For more information, visit the Wells Fargo website at wellsfargo.com Or call the Wells Fargo Retirement Service Center at: 1-800-SAVE123 (1-800-728-3123) When can I enroll in the BBA Aviation 401(k) Plan? • Full-time employees are eligible to enroll anytime after completing 90 days of service. • Part-time employees must be age 18 to participate, and can enroll in the plan anytime after the first of the quarter after completing 12 months of service.
How do I enroll or change my deferrals?
You have two convenient ways to access your 401(k) account, whether you want to enroll, make changes or view your account: the Wells Fargo website and the Wells Fargo Retirement Service Center. Wells Fargo website: wellsfargo.com The Wells Fargo website offers several online tools for managing your account. You can also print an up-to-date account statement showing the most current performance and any changes you’ve made to your account. Wells Fargo Retirement Service Center: 1-800-SAVE123 (1-800-728-3123) This automated phone system is available 24 hours a day, seven days a week. Retirement service representatives are available to assist you from 7:00 a.m. to 11:00 p.m. Eastern Time, Monday through Friday.
To access your account for the first time:
•C hoose Enroll at the top of the page. You’ll need your Social Security number (SSN), date of birth, and email address. Check the box indicating that you do not have an account number and you will be guided through a short series of questions.
How much can I contribute to the BBA Aviation 401(k) Plan?
• You may elect to defer from 1% to 100% of your eligible compensation on a pretax basis through payroll deductions. The Internal Revenue Service (IRS) limit for your pretax contributions is $18,000 in 2017 • You also may elect to defer 1% to 20% of your eligible compensation on a post-tax basis through payroll deductions.
• I f you have reached age 50, or will be turning 50 this year and are making the maximum contribution, you may make an additional “catch-up” contribution each pay period. The maximum catch-up contribution amount is $6,000 in 2017.
When can I change or stop my contributions?
You may change or stop your contribution rate at any time. The change will take effect on the next available pay period.
Does the Company contribute to my account?
The Company will make a matching contribution of 100% of pre- and post-tax contributions not to exceed 4% of eligible compensation. For employees hired on or after January 1, 2017, you must have completed 1 year of service (1,000 hours of service in an eligibility period) to receive matching contributions. The initial eligibility period is the 12 month period beginning on an employee’s date of hire.
Is my account automatically rebalanced?
Your plan provides you with options to help you maintain your account's targeted asset allocation. BBA Aviation has chosen auto re-balance as a feature of the plan. Rebalancing your account on a regular basis is important to keep your investments in-line with your chosen risk level and targeted asset allocation plan. If you choose to invest in one of the Target Date Funds automatic rebalancing is already taken care of for you at regularly scheduled intervals. If you select investments from only the individual fund options in your plan, you have the option to add the Automatic Rebalancing feature to your account. After you enroll in the plan, you can add Automatic Rebalancing by accessing your retirement plan account on wellsfargo.com or by calling 1-800-SAVE123 (1-800-728-3123).
Can I roll over money into the plan?
You may be able to roll over contributions from other qualified plans and IRAs. For more information about rolling over your money, please call the Wells Fargo Retirement Service Center at 1-800-SAVE123 (1-800-728-3123).
What does vesting mean to my account?
Vesting refers to the ownership of the money in your account. The interest of participants in their pretax contributions, post-tax contributions, matching contributions, and rollover contributions will be 100% vested and non-forfeitable at all times.
Can I take a loan from my account?
• You are allowed to have two outstanding loans from the BBA Aviation 401(k) Plan at a time. • The minimum loan amount is $1,000. • The maximum amount you may borrow is 50% of your entire vested balance. You cannot borrow more than $50,000, minus the highest outstanding loan balance you have during the last 12 months. • You will be charged a $50 loan set-up fee. • General purpose loans are due within five years, and residential loans are due within 10 years. •E mployees pay back loans at the Wells Fargo Prime Rate. • Employees pay back loans through payroll deduction.
Can I withdraw money from my account? While you are still employed at the company, you can withdraw money from your plan under the following conditions:
• Hardship 1. Extraordinary medical expenses; 2. Purchase of a primary residence; 3. Educational expenses for immediate family; 4. S ome other financial emergency approved by your plan’s administrator. • Age 59 1/2 • Post-tax • Rollover balances If you take a hardship withdrawal, your employee contributions will be automatically suspended for 6 months. Hardship withdrawals are subject to ordinary income taxes (and generally a 10% non-deductible tax penalty if you are under age 59 1/2). Refer to your Summary Plan Description for more information about withdrawals.
What happens when I leave BBA Aviation?
If you leave the company or your employment ends because of retirement or permanent disability, you have the following options: • Roll your money into another qualified plan or Individual Retirement Account (IRA). • Take a cash distribution. • Do not directly request a distribution. In this case, where you do not specifically request a distribution at the time of your separation from employment, what ultimately happens to your 401(k) account depends on your account balance and your age: - If your account balance is over $1,000 but less than $5,000 and you do not elect to take a distribution, your account balance will be rolled into a Wells Fargo IRA. - If your account balance is $1,000 or less and you do not elect to take a distribution, your account balance will be paid to you in a taxed lump sum payment.
- If your account balance is over $5,000, you can keep your money invested in the plan until you reach age 65. When you request a distribution, your account balance will be paid to you in a single lump sum as soon as administratively practical.
Can I get help making my investment decisions?
BBA Aviation has chosen to offer the Wells Fargo Retirement Investment Advice program to help with your investment decisions. Available to you at no additional cost, the program assesses your overall strategy and presents you with recommendations on how you can potentially improve your retirement investment mix. Taking your age and time frame until retirement into consideration, among other factors, the program compares your current investment choices with a proposed mix based on your personal situation. In addition, the program can help you determine how much you need to save for retirement. To access the Retirement Investment Advice program online, sign on to your account at wellsfargo.com. After selecting your plan name, go to Actions and Investments tab in the top navigation bar, select Advisory Services, then Retirement Investment Advice. The Retirement Investment Advice program is offered by Wells Fargo Bank, N.A. Individual participant investment recommendations are provided by Morningstar Investment Management LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. The Morningstar name and trademarks are used, under license, from Morningstar Investment Management LLC. Morningstar Investment Management LLC is not an affiliate of Wells Fargo. The program is intended for use by citizens and legal residents of the United States and its territories. Investment recommendations are based on information provided and limited to the investment options available in your plan. You must decide whether to implement the investment recommendations. The Retirement Investment Advice program does not invest or manage your plan account. Use of the Retirement Investment Advice program is subject to your acceptance of an Investment Advisory Agreement with Morningstar Investment Management LLC. Projections and other information regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature, do not reflect actual results, are not guarantees of future results, and may vary with each use and over time. Other investment alternatives having similar risk and return characteristics may be available under your plan. Please contact your plan administrator for these investment alternatives. Some of the plan’s administrative fees may be paid through the investment options in which you invest. The information shown above is not intended to provide any suggestion that you engage in or refrain from taking any particular course of action.
For more information, see your Summary Plan Description. A complete description of your Plan can be found in the Plan Document that governs the plan and is available for review from your Plan Administrator. If there are any discrepancies between this document and the Plan Document, the Plan Document will govern. Following your enrollment, you will receive a prospectus for each of the funds you select. Read the prospectus carefully before investing. This communication piece is intended to summarize some of the benefits and requirements of the plan. It is not intended to provide a full description of all of the plans, programs, and policies, terms of eligibility, or restrictions. All statements made in this brochure are subject to the terms of the official plan, program, and policy documents. In the event of a conflict between the official documents and this brochure, the official plan documents are controlling. The Plan Sponsor reserves the right to amend, modify, or terminate each of its employer-sponsored plans, programs, and policies at any time, in whole or part, without notice for any reason. For more information about the funds in your plans, obtain a current prospectus by calling the Retirement Service Center at 1-800-SAVE-123 (1-800-728-3123), visiting wellsfargo.com, or calling your plan administrator.
