You are eligible to participate in the 401 (k) Plan provided you are:
- At least 18 years of age, and
- A full-time employee who has completed 90 days of service, or
- A part-time employee scheduled to work less than 30 hours a week, who has completed one year of service.
For new employees, an automatic payroll deduction of 2% of your compensation per week will begin 30 days after your eligibility begins if the carrier has not received a response from you by that time. After your eligibility begins, you must elect a zero percent (0%) deduction to decline participation. You have 30 days after eligibility to decline participation before the automatic 2% deduction begins. If you decline participation and later change your mind, you may enroll at any time. You can make your election changes on the carrier website or by using the toll free number 1-800-228-8076 to speak to a representative.
This link connects you to the Employee Benefit Network, a site dedicated to providing you with comprehensive information about your 401(k) Retirement Plan with Watson Electrical and BB&T. On this site, you will be able to learn about the characteristics of the Plan, including Plan Highlights as well as detailed investment information on the various mutual funds available to you. You will also find a helpful guide that walks you through the Retirement Planning Process in 5 easy steps, including learning about the importance of retirement savings, tax savings through the 401(k) Plan, and an educational guide on what investments the plan has to offer. You may access a Beneficiary Form here as well. If you would like to view personal account information, you may do so by visiting https://www.bbt.com/investing/retirement-plan-participants/default.page.