Information on the Swinerton 401(k) & Savings Plan is provided here to give you an overview of our Retirement Plan—another key component of our overall Employee Benefits Offerings. However, Retirement Plan enrollment activities are not a part of the annual Open Enrollment process. You have the opportunity to save and invest income on a pre-tax and/or after-tax (Roth) basis with the Swinerton 401(k) & Savings Plan (the Plan).

Eligibility
You are eligible to participate in the Plan after three consecutive months of employment and a minimum of 250 hours of credited service. Upon satisfying the eligibility requirement, participation in the Plan begins on the first of the month. Effective January 1, 2024, newly eligible employees (including rehires with no prior plan entry date) are automatically enrolled in the Plan with a 6% pre-tax contribution rate. In addition, upon reemployment, rehired employees with a prior plan entry date will be automatically enrolled in the Plan with a 6% pre-tax contribution rate.

The contribution will be deducted each pay period, deposited into your 401(k) account, and invested in the Plan’s default investment option. You may opt out of automatic enrollment prior to your participation date or within 90 days of automatic enrollment to request a refund of your contributions. You can find further information on this feature in the Plan’s Summary Plan Description.

401(k) and Roth Contributions
You can make pre-tax 401(k) and/or Roth contributions to the Plan by electing between 1% and 50% of your eligible pay (base salary, overtime, and any cash bonus) through payroll deductions. Your own 401(k) contributions are always 100% vested.

Company Match
Swinerton matches a percentage of your pre-tax 401(k) and/ or Roth 401(k) contributions. The 2024 match formula is $1 for each $1 you contribute on the first 3% of your eligible pay, plus $0.50 for each $1 you contribute on the next 3% of your eligible pay.

Each year in November, the annual matching formula will be communicated for the upcoming year. In December, the Board of Directors will communicate the form of the Company’s matching contribution for the current year. The match may be made in cash, Swinerton Incorporated stock (Company stock), or a combination of both. The Company match is 100% vested immediately. A match in Company stock provides you an opportunity to have ownership in the Company.

Catch-Up Contributions
If you are age 50 or over, you may contribute additional pre-tax or Roth “catch-up” contributions. Please refer to the Summary Plan Description for further information.

Automatic Increase
If you were (or will be) automatically enrolled in the Plan with pre-tax 401(k) contributions and did not (do not) change your election or opt out of 401(k) contributions, your pre-tax 401(k) contribution rate will be automatically increased by 1% on July 1st of each year until the rate reaches 20%. You may opt out of the automatic increase feature by manually changing your election. Please refer to the Summary Plan Description for further information.