My Iona

Eligibility

You will be eligible to contribute a portion of your pay to the Plan as a pre-tax Deferral, unless you fall into one of the following categories of excluded employees.

  • You are a student enrolled and attending classes offered by your Employer and your Employer is a school, college or university

You will be eligible to participate in the Plan and receive contributions made by your Employer after meeting certain requirements described below, unless you fall into one of the following categories of excluded employees.

  • You are a student enrolled and attending classes offered by your Employer and your Employer is a school, college, or university.
  • You are Temporary EE's.

The Plan document is being amended or restated on to new Plan documents. If you were eligible to participate in the prior plan, you will continue to be eligible to participate in this Plan without satisfying any additional age or service requirements.

Unless you fall into one of the categories of excluded employees, you will be immediately eligible (or required) to:

  • defer a portion of your pay as a pre-tax Deferral into the Plan

Unless you are part of an excluded class of employees, you must reach age 21 before you will be eligible to receive contributions made by your Employer. However, there is no age requirement for deferring a portion of your Compensation as a pre-tax Deferral. The age requirement listed above, however, will apply to pre-tax Deferrals only if you can defer pre-tax or Roth Deferrals into another plan maintained by your Employer that does not have any age and service requirements.

Unless you are part of an excluded class of employees, you must complete:

  • 2 consecutive year(s) of service with the Employer

before you are eligible to receive contributions made by your Employer. However, there is no years of service requirement for deferring a portion of your Compensation as a pre-tax Deferral. The years of service requirement listed above, however, will apply to pre-tax Deferrals only if you can defer pre-tax or Roth Deferrals into another plan maintained by your Employer that does not have any age and service requirements.

Your initial eligibility measuring period will be the 12-month period beginning with your hire date. If you do not satisfy the eligibility requirements during that first measuring period, eligibility will be calculated based on the Plan Year.

You will be credited with a year of service if you work at least 1,000 hours for your Employer during the eligibility measuring period.

Unless you fall into one of the categories of excluded employees, you will be immediately eligible to participate in the Plan, once you have met the age and service requirements listed above.

Once you satisfy the eligibility requirements and enter the Plan, you will continue to participate while you are still employed by the Employer, even if you have a break in eligibility service. A break in service occurs when you do not work more than 500 hours. If you had not yet satisfied the eligibility requirements and had a break in eligibility service, periods before your break in service will not be taken into account and you will have to satisfy the eligibility requirements following your break in service. Periods during which you have a break in eligibility service will not count against you if you were absent because you were pregnant, had a child or adopted a child, were serving in the military, or provided service during a national emergency and re-employment is protected under federal or state law, and you return to employment within the time required by law.

If you terminate employment and are later rehired, you will be able to defer a portion of your Compensation as a Deferral as soon as administratively feasible after being rehired. If you had met the eligibility requirements for Matching Contributions and were a Participant in the Plan before terminating employment or having a break in eligibility service, and are later rehired, you will enter the Plan immediately. If you were not a Participant before the break in eligibility service, and are rehired, you will need to again satisfy the Plan’s eligibility requirements for Matching Contributions.