Money Purchase Plan - Voluntary Employee Contributions
You may make voluntary employee contributions to the
Money Purchase Pension Plan of 1% to 50% of your gross
pay for each pay period through authorized payroll
deductions. A separate employee contribution
account will be maintained for you.
You must notify your employer in writing through the
Voluntary Employee Contributions Election Form
to start making voluntary contributions, or to change
the percentage rate of your contributions, or to
discontinue your contributions.
Your voluntary contributions are not tax deductible,
they are made with "after tax" dollars. The
earnings that accumulate on your voluntary contributions
will be tax deferred - no taxes will be due until you
withdraw the earnings.
When you make a withdrawal from your employee
contribution account, you cannot elect to remove all of
the contributions and leave only the earnings. A
portion of the total dollar amount you choose to
withdraw will be voluntary contributions and the
remaining part will be associated earnings.
Withdrawal of earnings is taxable income and subject to
federal income tax withholding of 20%. No federal
income tax will be due on the voluntary contributions
You may withdraw funds from your employee
contribution account twice per calendar year. The
minimum amount that may be withdrawn is $200.