| Candidate Information | | Title | Human Resources M A | | Target Location | US-WV-Huntington |
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Click here or scroll down to respond to this candidateJanuary 2023PRONTO MANAGEMENT, LLC Street Address (K) PLANSUMMARY PLAN DESCRIPTIONEste documento contiene un resumen en ingls de sus derechos y beneficios bajo el plan de jubilacin patrocinado por su empleador. Si tiene dificultad para comprender cualquier parte de este documento, contacte al administrador del plan o a un representante de recursos humanos.This document contains a summary in English of your rights and benefits under your employer sponsored retirement plan. If you have difficulty understanding any part of this document contact the Plan Administrator or human resources representative. 1TABLE OF CONTENTSINTRODUCTION TO YOUR PLANWhat kind of Plan is this? 1 What information does this Summary provide? 1 ARTICLE IPARTICIPATION IN THE PLANHow do I participate in the Plan? 1 What service is counted for purposes of Plan eligibility? 2 What happens if I'm a Participant, terminate employment and then I'm rehired? 2 ARTICLE IIEMPLOYEE CONTRIBUTIONSWhat are salary deferrals and how do I contribute them to the Plan? 2 What are "rollover" contributions? 3 ARTICLE IIIEMPLOYER CONTRIBUTIONSWhat is the Employer matching contribution and how is it allocated? 4 What are forfeitures and how are they allocated? 4 ARTICLE IVCOMPENSATION AND ACCOUNT BALANCEWhat compensation is used to determine my Plan benefits? 4 Is there a limit on the amount of compensation which can be considered? 4 Is there a limit on how much can be contributed to my account each year? 4 How is the money in the Plan invested? 4 Will Plan expenses be deducted from my account balance? 5 ARTICLE VVESTINGWhat is my vested interest in my account? 5 How is my service determined for vesting purposes? 6 What service is counted for vesting purposes? 6 What happens to my non-vested account balance if I'm rehired? 6 What happens if the Plan becomes a "top-heavy plan"? 7 ARTICLE VIDISTRIBUTIONS PRIOR TO TERMINATION AND HARDSHIP DISTRIBUTIONS Can I withdraw money from my account while working? 7 Can I withdraw money from my account in the event of financial hardship? 7 ARTICLE VIIBENEFITS AND DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT When can I get money out of the Plan? 8 2What happens if I terminate employment before death, disability or retirement? 9 What happens if I terminate employment at Normal Retirement Date? 9 How will my benefits be paid to me? 9 ARTICLE VIIIDISABILITY BENEFITSHow is disability defined? 9 What happens if I become disabled 10 ARTICLE IXBENEFITS AND DISTRIBUTIONS UPON DEATHWhat happens if I die while working for the Employer? 10 Who is the beneficiary of my death benefit? 10 How will the death benefit be paid to my beneficiary? 10 When must the last payment be made to my beneficiary? 10 What happens if I'm a Participant, terminate employment and die before receiving all my benefits? 11 ARTICLE XTAX TREATMENT OF DISTRIBUTIONSWhat are my tax consequences when I receive a distribution from the Plan? 11 Can I elect a rollover to reduce or defer tax on my distribution? 11 ARTICLE XIPROTECTED BENEFITS AND CLAIMS PROCEDURESAre my benefits protected? 12 Are there any exceptions to the general rule? 12 Can the Plan be amended? 12 Does the Plan have any Code 411(d)(6) protected benefits 12 What happens if the Plan is discontinued or terminated? 12 How do I submit a claim for Plan benefits? 12 What if my benefits are denied? 13 What is the Claims Review Procedure? 14 What are my rights as a Plan Participant? 16 What can I do if I have questions or my rights are violated? 16 ARTICLE XIIGENERAL INFORMATION ABOUT THE PLANPlan Name 16 Plan Number 16 Plan Effective Dates 17 Other Plan Information 17 Employer Information 17 Administrator Information 19 Plan Trustee Information and Plan Funding Medium 19 January 20231PRONTO MANAGEMENT, LLC 401(K) PLANSUMMARY PLAN DESCRIPTIONINTRODUCTION TO YOUR PLANWhat kind of Plan is this?Pronto Management, LLC 401(k) Plan ("Plan") has been adopted to provide you with the opportunity to save for retirement on a tax- advantaged basis. This Plan is a type of qualified retirement plan commonly referred to as a 401(k) Plan. What information does this Summary provide?This Summary Plan Description ("SPD") contains information regarding when you may become eligible to participate in the Plan, your Plan benefits, your distribution options, and many other features of the Plan. You should take the time to read this SPD to get a better understanding of your rights and obligations under the Plan. In this Summary, your Employer has addressed the most common questions you may have regarding the Plan. If this SPD does not answer all of your questions, please contact the Administrator or other Plan representative. The Administrator is responsible for responding to questions and making determinations related to the administration, interpretation, and application of the Plan. The name and address of the Administrator can be found at the end of this SPD in the Article entitled "General Information About the Plan." This SPD describes the Plan's benefits and obligations as contained in the legal Plan document, which governs the operation of the Plan. The Plan document is written in much more technical and precise language and is designed to comply with applicable legal requirements. If the non-technical language in this SPD and the technical, legal language of the Plan document conflict, the Plan document always governs. If you wish to receive a copy of the legal Plan document, please contact the Administrator. The Plan and your rights under the Plan are subject to federal laws, such as the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code, as well as some state laws. The provisions of the Plan are subject to revision due to a change in laws or due to pronouncements by the Internal Revenue Service (IRS) or Department of Labor (DOL). Your Employer may also amend or terminate this Plan. Your Employer will notify you if the provisions of the Plan that are described in this SPD change. NOTE: This Plan has been adopted by other Employers. However, each Employer may have Plan provisions that differ from those explained in this SPD. The Administrator will inform you if there are any differences. Types of contributions. The following types of contributions may be made under this Plan: Employee salary deferrals including Roth 401(k) deferrals Employer matching contributions Employee "rollover" contributionsARTICLE IPARTICIPATION IN THE PLANHow do I participate in the Plan?Provided you are not an Excluded Employee, you may become a "Participant" in the Plan once you have satisfied the eligibility requirements and reached your "Entry Date." The following describes the eligibility requirements and Entry Dates that apply. You should contact the Administrator if you have questions about the timing of your Plan participation. All ContributionsExcluded Employees. If you are a member of a class of employees identified below, you are an Excluded Employee and you are not entitled to participate in the Plan. The Excluded Employees are: union employees whose employment is governed by a collective bargaining agreement under which retirement benefits were the subject of good faith bargaining, unless the collective bargaining agreement requires the employee to be included within the PlanJanuary 20232 nonresident aliens who have no earned income from sources within the United States or whose earned income from sources within the United States is exempt from United States income tax under an applicable income tax convention Eligibility conditions. You will be eligible to participate in the Plan when you have satisfied the following eligibility condition(s). However, you will actually become a Participant in the Plan once you reach the Entry Date as described below. no age requirement. completion of 3 months of service.Waiver of Eligibility Conditions. The service requirement is waived for any Eligible Employee employed on December 1, 2015. Any such Eligible Employees will also enter the Plan on this date (i.e., this will be their Entry Date). Entry Date. Your Entry Date will be the first day of the Plan Year quarter coinciding with or next following the date you satisfy the eligibility requirements.What service is counted for purposes of Plan eligibility? Service with the Employer. In determining whether you satisfy the minimum service requirements to participate under the Plan, all service you perform for the Employer will generally be counted. Service with another Employer. For eligibility purposes, your service with Concord Enterprises, Inc., Thomas and King, Inc., Apple Sauce, Inc., Apple Illinois, Inc. and RMH Franchise Holdings, Inc. will be counted. Military service. If you are a veteran and are reemployed under the Uniformed Services Employment and Reemployment Rights Act of 1994, your qualified military service may be considered service with the Employer. If you may be affected by this law, ask the Administrator for further details.What happens if I'm a Participant, terminate employment and then I'm rehired? If you are no longer a Participant because you terminated employment, and you are rehired, then you will be able to participate in the Plan on your date of rehire provided you are otherwise eligible to participate in the Plan. ARTICLE IIEMPLOYEE CONTRIBUTIONSWhat are salary deferrals and how do I contribute them to the Plan? Salary deferrals. As a Participant under the Plan, you may elect to reduce your compensation and have that amount contributed to the Plan as a salary deferral. There are two types of salary deferrals: Pre-Tax 401(k) deferrals and Roth 401(k) deferrals. For purposes of this SPD,"salary deferrals" generally means both Pre-Tax 401(k) deferrals and Roth 401(k) deferrals. Regardless of the type of deferral you make, the amount you defer is counted as compensation for purposes of Social Security taxes. Pre-Tax 401(k) deferrals. If you elect to make Pre-Tax 401(k) deferrals, then your taxable income is reduced by the deferral contributions so you pay less in federal income taxes. Later, when the Plan distributes the deferrals and earnings, you will pay the taxes on those deferrals and the earnings. Therefore, with a Pre-Tax 401(k) deferral, federal income taxes on the deferral contributions and on the earnings are only postponed. Eventually, you will have to pay taxes on these amounts. Roth 401(k) deferrals. If you elect to make Roth 401(k) deferrals, the deferrals are subject to federal income taxes in the year of deferral. However, the deferrals and, in most cases, the earnings on the deferrals are not subject to federal income taxes when distributed to you. In order for the earnings to be tax free, you must meet certain conditions. See "What are my tax consequences when I receive a distribution from the Plan?" later in the SPD. Deferral procedure. The amount you elect to defer will be deducted from your pay in accordance with a procedure established by the Administrator. The procedure will require that you enter into a salary deferral agreement after you satisfy the Plan's eligibility requirements. You may elect to defer a portion of your salary as of your Entry Date. Such election will become effective as soon as administratively feasible after it is received by the Administrator. Deferral modifications. You are permitted to revoke your salary deferral election at any time during the Plan Year. You may make any other modification as of each payroll period or in accordance with any other procedure that your Employer provides. Any modification will become effective as soon as administratively feasible after it is received by the Administrator. Deferral Limit. As a Participant, you may elect to defer an amount from your compensation each year instead of receiving that amount in cash. You may defer up to 75% of your compensation. Such election will also apply to irregular pay (e.g., bonuses). January 20233Your total deferrals in any taxable year may not exceed a dollar limit which is set by law. The limit for 2023 is $22,500. After 2023, the dollar limit may increase for cost-of-living adjustments. See the paragraph below on Annual dollar limit. Catch-up contributions. If you are at least age 50 or will attain age 50 before the end of a calendar year, then you may elect to defer additional amounts (called "catch-up contributions") to the Plan as of the January 1st of that year. The additional amounts may be deferred regardless of any other limitations on the amount that you may defer to the Plan. The maximum "catch-up contribution" that you can make in 2023 is $7,500. After 2023, the maximum may increase for cost-of-living adjustments. Any "catch-up contributions" that you make will not be taken into account in determining any Employer matching contribution made to the Plan. Annual dollar limit. You should also be aware that each separately stated annual dollar limit on the amount you may defer (the annual deferral limit and the "catch-up contribution" limit) is a separate aggregate limit that applies to all such similar salary deferral amounts and"catch-up contributions" you may make under this Plan and any other cash or deferred arrangements (including tax-sheltered 403(b) annuity contracts, simplified employee pensions or other 401(k) plans) in which you may be participating. Generally, if an annual dollar limit is exceeded, then the excess must be returned to you in order to avoid adverse tax consequences. For this reason, it is desirable to request in writing that any such excess salary deferral amounts and "catch-up contributions" be returned to you. If you are in more than one plan, you must decide which plan or arrangement you would like to return the excess. If you decide that the excess should be distributed from this Plan, you must communicate this in writing to the Administrator not later than the March 1st following the close of the calendar year in which such excess deferrals were made. However, if the entire dollar limit is exceeded in this Plan or any other plan your Employer maintains, then you will be deemed to have notified the Administrator of the excess. The Administrator will then return the excess deferrals and any earnings to you by April 15th. Allocation of deferrals. The Administrator will allocate the amount you elect to defer to an account maintained on your behalf. You will always be 100% vested in this account (see the Article in this SPD entitled "Vesting"). This means that you will always be entitled to all amounts that you defer. This money will, however, be affected by any investment gains or losses. If there is an investment gain, then the balance in your account will increase. If there is an investment loss, then the balance in your account will decrease. Distribution of deferrals. The rules regarding distributions of amounts attributable to your salary deferrals are explained later in this SPD. However, if you are a highly compensated employee (generally more than 5% owners and certain family members (regardless of how much they earn), or individuals receiving wages in excess of certain amounts established by law), a distribution of amounts attributable to your salary deferrals or certain excess contributions may be required to comply with the law. The Administrator will notify you when a distribution is required.What are "rollover" contributions?Rollover contributions. At the discretion of the Administrator, if you are a Participant who is currently employed, you may be permitted to deposit into the Plan distributions you have received from other retirement plans and certain IRAs. Such a deposit is called a "rollover" contribution and may result in tax savings to you. You may ask the Administrator or Trustee of the other plan or IRA to directly transfer (a"direct rollover") to this Plan all or a portion of any amount that you are entitled to receive as a distribution from such plan. Alternatively, you may elect to deposit any amount eligible to be rolled over within 60 days of your receipt of the distribution. You should consult qualified counsel to determine if a rollover is in your best interest. Rollover account. Your "rollover" contribution will be accounted for in a "rollover account." Any amount of your "rollover" contribution that is attributable to Roth elective deferrals (i.e., "Roth rollover" contributions) will be accounted for in a separate "Roth rollover account." You will always be 100% vested in your "rollover account" (see the Article in this SPD entitled "Vesting"). This means that you will always be entitled to all amounts in your "rollover account." Rollover contributions will be affected by any investment gains or losses. Withdrawal of "rollover" contributions. You may withdraw the amounts in your "rollover account" at any time. Withdrawal of "Roth rollover" contributions. You may withdraw the amounts in your "Roth rollover account" at any time. ARTICLE IIIEMPLOYER CONTRIBUTIONSIn addition to any deferrals you elect to make, your Employer may make additional contributions to the Plan. This Article describes Employer contributions that may be made to the Plan and how your share of the contribution is determined. January 20234What is the Employer matching contribution and how is it allocated? Flexible Discretionary Matching contribution. Your Employer may make a discretionary matching contribution equal to a percentage of your salary deferrals. Each year, your Employer will determine the amount of Flexible Discretionary Match percentage and the Employer is required to provide a separate notice no later than 60 days after the last match payment is made for the Plan Year. However, any salary deferrals that are "catch-up contributions" will not be matched. Limit on matching contribution. Your Employer has the option to apply the matching contribution by disregarding (i.e., not matching) salary deferrals that exceed a certain dollar amount or a certain percentage of your compensation. The Administrator will inform you of this limit and provide a separate notice no later than 60 days after the last match payment is made for the Plan Year. Allocation conditions. You will always share in the matching contribution regardless of the amount of service you complete during the Plan Year.What are forfeitures and how are they allocated?Definition of forfeitures. In order to reward employees who remain employed with the Employer for a long period of time, the law permits a "vesting schedule" to be applied to certain contributions that your Employer makes to the Plan. This means that you will not be "vested" in (entitled to) all of the contributions until you have been employed with the Employer for a specified period of time (see the Article entitled "Vesting"). If a Participant terminates employment before being fully vested, then the non-vested portion of the Terminated Participant's account balance remains in the Plan and is called a forfeiture. Allocation of forfeitures. The Employer may use forfeitures to pay Plan expenses or to reduce amounts otherwise required to be contributed to the Plan. In some cases, however, forfeitures will be reallocated to Participants as though they are additional Employer contributions.ARTICLE IVCOMPENSATION AND ACCOUNT BALANCEWhat compensation is used to determine my Plan benefits? Definition of compensation. For the purposes of the Plan, compensation has a special meaning. Compensation is generally defined as your total compensation that is subject to income tax and paid to you by your Employer during the Plan Year. In addition, salary reductions to this Plan and to any other plan or arrangement (such as a cafeteria plan) will be included in Compensation. If you are a self-employed individual, your compensation will be equal to your earned income. The following describes the adjustments to compensation that may apply for the different types of contributions provided under the Plan. All ContributionsAdjustments to compensation. The following adjustments to compensation will be made: compensation paid while not a Participant in the component of the Plan for which compensation is being used will be excluded. tips reported will be excluded. compensation paid after you terminate employment that is paid because you are permanently and totally disabled will be excluded.Is there a limit on the amount of compensation which can be considered? The Plan, by law, cannot recognize annual compensation in excess of a certain dollar limit. The limit for the Plan Year beginning in 2023 is$330,000. After 2023, the dollar limit may increase for cost-of-living adjustments. Is there a limit on how much can be contributed to my account each year? Generally, the law imposes a maximum limit on the amount of contributions (excluding "catch-up contributions") that may be made to your account and any other amounts allocated to any of your accounts during the Plan Year, excluding earnings. Beginning in 2023, this total cannot exceed the lesser of $66,000 or 100% of your annual compensation. After 2023, the dollar limit may increase for cost-of-living adjustments.How is the money in the Plan invested?The Trustee of the Plan has been designated to hold the assets of the Plan for the benefit of Plan Participants and their beneficiaries in accordance with the terms of this Plan. The Trust Fund established by the Plan's Trustee will be the funding medium used for the accumulation of assets from which Plan benefits will be distributed. January 20235Participant directed investments. You will be able to direct the investment of at least a portion of your interest in the Plan. The Administrator will provide you with information on the investment choices available to you, the procedures for making investment elections, the frequency with which you can change your investment choices and other important information. You need to follow the procedures for making investment elections and you should carefully review the information provided to you before you give investment directions. If you do not direct the investment of your applicable Plan accounts, then your accounts will be invested in accordance with the default investment alternatives established under the Plan. Importance of diversification. To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of your retirement portfolio in any one company or industry, your accounts may not be properly diversified. The use of diversification and asset allocation as part of an overall investment strategy does not assure a profit or protect against loss in a declining market.In deciding how to invest your retirement portfolio, you should take into account all of your assets, including any retirement accounts outside of the Plan. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and different tolerances for risk. It is also important to periodically review your investment portfolio, your investment objectives, and the investment options under the Plan to help verify that your retirement portfolio is on target to meet your retirement goals. The Plan is intended to comply with Section 404(c) of ERISA (the Employee Retirement Income Security Act). If the Plan complies with Section 404(c), then the fiduciaries of the Plan, including your Employer, the Trustee and the Administrator, will be relieved of any legal liability for any losses which are the direct and necessary result of the investment directions that you give. Procedures must be followed in giving investment directions. If you fail to do so, then your investment directions need not be followed. To the extent you do not direct the investment of your applicable Plan accounts, then your accounts will be invested in accordance with the default investment alternatives established under the Plan.Earnings or losses. When you direct investments, your accounts are segregated for purposes of determining the earnings or losses on these investments. Your account does not share in the investment performance of other Participants who have directed their own investments. You should remember that the amount of your benefits under the Plan will depend in part upon your choice of investments. Gains as well as losses can occur and your Employer, the Administrator, and the Trustee will not provide investment advice or guarantee the performance of any investment you choose.Periodically, you will receive a benefit statement that provides information on your account balance and your investment returns. It is your responsibility to notify the Administrator of any errors you see on any statements within 30 days after the statement is provided or made available to you.Will Plan expenses be deducted from my account balance? Expenses allocated to all accounts. The Plan permits the payment of Plan expenses to be made from the Plan's assets. If expenses are paid using the Plan's assets, then the expenses will generally be allocated among the accounts of all Participants in the Plan. These expenses will be allocated either proportionately based on the value of the account balances or as an equal dollar amount based on the number of Participants in the Plan. The method of allocating the expenses depends on the nature of the expense itself. For example, certain administrative (or recordkeeping) expenses would typically be allocated proportionately to each Participant. If the Plan pays $1,000 in expenses and there are 100 Participants, your account balance would be charged $10 ($1,000/100) of the expense. ARTICLE VVESTINGWhat is my vested interest in my account?In order to reward employees who remain employed with the Employer for a long period of time, the law permits a "vesting schedule" to be applied to certain contributions that your Employer makes to the Plan. This means that you will not be entitled ("vested") in all of the contributions until you have been employed with the Employer for a specified period of time. 100% vested contributions. You are always 100% vested (which means that you are entitled to all of the amounts) in your accounts attributable to the following contributions: salary deferrals including Roth 401(k) deferrals and "catch-up contributions" "rollover" contributionsJanuary 20236Vesting schedules. Your "vested percentage" for certain Employer contributions is based on vesting Periods of Service. This means at the time you stop working, your account balance attributable to contributions subject to a vesting schedule is multiplied by your vested percentage. The result, when added to the amounts that are always 100% vested as shown above, is your vested interest in the Plan, which is what you will actually receive from the Plan.Employer Matching ContributionsYour "vested percentage" in your account attributable to matching contributions is determined under the following schedule. You will always, however, be 100% vested in your matching contributions if you are employed on or after your Normal Retirement Age or if you die or become disabled.Vesting ScheduleMatching ContributionsPeriods of Service PercentageLess than 3 0%3 100%How is my service determined for vesting purposes? Period of Service. You will be credited with a Period of Service for each twelve-month period from your date of employment until the date you terminate employment. The Administrator will track your service and will credit you with a Period of Service in accordance with the terms of the Plan. If you have any questions regarding your vesting service, you should contact the Administrator. What service is counted for vesting purposes?Service with the Employer. In calculating your vested percentage, all service you perform for the Employer will generally be counted. However, there are some exceptions to this general rule. Break in Service rules. If you terminate employment and are rehired, you may lose credit for prior service under the Plan's Break in Service rules.For vesting purposes, you will have a 1-Year Break in Service if you are not employed with the Employer for a period of at least twelve consecutive months. However, if you are absent from work for certain leaves of absence such as a maternity or paternity leave, the twelve consecutive month period beginning on the first anniversary of your first day of such absence will not constitute a Break in Service.Five-year Break in Service rule. The five-year Break in Service rule applies only to employees who had no vested interest in the Plan when employment had terminated. If you were not vested in any amounts when you terminated employment and you have five 1-Year Breaks in Service (as defined above), all the service you earned before the 5-year period no longer counts for vesting purposes. Thus, if you return to employment after incurring five 1-Year Breaks in Service, you will be treated as a new employee (with no service) for purposes of determining your vested percentage under the Plan. Service with another Employer. For vesting purposes, your service with Concord Enterprises, Inc., Thomas and King, Inc., Apple Sauce, Inc., Apple Illinois, Inc. and RMH Franchise Holdings, Inc. will be counted. Military service. If you are a veteran and are reemployed under the Uniformed Services Employment and Reemployment Rights Act of 1994, your qualified military service may be considered service with the |
