Dear Centerplate Employee:
Welcome to Centerplate! One of the benefits of joining the Centerplate team is the opportunity to participate in the Retirement and Savings Plan, including a generous company match. That’s right – for every dollar you contribute to your account, Centerplate will contribute $.25, up to 6% of your eligible pay! This extra savings can help you get to your retirement goals faster than if you were saving alone.
Download Eligibility Information Packet
Contents
Enroll in the Plan
Simply call Fidelity at 800-294-4015 or go online at www.netbenefits.com to enroll in the plan. Consider contributing at least 6% in order to take full advantage of the company match! *To be eligible for enrollment you must be 21 years of age or older as well as complete 1000 hours within a year of hire date. If the 1000 hours are not reached 1 year after hire date, the clock starts again on your 1st year anniversary.
Company Match: Centerplate matches your contributions 25 cents on the dollar, up to 6% of your eligible pay. It’s like getting free money!
Vesting
This refers to the portion of your account balance that you are entitled to. You are always 100% vested in your contributions. Company contributions vest as follows:
| Years of Service | Percentage |
| less than 2 | 0 |
| 2 | 20 |
| 3 | 40 |
| 4 | 60 |
| 5 | 80 |
| 6 | 100 |
After you’ve worked for Centerplate six years, 100% of company contributions (and earnings) are yours to keep.
Pre-Tax Contributions
Pre-tax contributions are deducted from your pay before income taxes are taken out. This means that you can actually lower the amount of current income taxes you pay each period. It could mean more money in your take-home pay versus saving money in a taxable account. Also, you pay no taxes on any earnings until you withdraw them from your account, generally at retirement, enabling you to keep more of your money working for you now.
Roth Contributions
Unlike traditional, pre-tax 401(k) deferrals, the Roth 401(k) feature allows you to contribute after-tax dollars, but then withdraw tax-free dollars from your account when you retire, provided the distribution is “qualified.” A qualified distribution is one that is taken after the five taxable year period beginning January 1 of the year for which your first designated Roth contribution to the plan is made AND you turn age 59 ½, become disabled, or die. If you are eligible to make traditional pretax 401(k) contributions, you can also make Roth 401(k) contributions. Your total contributions to the plan (both Roth 401(k) deferrals and traditional pre-tax contributions) cannot exceed IRS limits, or your plan’s limit, if less.
Loans and Withdrawals
Although your plan account is intended for your retirement, you may borrow from your account. Withdrawals from the Plan are generally permitted in the event of termination of employment, retirement, disability, or death. Please refer to the Summary Plan Description for further details.
Plan Details
View the enrollment guide you receive in the mail from Fidelity for more information about plan features and investment options.
To speak to a Fidelity Representative call 1-800-294-4015.
Once again, congratulations on your new employment and welcome to Centerplate!
Are you on Track?
Want to know how much you might have in retirement based on your savings behavior today?
See where you stand and take immediate action to implement changes using Income Simulator on www.netbenefits.com