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UWMF,

Benefits,

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Pay & Benefits,Retirement,Retirement Benefits for UWMF

Profit Sharing Contribution

Profit Sharing Contribution - Pay & Benefits, Retirement, Retirement Benefits for UWMF

Focus

Profit Sharing Contribution

Benefit Summary

UWMF can help you plan for the future by providing an annual profit sharing contribution. A contribution of 8% is guaranteed each year, with the potential of an additional discretionary profit sharing contribution of 0-2% per year. This is UWMF's contribution to your retirement plan, so you are 100% vested in the profit sharing plan after 3 years of employment with UWMF with 1,000 hours of service in each of those three years.

Benefit Eligibility

You become eligible to participate in the profit sharing plan the first of the month following one year of employment and the completion of 1,000 hours of service during that year of employment. This is your Profit Sharing Eligibility Date. Initial profit sharing contributions are calculated using your gross wages earned from your eligibility date through the end of that calendar year. Once eligible, you must continue to provide at least 1,000 hours of service each year to receive the contribution.

Access Your Account 

Access your account 24 hours per day, 7 days per week.

Please note: if you are already a Fidelity customer, you will not have to create a new username and password. Simply log into your account with the username and password you set up, and the UWMF account will populate automatically OR call (800) 343-0860 to speak with a Fidelity Representative.

How to Manage your Fidelity Account

Fidelity Contact Information

Benefits Helpline - (800) 343-0860

Customer Service Representatives can assist you with all of your plan questions: loans, hardship withdrawals, rollovers, distributions, investment elections, etc. Contact a Retirement Service Representative 7am-11pm Central Standard Time Monday through Friday. 

NetBenefits website - www.fidelity.com/atwork 

Meet in person - Set up personal appointment - www.fidelity.com/atwork/reservations or by calling (800) 642-7131

FAQ

What are the eligibility requirements for the profit sharing contribution?

You become eligible to participate in the profit sharing plan the first of the month following one year of employment and the completion of 1,000 hours of service during that year of employment. This is your Profit Sharing Eligibility Date. Initial profit sharing contributions are calculated using your gross wages earned from your eligibility date through the end of that calendar year. Once eligible, you must continue to have at least 1,000 hours of service each year to receive the contribution, as well as meet other eligibility requirements.

When will I be vested?

Employees are always 100% vested in the contributions they make to their 401(k). Employees are 100% vested in the profit sharing plan contributions after 3 calendar years of employment with UWMF with 1,000 hours of service in each of those three calendar years.

How do I know if I reached 1000 hours of service?

Employees can review Kronos or their paychecks to determine the number of hours of service for that year.

Can I have my contributions deposited into an account other than my 401(k) account?

No, the contribution can only be made to the employees 401(k) account with Fidelity.

Where can I confirm if the profit sharing contribution has been made to my account for the previous years?

To view prior years profit sharing contributions, login to your account online. Navigate to Quick Links > Statements and select ‘1st Quarter 20XX’ and ‘Retrieve Statement’. The ‘Employer Contribution’ indicates what you received in the year prior. 

Resources

Six Strategies for Volatile Markets (Fidelity)