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401(k) Status Report
As of December 31, 2009, the assets of the BACSAVE 401(k) Plan total over $2.4 million covering 312 Plan participants including members from 25 BAC Locals in Tennessee, Nevada, Indiana/Kentucky, South Dakota, New Hampshire, Vermont, Maine, Michigan, Ohio, Texas-Louisiana-New Mexico, Iowa, West Virginia, Montana, Wyoming and Missouri. Local 23 Missouri participates under the BAC Flex Program. The latest Locals to join the Plan are Locals 16 and 52 Ohio, Local 18 Indiana, Local 2 New Mexico and Local 4 South Dakota. The average participant contribution rate is $1.75 and the average participant account balance is over $6,451.00. The Plan is summarized as follows:
Vesting and Employee Contributions (before-tax dollars)
- Participants are vested immediately in all of their contributions
- Employee contributions range from 25 cents to $6.25 per hour in increments of 25 cents
- All contributions are “before-tax” deductions
Accessing Participant Information and Investment Choices
Plan participants are able to access and make changes to their BACSAVE 401(k) account by calling the Wells Fargo Participant Telephone Service at 1-800-538-2476 or by visiting the Wells Fargo Internet Web Page (www.retirement.wellsfargo.com). Participants can change the way their contributions are invested at any time and can invest both new and existing contributions in any of the following 13 Funds available through Comerica’s SMA Union Member Program.
| SMA Stable Value Fund |
SMA Large Company 500 Index Fund |
| SMA Capital Preservation Blend Fund *(age 60+) |
SMA Large Company Value Fund |
| SMA Bond Index Fund |
SMA Large Company Growth Fund |
| SMA Conservative Blend Fund *(age 50–59 |
SMA Small Company 600 Index Fund |
| SMA Moderate Blend Fund *(age 40–49) |
SMA Medium Company 400 Index Fund |
| SMA Total Stock Market Index Fund |
SMA Foreign Equity Fund |
| SMA Growth Blend Fund *(under age 40) |
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| * Age-based default option allows Plan participants to automatically invest in an age-based Life-Style fund. This option uses the participant’s age as a trigger to direct investments into more conservative blend funds as the participant moves closer to retirement. |
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Frequency of Investment Changes
- Future Contributions - Daily
- Prior Balances - Daily
Withdrawals and Payouts
- Retirement
- Disability
- Financial Hardship (medical, tuition, rent, mortgage, home purchase or repair, funeral expenses)
- Inactive (24 months)
- In-Service age 59 ½
- Survivor
Distribution Types
- Lump-Sum
- Roll-Over
Recent Fee Reductions and Particpant Savings
Participants are charged $4.19 per quarter, or $19.64 annually for quarterly statement, internet access, 800# customer assistance and other record keeping services. This low fee compares very favorably to the fees and expenses of other Investment Funds offered in the market place.
Information on participation in the BACSAVE 401(k) Plan is available from the Pension Fund office. Contact David Stupar at 1-888-880-8222 or dstupar@ipfweb.org.
Last updated: March 2010
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