Summit Technical Services, Inc. has established a 401(k) savings plan with ING, to provide employees the potential for future financial security for retirement. You are eligible to participate in this plan on the 1st of the month following your date of hire. Further, you must be 21 years of age to participate.

The 401(k) savings plan allows you to elect how much salary, within IRS guidelines, you want to contribute and direct the investment of your plan account, so you can tailor your own retirement package to meet your individual needs. Summit also offers a Roth 401(k) option that will allow you to make a post-tax contribution. The Roth 401(k) affords you the opportunity to diversify your retirement savings.

You may contribute up to 100% of your salary up to an annual federally mandated maximum contribution of $15,500. For participants 50 and over there is a “catch up” provision that will allow for an additional $5000 in annual 401(k) contribution. Instead of being paid to you as part of your regular salary, the amount you defer will be invested as you choose (on a percentage basis or weekly fixed amount) in any or all of Summit's 401k investment choices offered through ING. Attached below you will find detailed information regarding all of the fund choices offered in Summit's 401(k) plan.

Summit offers a discretionary matching contribution for those employees with one year of service (1 year of service = 12 months service within which you work at least 1000 hours). The amount of the matching contribution is decided each year. For the 2007 plan year, Summit will match 25% of your 401(k) contribution. The maximum matching contribution will be 25% of the first 4% of pay. Your contributions are always 100% vested, however, Summit’s matching contribution will follow a 6-year vesting schedule.

It costs you nothing to join the plan; however, there are fees associated with loans and/or hardship withdrawals. In the event you should terminate your employment with Summit, please be advised that 401(k) distributions (including transfers into other plans) are made 60 days following your termination of employment from Summit. If you should have any questions concerning the 401(k) plan, you may contact Melissa Kopsack at (401) 736-8323, ext. 1013.

If you are interested in participating in Summit’s 401(k) plan, please complete the Enrollment Form and Designation of Beneficiary Form in the enrollment kit below. You will be able to sign up for the plan online but please forward the Designation of Beneficiary form to:

Melissa Kopsack
Summit Technical Services, Inc.
355 Centerville Road
Warwick, RI 02886

Summit's 401k Enrollment Package.pdf