Your financial health and well-being are important to Brock Enterprises, LLC.

That’s why we offer you the Brock Enterprises, LLC 401(k) Plan as part of your benefits package. The plan is designated to help you enjoy a healthier financial future. And because we understand the challenges of balancing your financial needs today against the need to plan for a better tomorrow, we offer flexibility in helping you prepare for your retirement.

The highlights are designed to provide you with general information about the Retirement Plan. For more information on how to get started saving for the future, check out this video from Fidelity.

Additional Information

  • You are able to enroll upon completion of 60 days of service.
  • You may enroll anytime, after meeting your eligibility requirements
  • You may make pre-tax contributions from 1% to 100% up to the IRS annual pre-tax contribution limit. For 2019 the limit is $19,000.
  • You can change your contribution rate at any time.
  • You may roll over money to your account from another similar retirement plan. Refer to the Plan Document for further information.
  • Brock currently matches 25 cents on the dollar for up to 4% of your eligible contributions.*
  • If you are age 50 or over by the end of the taxable year and have reached the annual IRS limit or Plan’s maximum contribution limit for the year, you may make additional salary deferral, pretax contributions to the Plan up to the IRS Catch Up Provision Limit ($6,000)
  • You are always immediately 100% vested in your own contributions.
  • Any employer contributions are 100% vested after 5 years of service.*

*Hardship withdrawals: The taxable portion of a withdrawal is taxed as ordinary income and will be subject to an additional early distribution penalty tax if you receive the withdrawal before age 59 ½. The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need, however, you may have the option to “gross-up” the amount you receive to cover taxes. You may want to consult a tax professional before taking a withdrawal from the plan.

  • You must meet one of the following requirements
    • Purchase or construction of a principal residence
    • Payment for higher education expenses
    • Major medical expenses
    • Preventing eviction from or foreclosure on a principal residence
  • Once you take a hardship withdrawal, you will not be able to make contributions to your account for 6 month

*Hardship withdrawals: The taxable portion of a withdrawal is taxed as ordinary income and will be subject to an additional early distribution penalty tax if you receive the withdrawal before age 59 ½. The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need, however, you may have the option to “gross-up” the amount you receive to cover taxes. You may want to consult a tax professional before taking a withdrawal from the plan.

  • You may keep your vested account balance in the Retirement Plan after your employment ends if you have a balance exceeding $1,000.
  • If you leave less than $1,000, your vested account balance will be paid in a lump sum regardless of prior elections. Roll over your account to another qualified plan or IRA.
  • Elect a lump-sum payment or installments.
  • You can refer to your Brock Enterprises, LLC 401(k) Retirement Workbook to review investment funds as well as the investment performance.
  • To enroll into the plan or make investment changes, you can contact Fidelity Retirement by using the Online Retirement Center: www.401k.com or the Interactive Voice Response (IVR) service: 800-835-5097.
  • If you would like to review your investment options you can also contact Sam Hulse, CRPS at Higginbotham & Associates at 800-728-2374.