84 Lumber 401(k) Profit Sharing Plan Overview

At 84 Lumber, we believe that is important for all our associates to save for their re�rement. The 84
Lumber 401(k) Profit Sharing Plan offers several benefits designed to help you secure the re�rement
income you’ll need, including:

• Pre-tax savings. Contribu�ons come out of your pay before taxes are applied, your taxable
income is reduced. As a result, you may pay less in current federal income taxes, leaving you
more to invest in your 401(k) account.
• Opportunity for profit-sharing contribu�ons annually.
• Employer matching contribu�ons are decided annually based on company profile.

CONTRIBUTIONS

• Your enrollment in the plan is automa�c, unless you decline par�cipa�on within 30 days
following your plan entry date.
o Plan entry date is immediate on day one of employment.
o You will be enrolled at a deferral rate of 3.0% of your eligible pay, which will be deducted
from your paycheck and invested in the T. Rowe Price Target Date Funds. This Automa�c
Deferral feature helps you meet your re�rement goals, however, even an increase of one
or two percent over the auto-enrollment deferral rate of 3.0% can have a significant
impact on your savings.
• You may contribute 1-50% of your annual pay on a pre-tax basis, up the IRS maximum limit of
$22,500 in 2023, or $30,000 if you you’re age 50 or older.
• Effec�ve January 1, 2023, any associate whose deferral contribu�ons rate is less than 10% will
have their contribu�on rate automa�cally increased by 1%. The increase will occur annually
every January 1st (up to a maximum of 10%).
• We encourage you to save as there may be a match on the first 10% you contribute (on the first
10% of the pay invested).
o There is the opportunity for profit-sharing contribu�ons to be made yearly.
o If you decline par�cipa�on and elect to “opt out”, you will not be able to take advantage
of any employer matching contribu�ons.

CONTRIBUTION CHANGES

• Deferral contribu�ons percentages can be changed at any �me.

VESTING FOR PROFIT SHARE/EMPLOYER MATCH CONTRIBUTIONS

• Employer Match is based on company profits and based on contribu�ons up to 10% of wages.
• Profit Sharing is based on 6% of eligible wages or 6% of net income for the company, whichever
is lower.

Years of Service 2 3 4 5 6
Vested Percentage 20% 40% 60% 80% 100%

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HOW TO ACCESS YOUR 401(K) ACCOUNT

Visit empowermyre�rement.com or download the Empower app on your mobile device.

• Click on Register (if first �me user to the Empower website/app).

• Select “I do not have a PIN”.
• Create a username and password.
• You’ll need to enter your:
o Social Security number
o ZIP code
o Last name (Include any suffix, such as Jr. or III.)
o Date of birth

Once registered, you will have access to your detailed account informa�on.

For ques�ons, call 800-345-2345. Empower representa�ves are available weekdays from 8 a.m. to 10
p.m. Eastern �me and Saturday from 9 a.m. to 5:30 p.m. Eastern �me.

TTY: 800-830-9017

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