FAIRFIELD 401K PLAN Contribution & Employer Match

FAIRFIELD 401K PLAN Average Participant Retirement Account Value

FAIRFIELD 401K PLAN Estimated Average Employee Contribution Amount

• The Plan allows eligible participants to make elective salary reduction contributions.
• Participant contributions include those made by election of the employee in an amount up to 100% of eligible pre-tax compensation, as defined by the Plan and subject to limitations imposed by the Internal Revenue Code (‘Code’).
• Participants who are age 50 or older may elect to defer additional pre-tax amounts (called ‘catch-up contributions’) to the Plan.
• The Plan has adopted automatic enrollment and automatic contribution escalation features, such that participants (except those who affirmatively elect a specific percentage or affirmatively elect to not participate) automatically have 4% of their eligible pre-tax compensation deferred into the Plan.
• Additionally, the Plan automatically increases deferral percentages by 1% for participants who were subject to the automatic enrollment provisions described above and those who affirmatively elect to defer.
• Automatic increases are scheduled to occur each year on the anniversary of the participant’s hire date (unless a different date is selected by a participant) until the participant’s deferral percentage reaches 10%.

• The terms of the Plan allow the Company to make discretionary matching contributions equal to a specified percentage of a participant’s compensation.
• For 2024, the discretionary matching contribution is equal to 50% of a participant’s deferral contributions with a maximum matching contribution of $5,000.

• Participants are immediately vested in their contributions plus actual earnings thereon.
• Vesting in the remainder of their accounts is based upon years of credited service using the elapsed time method.
• The vesting schedule is 20% after 2 years of credited service and an additional 20% for each additional year of service until 100% vested after 6 years of credited service.
• A year of credited service is based on each twelve-month period of employment from a participant’s date of hire.
• In addition, participants automatically become fully vested upon the attainment of normal retirement age (65) while employed, upon termination due to disability or death, or upon termination of the Plan.