MORGAN-KELLER, INC. 401(K) PLAN Contribution & Employer Match

MORGAN-KELLER, INC. 401(K) PLAN Average Participant Retirement Account Value

MORGAN-KELLER, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

• Eligible participants may defer up to the maximum allowable not to exceed the limits of IRC Sections 401(k), 402(g), 404 and 415, of $23,000 and $22,500 for 2024 and 2023, respectively.
• Participants may also contribute amounts representing distributions from other qualified defined contribution and defined benefit plans.
• All employees over the age of 50 before the close of the Plan year are eligible to make annual catch-up contributions totaling $7,500 per employee per year for 2024 and 2023, under IRC Sections 401(a)(30), 402(g), and 414(v).
• Eligible employees are automatically enrolled in the Plan in a target date fund based upon the projected retirement date of the employee with a default deferral of 4% of eligible compensation unless they elect out of participating in the Plan.

• Matching contributions are a discretionary percentage determined by the Company.
• At present, the Company will match 50% of the first 4% of eligible compensation that a participant contributes to the Plan.

• Participants are immediately vested in their voluntary contributions plus actual earnings thereon.
• Vesting in the employer contributions is based on years of service.
• A participant is 100% vested after six years of credited service at a rate of 20% per year, beginning with the second year of service.
• Notwithstanding the above, a participant shall be fully vested in their entire account upon attainment of age 65, attainment of age 55 with seven years of service, upon their death, or total and permanent disability prior to termination or retirement.