240 Bates Street, Lewiston, ME 04240
207-743-1520
ANNUAL DISCLOSURE TO PARTICIPANTS
FOR PLAN YEAR END DECEMBER 31, 2014
COMMUNITY CONCEPTS, INC.
TAX DEFERRED ANNUITY PLAN
To: All Plan Participants, Plan Eligible Employees and Others with Account Balances
From: Plan Administrator
Date: March, 3, 2015
This document, combined with accompanying documents, constitutes your annual disclosure of investment fund options and performance, investment fund expenses, and other expenses you may pay for plan administrative services. Department of Labor regulations require this disclosure to be distributed within 365 calendar days after the previous year’s disclosure.
Accompanying documents are the following:
· Basic summary of your plan’s provisions
· Comparative charts from The Principal and VOYA (formerly ING, frozen contract) of investment fund performance with industry benchmarks, fund expense ratios you pay within each of your investment options, and other fees The Principal may charge to your account balance
Definitions
Plan means the Community Concepts, Inc. Tax Deferred Annuity Plan.
Plan Sponsor and/or Plan Administrator is Community Concepts, Inc.
Plan Fiduciary refers to individual(s) with authority and responsibility for the operation and administration of your Plan and its investments. The Plan Sponsor/Administrator is the Plan Fiduciary. All questions and requests should be directed to your designated responsible person.
You are the participant or beneficiary with an account balance or a non-participating but plan eligible employee.
List of Plan Investment Options
Refer to charts of fund performance and expense.
Information about ERISA 404(c)
Your plan is operated in compliance with the Employee Retirement Income Security Act of 1974 (ERISA) Section 404(c). ERISA provides rules about the investment of retirement funds. The Plan Fiduciary must follow certain rules such as periodic review of the adequacy of plan options, considering such things as relative fund performance, competitive fund expense ratios, risk, and diversification needs and goals of plan participants. Other rules require providing information for you to make informed investment decisions and by permitting you take the following actions.
Direct the investment of your account balance.
Choose from a least 3 diverse investment options.
Change investment choices at least quarterly.
The Plan Fiduciary makes certain options available under the Plan. You decide which of these options work best for you according to your age and personal circumstances. This means that you are responsible for directing the investment of your account for your own personal benefit.
Following these rules means that the Plan Fiduciary should not be liable for any investment losses that may result from your investment direction.
The Plan document does not restrict the exercise of voting, tender and similar rights. But the company providing of your investment options may impose certain restrictions.
Fees and Expenses
You do not pay fees to Healey & Associates for its services. All plan administration fees are paid by Community Concepts, Inc.
You may pay the following fees to The Principal for its services. Fees will be reported on your quarterly employee statement.
· 0.52% of your account balance for annual plan administration (e.g. $5.20 per $1,000), 1/12 charged monthly
· $ 40 to set up your participant loan
· $ 42 annually to maintain your participant loan, charged quarterly at $10.50
You may pay the fees to VOYA for its services. The amount of any fees actually deducted from your account will be shown on your quarterly employee statement.
Investment Information
You may get more investment information from The Principal by using the following:
www.principal.com
1-800-547-7754
You may get more investment information from VOYA by using the following:
www.voyaretirementplans.com
1-800-262-3862
COMMUNITY CONCEPTS, INC. TAX DEFERRED ANNUITY PLAN
SUMMARY OF PLAN PROVISIONS
Effective dates: Original effective date October 1, 1988
Restated July 1, 2006 and January 1, 2009
Plan year: January 1 to December 31
Eligibility: Employee salary deferrals Must normally work at least 20 hrs a week
Employer contributions Two years of service and age 21
Entry dates: Employee salary deferrals Immediate, automatically enrolled at 5% as a pre-tax deferral and invested in default option if no salary reduction agreement filed with employer; may elect Roth after-tax deferral – must use % amount
Employer Date eligibility requirements met
Contributions: Employee salary deferrals Voluntary, up to $18,000 (2015, indexed), catch-up
Pre-tax deferrals and/or $6,000 for employees age 50 and over (2015,
After-tax Roth deferrals indexed)
Employer matching 100% of the first 4% of compensation deferred;
Catch-up eligible for match as may be applicable.
Employer discretionary Determined by Employer annually
Change of deferrals: At any time
Investment of contributions: As available under The Principal contract
Investment transfers and changes Daily via internet or 1-800 number
Vesting: Employee salary deferrals 100% immediately
Employer contributions 100% immediately
In-service withdrawals: (Roth deferrals excluded) From pre-tax deferrals for IRS safe harbor reasons (e.g. purchase of, prevent eviction from or casualty repair of primary residence; family medical, post-secondary education, or funeral expenses); suspension of deferrals for 6 months (see Plan Administrator for details)
Loans for hardship based on IRS safe harbor reasons above, minimum $1,000, maximum 1 loan outstanding at a time (see Plan Administrator)
Withdrawals after attainment of age 59 1/2
Normal retirement age Age 59 1/2
Rollovers into the plan: Rollover of pre-tax balances from other qualified retirement plans as well as 403(b) and 457 plans, and certain personal IRAs
This outline has been prepared to describe the plan in simple language for general
informational purposes only. It is not intended as a substitute for the plan itself.
YOUR RIGHTS WILL BE DETERMINED SOLELY BY THE TERMS OF THE PLAN.
Effective January 1, 2015