401(k) Savings

One of the great benefits that Krapf Group offers its employees is The Krapf Group 401(k) Plan. Not only can you put aside money for your retirement, you can also take advantage of the tax benefits it provides every year in which you contribute. As an additional incentive to encourage you to participate, Krapf Group is pleased to match 100% of the first 4% of your eligible compensation that you contribute to the plan. We have used this same match formula for many, many years and it is our intention to continue offering this benefit into the future (or until further notice).

All match contributions are deposited to the “Employer Match” source in your account. It will be invested in accordance with the investment elections you have on file at Transamerica (or the plan’s Default investment if you don’t have current elections on file) and will also be subject to the plan’s vesting rules. To confirm or make changes to your elections, you can access your account at https://www.transamerica.com/portal/home or call the Transamerica Participant Call Center at 800-755-5801. You can also contact A.P. Lubrano & Company (APL), our plan’s Financial Advisor, if you have any questions regarding your investments. They can be reached at 866-342-5275 extension 401 or via e-mail at 401k@apladvisors.com.

If you are already a participant, we hope that you continue to contribute to your 401(k) plan. And if you are not participating, we encourage you to get started today. It is an invaluable benefit to help you save for your retirement.

New for January 2024!

Krapf is pleased to announce that the employer match for The Krapf Group 401(k) Plan will be increased to 100% of the first 4% of compensation you defer, beginning January 1, 2024. In addition, these match dollars will be 100% vested as soon as they are deposited to your account! Here are some key features of the increased match:

Your deferrals will be matched dollar-for-dollar, up to 4% of your compensation, starting with the first payroll in January
The match will be made each pay period on all combined pre-tax and Roth deferrals
The new match formula is called a Safe Harbor Match and will be deposited to your account in a new money source that is separate from the existing match
This new money source is immediately vested at 100% and is not subject to a vesting schedule
Your existing match funds, prior to January 1, 2024, are still subject to the 5-year vesting schedule

To enroll in the 401k Plan, or make changes to your existing account, click here.

https://venrollment.com/v/the-krapf-bus-companies

Anthony Lubrano

401k@apladvisors.com

(610) 524-8266, ext. 401

Fast Facts
- You may begin deferring into the plan on the first of the month after 90 days from your hire date.
- Once your payroll deductions start you may make changes to your contribution amounts at any time on the Transamerica website
- You will be credited with a year of service if you complete 1,000 hours during a consecutive 12 month period ending on each December 31. To be 100% vested for the company match you must complete 5 years of service

What kind of contributions can I make?

Pre-tax contributions are made before taxes are applied to your pay. By contributing pre-tax, you defer paying taxes on contributions and earnings until you withdraw the money in retirement. After-tax contributions are made after taxes have been applied to your pay. You pay income tax on the contributions now, so you only pay taxes on your account earnings when you withdraw money in retirement. 2014 after-tax limit is $52,000. Roth contributions are a different kind of after-tax contribution. You pay income tax on the contributions now, but if you hold the account for at least 5 years, you will not pay taxes on account earnings (as long as you withdraw the money after age 59-1/2).

Contributions can be deducted from your pay either on a pre-tax or after tax (Roth) basis.