New Participants

INSTRUCTIONS TO ELIGIBLE PARTICIPANTS

Who is eligible to join the North Jersey Orthopaedic Specialists 401(k) Profit Sharing Plan?

Employees become eligible to join the Plan on January 1st and July 1st of each year if have attained 21 years of age and have one Year of Eligibility Service (generally 1,000 hours worked over 12 full months of service). Part-time employees who work at least 500 hours in each of three consecutive years beginning January 1, 2021 may participate but are not eligible for Employer Contributions. Please see the Summary Plan Description for full details.

Is participation required?

No. You may choose not to participate. Or you may choose to participate at a later date.

What forms do I have to complete to participate in the Plan?

If you choose to participate, please review and complete the two attached forms: (1) Enrollment & Change Form and (2) Beneficiary Designation Form. Please fax the signed forms to Iris Advisors, LLC at 1-877-230-4932 or e-mail a scan to info@irisadvisors.com

1.       Enrollment & Change Form

·         You may defer up to 25% of your eligible compensation.

·         Please make sure that the total of your investment choices add up to 100%.

2.       Beneficiary Designation Form

·         If you are married and wish the beneficiary to be someone other than your spouse, your spouse must consent by signing on the appropriate line on the form.

The copy of the attached Summary Plan Description is for you to keep. You may request a new copy at any time.

How do I make changes in my salary deferral or investment choices in the future?

You may request changes in your salary deferral amount or investment choices by completing a new Enrollment & Change Form.

Does North Jersey Orthopaedic Specialists contribute to my retirement account?

Yes. In addition to your salary deferral (which is your own money), North Jersey Orthopaedic Specialists may make several contributions to your retirement account. Please refer to the Summary Plan Description for full details.

1.       Safe Harbor 401(k) Contributions - Each eligible Participant will receive 3% of compensation whether or not he/she chooses to participate in the Plan with salary deferrals.

2.       Employer Matching Contributions: North Jersey Orthopaedic Specialists may, on a discretionary basis, match a portion of your salary deferrals each year. Currently, North Jersey Orthopaedic Specialists will match dollar-for-dollar up to the first 6% of your salary deferrals. This company matching contribution will vest according to the schedule in the enclosed Summary Plan Description.

3.       Employer Discretionary Contributions - North Jersey Orthopaedic Specialists may, on a discretionary basis make a Profit Sharing Contribution on your behalf at the end of the plan year. You must be credited with a Year of Participation Service and be employed on December 31 in order to receive these contributions. This profit sharing contribution will vest according to the schedule in the enclosed Summary Plan Description.

Where can I find information on the mutual fund choices in the plan?

You may find information on several websites such as morningstar.com, moneycentral.msn.com, finance.yahoo.com, Schwab.com etc.  You may also contact Iris Advisors, LLC for more information.