Plan Eligibility: All eligible employees can participate in the Plan immediately upon their first hour of service with Somerset Trust Company. Employees covered by a collective bargaining agreement (unless otherwise provided), leased employees, and certain nonresident aliens are excluded.
 
Auto-Enroll: Once eligible, you are automatically enrolled at a 3% traditional (pre-tax) savings rate from your base pay. You are defaulted into an investment matched with your estimated retirement date. You can opt out/in at any time through Empower (instructions below). 
 
Match: Somerset Trust provides a dollar-for-dollar match on employee contributions up to 5% of eligible compensation. To receive the match, participants must generally complete 1,000 hours of service during the plan year and be employed on the last day of the plan year. Be sure to contribute at least 5% of pay to take full advantage of the company's match.

Vesting: The money you save from your paycheck is always 100% your money. The match provided by Somerset becomes yours over time. Starting from your day of hire, the match becomes your following this vesting schedule: Year 1 = 0%; Year 2 = 0%, Year 3 = 100%
 
Catch-Up Amounts: Additional "Catch-Up" and "Super Catch-Up" contributions are also available to those who are age 50+ and 60-63 respectfully. 
 
Traditional & Roth Contributions: You can choose salary deferrals that are Traditional pre-tax contributions, Roth after-tax contributions, or a combination of both. You will receive the match regardless if you select Traditional, Roth, or both.