Boler 401(k) match, vesting and fees

Participants are 100 percent vested in their contributions and related earnings of the Plan thereon, if any. Vesting in the remainder of their accounts is based on years of service. A participant is not vested until completing three years of service, upon the participant’s third year of service, the participant is then 100 percent vested. The Plan requires that, upon a participant's withdrawal or termination for any reason other than retirement, death, or total and permanent disability, the portion of the participant's account consisting of Company contributions and earnings thereon that has not vested in accordance with the provisions of the Plan shall be held in suspense until the withdrawn or terminated employee has incurred a five-year break in service. Such forfeitures are applied to reduce future Company contributions required under the Plan. The Plan’s forfeiture balance at December 31, 2024 and 2023, and the amount used to reduce the 2024 and 2023 employer contributions was $234,027 and $183,505, respectively.

All eligible employees are automatically enrolled in the Plan at a contribution rate of 3 percent of compensation within 60 days of eligibility unless the employee contacts The Vanguard Group, Inc. (Vanguard) (the Plan record-keeper) directly to enroll sooner or opt out of the Plan. For participants who were automatically enrolled in the Plan, their deferral percentage rate will be increased by 1 percent on April 1 each year following the year of their initial participation up to a maximum rate of 12 percent.

Contributions: Each participant may elect to make before-tax and Roth contributions in an amount ranging from 1 percent to 50 percent of the participant's compensation for the period, as permitted under Section 401(k) of the Internal Revenue Code (the Code).

Notes receivable from participants: The Plan permits a participant to apply for a loan against the participant's vested interest in the Plan, subject to certain restrictions. A participant is allowed to borrow up to 50 percent of the participant's vested account balance. The minimum loan amount is $1,000, and the maximum loan amount is $50,000. A participant may not have more than one loan outstanding at any time.