Cook Inlet Region 401(k) match, vesting and fees

The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan after 45 days unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 4% of eligible compensation and their contributions invested in a designated fund until elected otherwise by the participant. Participants may create an annual increase program to gradually raise their contribution rate each year, subject to contribution limits. Participants’ deferral rates automatically increase by 1% per year until a maximum of 10% is reached unless the individual participant has opted out of the program, has elected to personalize their annual increase program, or if their deferral rate is 0%. Participants may opt out of the automatic annual increase program at any time.

Participants may also elect to make Roth contributions utilizing after-tax contributions.

Notes receivable from participants – Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are issued by the Plan and secured by the balance in the participant’s account. All loans must be repaid within a period of five years, unless the loan is used to purchase a principal residence, in which case, the loan must be repaid within a reasonable period of time not to exceed ten years. Under the terms of the Plan agreement, plan loans will bear a reasonable rate of interest determined by the Plan administrator. Principal and interest are paid ratably through payroll deductions. As of December 31, 2023, the rates of interest on outstanding loans ranged from 4.25% to 9.50%, with various maturities through December 2033.