Crowell & Moring 401(k) match, vesting and fees

The Plan has an auto-enrollment feature with an initial deferral percentage of 4% in which employees have 45 days after the date of hire to opt out. Annually, deferral percentages will automatically increase by 1% to a cap of 8%, unless the participant elects to continue beyond 8%.

Each year, participants may contribute pre-tax and/or after-tax Roth from 1% to 50% of their eligible annual compensation, as defined in the Plan document.

Participants in the Plan may elect to borrow up to the lesser of 50 percent of their vested account balance, or $50,000. The minimum loan amount is $1,000. These loans are secured by the value of the participant’s vested benefit, and must generally be repaid in substantially equal payments, including principal and interest, at least quarterly over a period not to exceed five years. Loans for the purchase of a primary residence must be repaid in substantially equal payments, including principal and interest, at least quarterly over a period not to exceed 15 years. Each loan is treated as a directed investment of the participant who receives the loan proceeds, and all loan repayments are credited to that participant’s retirement account. Loans accrue interest at reasonable rates commensurate with those charged by lending institutions. The interest rate for any new loans is to be determined by the prime rate plus 1 percent. Principal and interest are paid ratably through payroll deductions. At December 31, 2024 and 2023, the interest rates for loans ranged from 4.25 to 9.50 percent.