O'Neal Steel 401(k) match, vesting and fees

Participants are immediately vested in their voluntary contributions and any income or loss thereon. Participants are immediately vested in non-elective employer contributions and become one hundred percent vested in the Sponsor safe-harbor matching contributions after one year of service. TW Metals, Inc. participants become one hundred percent vested in the Sponsor profit-sharing plan after three years of service. Amounts not vested at the time a covered participant ceases to participate in the Plan are forfeited.

Employees are automatically enrolled in the Plan at a three percent deferral rate, unless they elect to opt out in a timely manner. Upon the anniversary of their hire date, all employees automatically enrolled in the Plan who have a deferral rate of less than six percent will have their deferral rate increased by one percent, capping at six percent; therefore, participants deferring six percent or more will not be affected. Participants can opt out of the annual automatic enrollment and automatic escalation options.

Participants may also contribute their after-tax annual compensation for Roth elective deferral purposes, subject to certain limitations, with the contributions and earnings thereon being nontaxable when withdrawn from the Plan.

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or fifty percent of their vested account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest from 4.25 percent to 9.50 percent. The interest rate on participant loans is determined by the plan administrator in accordance with Plan provisions. Principal and interest are paid through payroll deductions as indicated in the loan policy.