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2022 Benefits Compliance Notices

 Dear Employee, 

 

Each year, we are required by law to provide you with several notices regarding our benefit plans, particularly the 401(k) and medical plans. Please take some time to review the enclosed information.  

401(k) Plan 

As you review the notices below, remember the New Year is a good time to reevaluate your retirement goals and whether you are contributing enough to the 401(k) plan to help you reach your goals.   

  1. 401(k) Safe Harbor Notice: Laitram’s 401(k) plan is classified as a Safe Harbor Plan (“SHP”) under IRS rules. As an SHP, the Company’s matching contributions (up to 4% of your compensation) are fully-vested and non-forfeitable. This notice also highlights other important information relative to the plan including catch-up contributions (for those 50 or older in 2022), distributions/withdrawals/loans, and investment options.  

  2. 2021 Nondiscretionary Contribution: A unique part of our 401(k) plan, the Company contributes an additional 3% of your total compensation to your 401(k) account at the end of each calendar year. This notice outlines when the contribution will be made, who is eligible to receive the contribution and how the contribution is calculated. 

  3. 401(k) Summary Annual Report: Outlines the plan’s performance in 2021. 

 

Medical Plan 

Please review as this information could impact you or your family with regard to your healthcare. 

 

  1. Women’s Health and Cancer Rights Act of 1998 Notice 

  2. The Newborns’ and Mothers’ Health Protection Act of 1996 Notice  

  3. Health Insurance Special Enrollment Notice 

  4. Premium Assistance Under Medicaid and the Children’s Health Insurance Program (CHIP) Notice 

  5. Notice of HIPAA Privacy Rights 

  6. Summary Annual Report for the Laitram Health Plan 

  7. Laitram Wellness Program Notice 

If you have any questions regarding the enclosed information, please contact Edie Sclafini (504) 570-1205 or Becky Klein (985) 348-6326.   

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