401(k) savings and retirement program

Shive-Hattery sponsors a 401(k) investment program that is managed by Great West Retirement Services. Employees may enroll in the 401(k) program the first of the month following their employment date if they meet the minimum age requirement of 21. At that time contributions may be made from either payroll pre-tax withdrawals from wages or rollover funds that may have been in an existing 401(k) with another company or a personal IRA. Though we've matched $.50 on the dollar (up to 6% of employee contributions) for over twenty years, the decision is made annually based on profits of the organization. Once eligible for matching amounts credited to your account are 100% vested.

After employees have been with the company two years they become eligible to be credited for matching funds on payroll contributions. Part-time employees become eligible to be credited for matching funds only if they´ve been an employee of the company two years and have worked 1,000 hours per year each year. The company pays the matching funds usually in the first quarter of the year following the year or portion of the year for which the employee was credited matching.

Profit Sharing

Shive-Hattery sponsors a Profit Sharing program that is managed by Great West Retirement Services. Employees are enrolled in this program the first of the month following employment. To be eligible to receive a profit sharing distribution employees must have worked a minimum of 500 hours in the year for which profit sharing is being considered, 21 years of age and an employee on December 31 of that year.

Shive-Hattery may make discretionary profit sharing contributions on an annual basis that will be distributed among eligible employees. The amount contributed to each person's account will be a set percentage of the person´s "annual eligible" salary or wages, subject to adjustment based on enrollment date. Employees receive vested interest in the plan based on the number of years of service completed. Vested interest is determined under the following schedule and is based on years of service: