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Click here to view our 401K Summary Plan Description.
Hoss's & Marzoni's Employee Benefits
 

401K Retirement Savings Plan

FAQ (Frequently Asked Questions)

Eligibility and Enrollment:

What are the eligibility requirements to participate in Hoss's and Marzoni's 401K Plan?

* One year of service
* 1,000 hours in a 12-month period
* 21 years of age

Enrollment is quarterly after eligibility requirements are met (January, April, July, and October). Standard Retirement Services, Inc., and Hoss's Human Resources Department will notify you when you are eligible and provide you with enrollment information.

Why should I participate?

Click here for some great reasons to participate in Hoss's and Marzoni's 401K plan.

How can I enroll?

Newly eligible employees may enroll in the 401K Retirement Savings Plan by three methods:

1. Internet - log onto the www.standard.com/retirement/hosss-steak-and-sea-house web site, register your account, and complete the enrollment process. There are various tools available to help you decide the best options for yourself.
2. INFOLINE - (800) 858-5420, enter 4-digit pin number (provided on enrollment letters from Standard) and follow instructions given.
3. Complete the Savings Form and Investing Form --OR--
MainSpring Managed Savings Form provided in enrollment booklet.

Please note that if you are interested in participating in the plan, you must complete the Beneficiary Designation for Death Benefits form and submit it to the Human Resources Department.

If you are not interested in taking advantage of this benefit, please elect to contribute 0%, sign and date the Savings Form, and return to the Human Resources Department. We must receive a form back from each eligible employee.

How do I get started to access my account on Standard's web site?

Click here to view a flyer on accessing your retirement account.

* Visit www.standard.com/retirement/hosss-steak-and-sea-house.
* The first time you visit, you must register to create a login and password. Select "Register Account" and provide the data requested. You'll use your partial social security number, birth date, and zip code to register. Once account is established, you can create a password of your choosing.
* Click on "Personal Savings Center."
* Enter your login and password.
* Move your mouse over the navigation bar at the top of the page to see additional features available in the site.

The Standard Personal Savings Center allows you to confidentially:

* View your account balance
* View account activity
* View investment performance
* View or change your current investment directives
* Change the deferral you contribute to your account
* Transfer, reallocate, or rebalance your investments
* View loan information, obtain a loan quote, and request a loan
*Calculate how much you need to save to meet your retirement goals
* Complete a risk profile on-line that will help you determine your investment allocation
* Utilize various financial calculators
* View Hoss's Summary Plan Description

What if I cannot remember my login or password?

Call Standard at (800) 262-7111. Once your identity is confirmed, they will provide you with your login or password.

How do I know which profile or accounts to choose?

The Hoss’s and Marzoni's 401K Retirement Plan through Standard Retirement Services, Inc., offers three levels of service:
  • The first level of service is a managed approach; this program is called Mainspring Managed.  In this program, Standard will create and implement a Savings and Investing Plan to help you reach your retirement goals.    

    Mainspring Managed is a comprehensive service designed to help take the worry and guesswork out of retirement planning. Click here to learn more about Mainspring Managed offered through Standard Retirement Services, our 401K provider.

  • The second level of service is a guided approach.  In this program, you will take an investor profile quiz to help you understand your risk tolerance as an investor.  The quiz can be found on-line at www.standard.com/retirement/hosss-steak-and-sea-house under the Enrollment Tab or on Page 10 of your enrollment booklet. Based on the results of this quiz, you will choose one of five different investment portfolios.  The decision on how much you need to defer in this approach is decided by you.

  • Our third level of service is a do it alone approach.  In this program, you choose the investments and the amount of your deferral.  If you are interested in choosing your own accounts, investment performance information can be found in the enrollment booklets and also on-line under the Enrollment Tab.

How can I get retirement planning advice?

Please contact our broker, John Forney, at Forney Financial Solutions, LLC, at (814) 944-8474.

Contributions:

How can I contribute to my 401K account?

Contributions to your 401K account may be on a pre-tax basis (Traditional 401K) or after tax (Roth 401K) and must be payroll deducted.

What is the difference between Pre-Tax Savings and Roth Savings?

You can now choose what type of money you are contributing to the 401K Plan. With Pre-Tax Savings, the money you place in your 401K account is not federally taxed. This money grows until retirement and then once you retire as you take out the money it is then taxed.

Roth Savings allows you to place federally taxed money into the 401K. The nice thing about this provision is that any earnings from the Roth contributions after a period of 5 years are tax-free.

Basically, think of it as pay the taxes now or pay the taxes later. Please note, many studies have shown that the tax advantages of the Roth only benefit the very young or highly compensated. Please discuss these options with your tax professional.

What is Automatic Enrollment?

Our plan has an Automatic Enrollment feature. All newly 401K eligible employees will automatically be enrolled into the plan with a 1% contribution. Employees will be notified and given the opportunity to decline participation. If they do not decline, they will be automatically enrolled in Mainspring Managed.

Automatic enrollment also applies to employees who are eligible but are not deferring monies into their 401K account.

Please note employees that are automatically enrolled have up to 90 days to stop participation and receive a full refund.

What is Automatic Increase?

Participants who have been automatically enrolled in the plan and those who have selected MainSpring Managed may receive yearly automatic increases as recommended by Standard Retirement Services, Inc.

Employees will be notified of the increase and be given the opportunity to decline the increase.

What is the maximum I can contribute to my 401K account per year?

In 2017, the maximum you may contribute to your account is $18,000.

Is there a maximum percentage that I can contribute?

You may payroll deduct up to 100% of your income as long as you do not exceed the maximum of $18,000 in 2017.

How often can I change my deferral percentage and how can I do this?

You may change your percentage of deferral as many times as necessary. Simply complete a Savings Form and submit to Sandy Swope. You may also change your deferral on the Standard web site under Update Account.

What is automatic rebalancing?

If you checked the "automatic rebalancing" box on your enrollment form (depending on which option you chose - quarterly, semiannually, or annually) assets will be transferred in your account so the allocation of your assets in the plan matches how you chose to invest your money (the profile or accounts you chose). Automatic rebalancer makes sure that your asset allocation remains consistent with your goals, regardless of what is happening in the financial markets.

Example: Accounts grow at different rates. You may want 10% of your account to be in a certain investment and it grows to be 15% of your account. The automatic rebalancer will distribute that additional 5% to other investments to move that original investment back to 10% of your account.

Rebalancing will transfer enough money out of your high-performing investment options to your lower-performing options to return the allocation of your plan assets to what you originally desired. This process automatically forces you to follow the recipe for investment success: buy low and sell high.

What is a catch-up contribution?

Once you reach the $18,000 limit in 2017, and if you are age 50 or older, you can payroll deduct an additional $6,000 in 2017 for what is called a catch-up deduction.

Please contact Sandy Swope if you would like to take advantage of the catch-up deduction.

What is the employer match?

The employer match for 2017 is $0.13 for every dollar you defer into your 401K account up to 6% of your gross pay.

We recommend that you take full advantage of the employer match monies by deferring at least 6% of your gross pay into your 401K account.  Hoss’s is very committed in helping you save for your retirement. 

Vesting schedules apply to the employer match.

Can I roll my 401K account from my former employer into Hoss's and Marzoni's 401K plan?

Yes, we can accept rollovers from the following: another 401K plan and other qualified retirement plans, governmental deferred compensation (457) plans, tax-sheltered annuities (TSAs) and IRAs. Rollover money received by the plan will be invested according to your investment directives for new contributions. Please note: if you have received a distribution check from a retirement plan, you must complete a rollover within 60 days of receipt. If the rollover is not completed within this period, the distribution cannot be rolled over and is taxable. It may also be subject to a 10% early withdrawal penalty. Please contact Sandy at 1-800-621-0270 Ext. 3330 for more information and rollover procedures.

Distributions:

How and when can I take money out of my account?

* Normal retirement (age 65)
* Age 59 1/2 while still employed
* Early retirement (age 55 with 5 years of service); 100% vesting and termination of employment required
* Termination of employment
* Death or disability
* Financial Hardship (The following reasons only are considered for a hardship withdrawal: to pay medical bills, college tuition, to purchase a principle residence, to prevent the your eviction from your principal residence or foreclosure on the mortgage of your principal residence, burial or funeral expenses for deceased parent, spouse, children, or dependents, or expenses for the repair of damage to your principal residence that would qualify for the casualty deduction under the Internal Revenue Code.)

Contact Standard Retirement Services, Inc., at 1-800-858-5420 if you need to make a hardship withdrawal.

What are my distribution options when terminating employment?

Upon your termination, you will be sent a flyer outlining your options.

The distribution choices available to you depend on the balance in your account:

If Your Account Balance is $5,000 or Less: If your account balance is under $5,000, you must withdraw your money from the plan. Your benefit must be distributed as a lump sum or as a rollover to another qualified plan or traditional Individual Retirement Account or IRA.

Keep this in mind:

* Lump sum distributions are subject to 20% federal income tax withholding. State tax withholding may also apply.
* When you file your tax return, you may be subject to an additional 10% penalty for early withdrawal, unless you are age 59 ½ or you terminated service after reaching age 55 and five years of service.
* A distribution charge will also be applied.

If Your Account Balance is $5,000 or More: If your account balance is over $5,000, you can:

* Leave money in the plan. If you choose this option, no action is required.
* Roll your account balance over to another qualified plan or IRA.
* Take payment in a lump sum. Lump sum distributions are subject to 20% federal income tax withholding. State tax withholding may also apply.When you file your tax return, you may be subject to an additional 10% penalty for early withdrawal, unless you are age 59 ½ or you terminated service after reaching age 55 and five years of service.
* A distribution charge will also be applied.

If you do not provide instructions about what choice you would like to make:

If you have:

* more than $5,000 in your account, your money will remain invested in the plan.

* less than $1,000 in your account and you do not provide instructions to The Standard within 90 days from the date of employment termination, a check will automatically be sent to your last known address.

* more than $1,000 but less than $5,000, federal law requires your account balance to be rolled over to an IRA established for you by the plan administrator. The IRA is through Centier Bank. Click here for more information.

Loans:

Can I take out a loan from my account?

In order to take out a loan, you must have at least $2,000 in your account. The minimum loan amount is $1,000. You may take up to half of your account up to a maximum of $50,000. The loan may be taken up to 5 years unless it's for the purchase of a primary home. In this case, the loan may be taken up to 10 years. There is a one-time $150 loan origination fee that will be deducted from your account.

We recommend that you consider other sources for your loan needs before borrowing from your retirement account.

How do I take out a loan?

On-line: (5-7 days to receive check)

Click here to view a video from Standard that will take you step by step through the online loan process.

* Visit retirement.standard.com.
* The first time you visit, you must register to create a login and password. Select "Register Account" and provide the data requested. Select "Register Account" and provide the data requested. You'll use your partial social security number, birth date, and zip code to register. Once account is established, you can create a password of your choosing.
* Click on "Personal Savings Center" and enter your login and password.
* Under the "Account" tab, select Loan Modeling. Use the loan calculator to determine the number of payments and payment amounts you desire.
* When you decide on what you want, click on the "Request This Loan" button and provide the information requested.

On Paper: (7-10 days to receive check)

If you do not have access to the internet, contact Standard Retirement Services, Inc., at 1-800-858-5420. A customer service representative will help you calculate loan payments and provide you with a loan application form.

How will I repay my loan?

Loan payments are payroll deducted from your check bi-weekly and sent to Standard Retirement Services, Inc. If you would like to pay extra on your loan or pay the loan off early, you may write a check payable to Hoss's Steak and Sea House and mail to Sandy Swope. She will have the check deposited and send the payment over to Standard electronically.

Is there a limit to the number of loans I may take out?

You are permitted to take one loan per calendar year.

What if I terminate employment before the loan is paid off?

If you terminate employment with Hoss's or Marzoni's, the loan balance will be deducted from your account before a distribution is made to you. This amount will become taxable income to you for that year.