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Retirement Plan

Technology Unlimited Group (TUG) provides all employees the opportunity to participate in the company 401k plan. TUG makes both Safe Harbor and Profit Sharing contributions to each employees 401k account. TUG also encourages employees to contribute directly to their own 401k account. Once employees become eligible for a given plan, employees may begin making contributions on the first of the month following their enrollment in the program.

Safe Harbor Plan

Technology Unlimited Group makes a Safe Harbor contribution to the 401k account of each eligible employee in an amount equal to 3% of the employees’ compensation for the plan year. An employee is eligible to participate in the Safe Harbor plan if they complete three months of eligibility service prior to the end of the calendar/fiscal year. Employees are 100% vested in all Safe Harbor contributions.

Profit Sharing Plan

Technology Unlimited Group also has a Profit Sharing Plan by which the company will make an annual contribution to each employees 401k account based on a percentage of the employee's compensation for the year. Employees will become eligible for this contribution after completing three months of eligibility service prior to the end of the calendar/fiscal year and must still be employed with TUG on the date of distribution. The Profit Sharing plan is subject to vesting. Employees are 20% vested after their first year and gain an additional 20% each year until they reach 100% after five years of eligible employment.

Employee Contributions

Employees may voluntarily contribute to their own 401k plan up to the maximum amount allowed by law for that calendar year. Contributions may begin on the first of the month after the Date of Hire. Employees are always 100% vested in their individual contributions.

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