PSCH, Inc. Frequently Asked Questions Page

Who is Eligible for the Plan?

You are automatically enrolled in the plan provided you are eligible to participate.

An employee age 21 is eligible to participate on the January 1st or July 1st after completing 1 year of service (1,000 hours must be credited in the first 12 months of service, or in a plan year; July 1 to June 30) and not classified by your employer as a Part Time Counselor or Part Time Rehabs or Relief Staff.

How is my account setup?

Once you are eligible for a contribution, the Trustee will establish an account on your behalf.

Who contributes to the plan?

The plan is completely funded by PSCH. There are no employee contributions.

Employer contributions will be made to your account after the plan year ends. The plan year is July 1 to June 30th. Contributions for a June 30 year end may be made as late as the March 15th of the following calendar year.

Who chooses the plan’s investments?

The Trustees of the plan invests the funds.

You are not able to change the investments on your account.

Accounts for all participants are invested the same, with each account invested in a series of different stock and bond mutual funds.

Fully vested union participants may self-direct their profit sharing account by completing an application.

When is an employee vested?

Employer contributions vest with each plan year of service starting from your hire date. After six years of service you are 100% vested.

You must be credited with 1,000 Hours of Service in the plan year July 1 to June 30 to be credited with a Year of Service.

Your vesting percentage will appear on your ING statement.

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When can I get my vested balance?

Distributions are paid when an employee terminates employment, becomes disabled or upon death.

No distributions are made to any active employee except for those who are age 65 and have 5 years of plan participation and, request a benefit payment.

There are no loans or distributions for hardship.

Do I have to take a payout when I leave employment?

If your vested balance is greater than $5,000 you may leave your account open in the Plan until you reach age 65.

Accounts with a vested balance below $5,000 will be paid out of the plan.

Do Taxes have to be taken out of my distribution?

If you rollover your benefit directly to a new employer’s plan, or an IRA there are no taxes withheld.

If you choose to have your benefit paid to you, a minimum of 20% is withheld for Federal Income Taxes, however this is not your actual tax liability. You will also be subject to an excise tax if paid to you before age 59½.

What If my new employer doesn’t have a retirement plan?

You may open an IRA with any IRA custodian. If you wish to have an ING IRA please contact our Third Party Administrator who is an ING representative.

Who is Eligible for the Plan?	You are automatically enrolled in the plan provided you are eligible to participate. An employee age 21 is eligible to participate on the January 1st or July 1st after completing 1 year of service (1,000 hours must be credited in the first 12 months of service, or in a plan year; July 1 to June 30) and not classified by your employer as a Part Time Counselor or Part Time Rehabs or Relief Staff.
How is my account setup?	Once you are eligible for a contribution, the Trustee will establish an account on your behalf.
Who contributes to the plan?	The plan is completely funded by PSCH. There are no employee contributions. Employer contributions will be made to your account after the plan year ends. The plan year is July 1 to June 30th. Contributions for a June 30 year end may be made as late as the March 15th of the following calendar year.
Who chooses the plan’s investments?	The Trustees of the plan invests the funds. You are not able to change the investments on your account. Accounts for all participants are invested the same, with each account invested in a series of different stock and bond mutual funds. Fully vested union participants may self-direct their profit sharing account by completing an application.
When is an employee vested?	Employer contributions vest with each plan year of service starting from your hire date. After six years of service you are 100% vested. You must be credited with 1,000 Hours of Service in the plan year July 1 to June 30 to be credited with a Year of Service. Your vesting percentage will appear on your ING statement. Together with Issac uk replica watches Newton and Edmond Halley and other renowned followers rolex replica together, coupled with a large number of scientific concepts and constructs to replica watches change our view of the world, become a favorable conditions uk replica watches for creation.
When can I get my vested balance?	Distributions are paid when an employee terminates employment, becomes disabled or upon death. No distributions are made to any active employee except for those who are age 65 and have 5 years of plan participation and, request a benefit payment. There are no loans or distributions for hardship.
Do I have to take a payout when I leave employment?	If your vested balance is greater than $5,000 you may leave your account open in the Plan until you reach age 65. Accounts with a vested balance below $5,000 will be paid out of the plan.
Do Taxes have to be taken out of my distribution?	If you rollover your benefit directly to a new employer’s plan, or an IRA there are no taxes withheld. If you choose to have your benefit paid to you, a minimum of 20% is withheld for Federal Income Taxes, however this is not your actual tax liability. You will also be subject to an excise tax if paid to you before age 59½.
What If my new employer doesn’t have a retirement plan?	You may open an IRA with any IRA custodian. If you wish to have an ING IRA please contact our Third Party Administrator who is an ING representative.