401(k) – B&B Insurance 2022

Employee Savings Plan – 401(k)

Benefit Overview

Saving for the future is an important step toward achieving financial security. Because we save with you, Brown & Brown can help you reach these goals through the 401(k) Plan. In order to have financial stability in your retirement years, it is important to take action now. Additional information is available on The Spot, at inet.bbins.com.

Schwab Retirement Plan Services, Inc. is the record keeper to provide information to help you make informed choices about your retirement needs, investment alternatives, and the benefits of long-term savings.

Take a look at the 401(k) Education Guide for a more in-depth overview regarding your 401(k) plan.

Employee Contributions

You may choose to make pre-tax contributions, or after-tax contributions through a Roth 401(k) election, up to the annual IRS maximum limit. Deferrals may be a percentage of your earnings and for employees paid bi- weekly, deductions are taken on all 26 pay periods that you participate. You may stop or change your contribution at any time, and may change your investment direction or reallocate funds at any time. You may “roll” another qualified plan into the Brown & Brown plan.

Company Contributions

Brown & Brown will make Safe Harbor Employer Matching Contributions to your account if you are participating in the Plan. Brown & Brown will match 100% of the first 3% of your eligible pay and 50% of the next 2% of your eligible pay that you contribute to the Plan. If you contribute less than 5%, you are not taking full advantage of the matching contribution.

For example, assume you earn $40,000 in compensation during the plan year. You elect to save $4,000 (or 10%) of your compensation into the Plan. Brown & Brown will provide you with a match of $1,600, which is equal to $1,200 [($40,000 x 3%)] plus $400 [($40,000 x 2% x 50%)].

Vesting & Investment Direction

Vesting

You are always 100% vested in your contributions, including any rollover contributions you make to your account. The Safe Harbor Employer Match, plus any earnings generated on those contributions are also 100% vested.

Investment Direction

You decide how your account will be invested. There are a variety of fund choices to choose from. Additional fund information can be found at https://workplace.schwab.com or in the 401(k) Education Guide.

Beneficiary Designations

It is important once you have enrolled for the 401(k) Plan that you designate the beneficiary or beneficiaries for your Retirement Plan account. Beneficiaries can be added on-line via the Schwab website and only takes a minute. Beneficiary designations lets Schwab and Brown & Brown know who should receive your account balance in the event of your death. Review the Beneficiary Designation Instructions posted on The Spot.

Contact & Additional Information