B.A.E.S.S. provides an optional 401(k), tax sheltered savings plan for all regular full-time employees and all other employees who work in excess of 1000 hours. The plan allows employees to have up to 12% of their pay deducted, before taxes, and placed in a savings account in which they have investment choices. B.A.E.S.S. will match 50% of the employee’s contribution, up to a total company contribution of 3%. 100% of the employee contribution vests immediately. Full vesting of the entire account occurs on the third anniversary of the employees first day of employment at B.A.E.S.S.
Purpose
- To provide an investment vehicle for eligible employees to aid them in developing financial independence.
Eligibility: All employees of Sylvan Learning Center and any participating Affiliates, if applicable, except covered by a collective bargaining agreement with the Employer are eligible to participate in the Plan upon completing the Plan’s eligibility requirements.
In order to participate in the Plan you must be a least age 18 and have completed one Year of Eligibility Service. A Year of Eligibility Service is accomplished after completing 1,000 Hours of Service during your first 12 months of employment. If 1,000 Hours of Service is not completed in the first 12 months of employment, you will be credited with a Year of Eligibility Service, provided you complete 1,000 Hours of Service in any following calendar year. An Hour of Service is any hour for which you are paid or are entitled to payment. If you are absent from employment with the Employer because of qualified military service, your military service will count as service for purposes of meeting the Plan’s eligibility requirements. If you terminate employment after becoming a participant in the Plan, or after satisfying the Plan’s eligibility requirements but before actually becoming a participant, and are later rehired as an eligible employee, you will become a participant in the Plan on the next Entry Date following your rehire. If you terminate employment before satisfying the Plan’s eligibility requirements and are later rehired, you must satisfy the Plan’s eligibility requirements before you may participate in the Plan.
Employee Responsibilities
- Decide how much of their pay to commit to the 401(k) when they become eligible.
- Complete the required paperwork in time for the established entry dates.
- Determine which investment vehicles are best suited to his/her needs.
Manager Responsibilities
- Be sure all employees who qualify submit their paperwork in a timely fashion.
- Forward all necessary paperwork to the main office in a timely fashion.
- Encourage employees to participate. The company contribution is extra money they receive for just participating.
Executive Responsibilities
- Review employee rosters and notify managers of their qualifying employees.
- Submit all new applications and changes to the plan administrator in a timely fashion.
- Be available to managers and employees to answer their 401(k) questions.