GFC Retirement Plan
Eligibility and Entry Date Information
You are eligible to participate when you have completed 6 months of service and have attained age 18. After you have met those eligibility requirements, you can then start participating at the next Entry Date. Your Entry Date will be the first day of the following quarter after eligibility is met (January 1st, April 1st, July 1st, or October 1st). BEFORE your Entry Date, please complete an Enrollment Form and provide to your bank’s retirement plan contact. They will forward on to us for our records.
Portfolio Changes
If you would like to change your beneficiary or update your portfolio election, please complete an Enrollment Form and provide to your bank’s retirement plan contact. They will forward on to us for our records. Investment portfolio election changes can be made on a quarterly basis and are effective the first day of the following quarter (January 1st, April 1st, July 1st, or October 1st) following the execution date the enrollment is signed. Beneficiary changes can be made at any time.
Rollover Options
Incoming: Rollovers are allowed into the retirement plan depending on the type of account the balance is being transferred from. Please contact Jenna Patterson at [email protected] should you wish to discuss the process for an incoming rollover to the GFC Retirement Plan.
Outgoing: If you stop working before Normal Retirement Age (age 65), your vested amount will be paid out after you complete the appropriate paperwork and as soon as administratively feasible in the first Plan Year following your termination of employment (usually the first quarter of the year after you’re terminated). If you stop working after Normal Retirement Age (age 65), your vested amount will be paid out after you complete the appropriate paperwork and as soon as administratively feasible in the first quarter following your termination of employment.
Questions?
If you have any additional questions, please reach out to your bank’s retirement plan contact or contact Sam Scott at [email protected].
