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16 <br />Attachment 1 <br />State 401(k) Plan and 457 Deferred Compensation Plan <br />Comparison Summary <br />Benefits 401(k) Plan 457 Deferred <br />Compensation <br />Contributions <br />Minimum Monthly <br />$20.00 <br />$20.00 <br />Maximum Annual <br />Withdrawal Terms <br />Penalties <br />Transfers <br />Investment Options <br />Number of Transfers <br />Allowed <br />Loans <br />20% of annual Boss salary <br />up to $10,000 <br />- Termination <br />- Retirement <br />- Death <br />- Age 59 '/z (regazdless of <br />employment status) <br />- Sepazation from service after <br />Reaching age 55 <br />- Disability <br />- Financial Hardships: <br />Medical Expenses <br />College Tuition <br />Eviction <br />Foreclosure <br />Purchase of primary residence <br />Some withdrawals prior to age <br />59'/~ may be subject to 10% IRS* <br />Penalty. <br />A 401(k) plan is transferable to <br />Another 401(k) plan, IRA or <br />Another qualified plan. <br />10 (includes 7 Mutual Funds & 3 <br />Bank Investment Contracts - <br />BIC) <br />Unlimited transfers allowed <br />(5 yeaz BIC -Penalty of 3 months <br />of interest if moved before <br />maturity) <br />Yes - loans for any reason such as <br />college education, home <br />improvement or other. The <br />employee bon ows from his or her <br />account and pays him or herself <br />back with interest. <br />25% of annual taxable salary <br />up to $8,000 <br />- Termination <br />- Retirement (regazdless of age) <br />- Death <br />-Unforeseeable emergencies <br />which cannot be budgeted <br />for as determined by the plan <br />(catastrophic events) <br />Withdrawals without a 10% IRS <br />penalty under above listed terms <br />regardless of age. <br />A 457 plan is transferable only to <br />other 457 plans. <br />49 (includes 48 Mutual Funds & <br />Fixed Account) <br />Mutual Funds <br />- Unlimited same day transfers <br />Allowed with no penalty <br />Fixed Accounts Only <br />- No more than twice per yeaz <br />- May not exceed 20% of <br />account value <br />-with no penalty <br />None <br />