Bank of Oklahoma (BOK Financial) administers our 401(k) plan. This benefit allows you to save money for your retirement. Contributing is a convenient way to invest in your future by building a source of income for your retirement. In order to participate, you must be 18 years of age and are eligible the first of the month following 30 days of employment to contribute to the 401(k).
Plan Details
Contributions:
- You can choose to contribute a percentage of your income (1%-100% in whole percentages only) or a specified dollar amount to the plan biweekly on either a pre-tax or an after-tax (Roth) basis. Contributions are deducted from each biweekly pay check. You are allowed to change, stop, or restart the amount of your contribution at the next reasonable pay period.
- Your elective deferrals are amounts that you chose to (or are assumed to have chosen to) have withheld from your paycheck and contributed to the Plan in your name. Please see the section of your SPD titled “Eligibility for Participation” to determine if you are eligible to make elective deferrals and “Contributions to the Plan” for the type of compensation you may defer into the Plan.
- You may make or change your deferral election on www.startright.bokf.com or calling (800) 876-9557. If you are making the changes online, please see the Deferral Change Instructions for assistance.
- If you want to make a deferral change for a desired pay period, it is important that you request that change no later than 3:30 (CST), Friday before the upcoming check date.
Deferral Limit: Your elective deferrals are subject to the following limits below. Please note, Paylocity automatically applies these to your contribution limit, and does not require you to opt-in.
- Your total amount of deferrals cannot exceed $24,500
- If you are age 50 or over, you may defer an additional amount, called a “catchup contribution”, of up to $8,000.
- Employees aged 60 – 63 may contribute an additional $36,500.
HALO Match:
- HALO offers an annual match of 50% on the first $1,000 of your contributions (maximum match of $500 annually). The match is made by March, for the previous year’s contributions. You must work at least 1,000 hours and be employed on the last day of the calendar year to be eligible for the match.
New Hire Elections:
- New Hires are eligible to participate in the Plan on the entry date following the completion of 30 days of employment. An automatic deferral amount of 3% of your compensation will be withheld from each of your paychecks. The automatic deferral amount will be contributed as a pre-tax elective deferral to the plan. If you do not wish to have automatic deferrals withheld from each of your paychecks or if you want to change the amount withheld, you must make a deferral election. If automatic deferrals have already started, you may make a deferral election to change the amount being withheld or to stop the deferrals entirely.
Vesting Schedule:
You are always 100% vested in your own Salary Deferral Contributions, Rollover Contributions, and the Employer Matching Contributions. You will become vested in any other Discretionary Profit Sharing Contributions based on the following schedule. Years of service are based on Plan Years in which you work 1,000 hours of service.
- 1 Year of service = 25%
- 2 Years of service = 50%
- 3 Years of service = 75%
- 4 or more years of service = 100%
Plan Documents & Contact Information
On-Demand Session
The resources below are accessible on-demand.
Pre-Retirement Readiness Series:
