401(k) Plan

To help you prepare for retirement, Lacher offers a qualified 401(k) plan. Each eligible team member must participate by enrolling in the 401(k) plan in the fund(s) of his/her choice. You will be eligible to contribute to the Lacher 401(k) retirement plan beginning in the first payroll of the fourth month following your date of hire if you are at least 21 years of age and have been employed with the company for three months.

As a participant in the Plan, you may elect to contribute a portion of your compensation to the Plan through salary deferral. The firm encourages each team member to participate in this part of the plan. The following types of contributions may be made under this plan:

Salary deferrals including Roth 401(k) deferrals
Rollover contributions

Your salary deferrals are 100% vested at all times. Lacher will contribute 3% of your Plan compensation to your account each year. This safe harbor contribution will be made whether or not you make contributions to the Plan. This amount is automatically deposited in your American Funds account. You are 100% vested in safe harbor contributions at all times.

At the discretion of the owners of the firm, Lacher may make additional profit sharing contributions above the 3% safe harbor contribution. If Lacher decides to make the additional profit sharing contribution, it may deposit the money into your account within 3 months after the plan year ends. In order to share in this additional profit sharing contribution, you must be employed with Lacher on the last day of the Plan year (December 31) and have completed at least 900 hours of service during the plan year.

You will vest in the profit sharing contributions as follows:

0-1 Years of Service 0%
2 Years of Service 100%

The maximum team member contribution in any one calendar year is $23,500 in 2025. If a team member is age 50 or older, he/she may make an additional $5,500 contribution to his/her 401(k) plan. This is just a brief summary of the Plan and if there are discrepancies between this information and the Plan Document, the terms of the Plan will govern.