September 19, 2017
SUMMARY OF MATERIAL MODIFICATIONS
NEW PROCEDURE FOR
CHANGING YOUR CONTRIBUTION PERCENTAGE
Dear Plan Participant:
Starting January 1, 2018, you must follow a new procedure if you wish to change the amount of your employee contributions to the Plan. There are two major steps:
- Obtain a “Deferral Authorization” (a sample is attached) either by calling Principal at 800 547-7754, or by downloading a new Deferral Authorization from the Principal Financial Group website (go to the “Manage Contributions” section under the “Contributions” tab at principal.com). Then, print and sign it.
- Show the Deferral Authorization to all your employers. Your employers may photocopy the document. Your contribution percentage will be changed to the percentage on the Deferral Authorization as soon as it is administratively feasible. The new percentage will remain in effect until your employment ends or until you give your employers a new Deferral Authorization. A completed Deferral Authorization is the only document that can be used to authorize or change an employee’s deferral percentage.
- Beginning January 1, 2018, Zenith will no longer notify your employers when you change your contribution percentage. It will be entirely your responsibility to give signed Deferral Authorizations to all your employers. In other words, your employers will not receive your deferral percentage from Zenith, Principal, IATSE Local 33, or any other source.
- The new procedure will be the only way to change your contribution percentage beginning January 1, 2018. No other document will be accepted.
- Your employers must deduct the percentage that appears on the Deferral Authorization as soon as it is administratively feasible after you have given them signed copies.
- There is no need to obtain a Deferral Authorization from Principal if you do not wish to change your deferral percentage and you are continuing to work for the same employer or employers. Your current contribution percentage will continue in effect until you change it or end leave employment.
- You can find the current balance of your Employee Account at the "Contributions" webpage at principal.com, or by calling Principal at 800 547-7754,
- You cannot defer more than the maximum allowed by the IRS. The IRS has not yet announced maximum allowable voluntary contributions for 2018. For 2017, they are $18,000 and, for employees turning age 50 or older in 2017, $24,000. Please check with your tax adviser if you have questions about the tax consequences of excess deferrals.
- You cannot modify the Deferral Authorization by, for example, erasing the deferral percentage printed on the document and writing in a new one. You can only change your deferral percentage at the Principal website or phone number identified in paragraph 1 of this notice.
- As before, you cannot have different contribution percentages for different employers.
All employers must deduct the percentage from your paycheck. Make sure all employers have your Deferral Authorization!
- As before, you may change your deferral percentage no more frequently than once per calendar quarter.
This is a summary of material modifications regarding the 401(k) Plan. It supplements and modifies the Plan’s Summary Plan Description (SPD), which is the booklet that describes the Plan’s rules. In the event of a discrepancy between the new Plan amendments and this summary of material modifications, the Plan amendments are controlling. You should retain a copy of this notice with your SPD.
Please call Ann Winfrey at the Trust Office if you have any questions. She can be reached at
Board of Trustees
IATSE Local 33 Section 401(K) Plan