Unitil Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
Effective April 1, 2019, the Plan added a Roth 401(k) option for Participants. Contributions made byParticipants under the Roth 401(k) option are on an after-tax basis. Combined Roth 401(k) and pre-tax deferrals are subject to Code limits. In-plan Roth Rollovers and Roth Conversions will be allowed effective with the addition of the Roth 401(k) option.
Employer Contributions
The Company matches participantcontributions on a dollar-for-dollar basis, up to the first 3% percent of their eligible compensation, as defined by the Plan Document, except as noted below. Overtimepay, commissions and other forms of premium pay are not included in the definition of compensation eligible for matching purposes.
For non-union employees who are hired on or after January 1, 2010, and for non-union employees who elected to move from the Companys existing Pension Plan and accept afrozen pension benefit, the Plan provides enhanced Plan benefits including the Company contributing 4% of eligible compensation, as defined by the Plan, each year, regardless of whether or not the non-unionemployee elects to contribute to the 401(k) Plan. The Company also matches 100% of these employees elective deferrals up to 6% of compensation.
Forthose United Steel Workers (USW) Local 12012-6 members who are hired on or after January 1, 2011, and for USW Local 12012-6 members who elected to movefrom the Companys existing Pension Plan and accept a frozen pension benefit, the Plan provides for enhanced Plan benefits including the Company matching employee elective deferrals up to 6% of base pay and the Company contributing 4% of basepay each year, regardless of whether the employee elects to contribute to the 401(k) Plan.
For those Utility Workers Union of America (UWUA)Local 341 members who are hired on or after April 1, 2012, the Plan provides enhanced Plan benefits including the Company matching employee elective deferrals up to 6% of base pay and the Company contributing 4% of base pay each year,regardless of whether the employee elects to contribute to the 401(k) Plan.
For those International Brotherhood of Electrical Workers (IBEW)members who are hired on or after June 1, 2012, and for IBEW members who elected to move from the Companys existing Pension Plan and accept a frozen pension benefit, the Plan provides enhanced Plan benefits including the Company matchingemployee elective deferrals up to 6% of base pay and the Company contributing 4% of base pay each year, regardless of whether the employee elects to contribute to the 401(k) Plan.
For those UWUA - Local B340 members who are hired on or after June 1, 2013, the Plan provides enhanced Plan benefits including the Company matchingemployee elective deferrals up to 6% of base pay and the Company contributing 4% of base pay each year, regardless of whether the employee elects to contribute to the 401(k) plan.
Participant Accounts
Each participants account iscredited with the participants contribution and allocations of (a) the Companys contribution and (b) Plan earnings. Allocations are based on participant earnings or account balances, as defined by the Plan Document. Eachparticipants account is charged for the investment
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