401(k) & Profit Sharing

We’re fully invested in your future

We love having you here. We also love the idea of you eventually retiring and enjoying that leisurely lifestyle as a reward for all your hard work over the years. To help make your golden years even better, we offer a 25% match on anything you put into your 401(k) up to 6% of your eligible gross income, as well as a discretionary profit-sharing contribution to your 401(k) each year. Read on for full details on our retirement plan.

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UBT Employee 401(k) contributions


Eligibility requirements: 

  • Complete 1 month of service.
  • Enter the plan on the first day of the month concurrent with or immediately following the satisfaction of the above eligibility requirements.

Contributions:

Participants may elect to defer a portion of their compensation through a salary reduction agreement not to exceed the maximum IRS limit, which is $23,500 in 2025. An individual 50 or older by 12/31/2025 may defer an additional $7,500 in 2025. Beginning in 2025, a higher catch-up contribution limit applies to individuals celebrating their 60th, 61st, 62nd, or 63rd birthdays in 2025 in which this higher catch-up contribution limit is $11,250 instead of $7,500. View details of the 2025 contribution limits here: 2025 Deferral Limits & Super Catch Up.

  • Traditional pre-tax and Roth after-tax contributions are permitted.
  • Participants are allowed to make deferral changes to be effective the first of the next month.
  • Participants not electing a deferral percentage will automatically defer 4% of compensation following the satisfaction of the above eligibility requirements. An automatic savings increase of 1% per year will automatically occur until 6% deferral is reached after two years unless the participant elects otherwise.

Employer match contributions


Eligibility requirements:

  • Enter the plan on the first of the month concurrent with or immediately following the satisfaction of the above eligibility requirements.

Contributions:

  • The matching contribution is $0.25 per $1 on the first 6% of participant’s deferred compensation.

 

Employer profit-sharing contributions


Eligibility requirements:

  • Attain age 20.
  • Complete 1 year of service.
  • Enter the plan on the first day of the month immediately following the satisfaction of the above eligibility requirements.
  • Employed on December 31 and work 1,000 hours during the plan year.
  • Profit sharing contributions are discretionary and based on the employer's profitability.
  • Historically, the profit-sharing contribution has been 6% of compensation.

 

Additional plan provisions

Vesting schedule:

  • Employee 401(k) contributions and rollover dollars are always 100% vested.
  • Employer matching contributions are vested according to the following schedule: 1 Year, 33%; 2 Years, 67%; 3 Years, 100%.
  • One year of vested service for Employer Match & Profit Sharing is credited when the participant works 1,000 hours in the Plan Year.
  • Employer profit sharing contributions are vested according to the following schedule:
1 Year 2 Years 3 Years 4 Years 5 Years
20% 40% 60% 80% 100%

 

Investments:

  • Participants may direct their employee 401(k), employer Match, and employer Profit Sharing contributions among a variety of mutual funds.
  • Matching and profit-sharing contributions will be professionally managed by Union Bank & Trust in a diversified portfolio of stocks and bonds if the participant does not self-direct to a variety of mutual fund options.
  • Participants who are enrolled and have not elected an investment for their own 401(k) contributions will be invested in a default lifecycle fund.

Retirement age:

  • Normal retirement age is 65.

Distributions:

  • Separation from service.
  • Death or disability.
  • Financial hardship as defined by the IRS.
  • In-service distribution allowed at age 59 ½.

Rollovers:

  • Employees may roll over account balances from eligible employer-sponsored retirement plans or Traditional IRAs into the Union Bank Retirement plan.

 

Union Title Employee 401(k) Contributions

Eligibility Requirements

  • Attain age 20.
  • Complete 6 months of service.
  • Enter the plan on the first day of the month immediately following the satisfaction of the above eligibility requirements.

Contributions

  • Participants may elect to defer a portion of their compensation through a salary reduction agreement not to exceed the maximum IRS limit, which is $23,500 in 2025. An individual 50 or older by 12/31/2025 may defer an additional $7,500 in 2025. Beginning in 2025, a higher catch-up contribution limit applies to individuals celebrating their 60th, 61st, 62nd, or 63rd birthdays in 2025 in which this higher catch-up contribution limit is $11,250 instead of $7,500. View details of the 2025 contribution limits here: 2025 Deferral Limits & Super Catch Up.
  • Traditional pre-tax and Roth after-tax contributions are permitted.
  • Participants are allowed to make deferral changes at any time.

Employer Match Contributions

Eligibility Requirements

  • Attain age 20.
  • Complete 6 months of service.
  • Enter the plan on the first of the month immediately following the satisfaction of the above eligibility requirements.
  • Must be employed on December 31 and complete 1,000 hours of service during the plan year.

Contributions

  • Matching contributions are discretionary.
  • Historically, the match has been .25 per $1.00 on the first 6% of the participant's deferred compensation.

Additional Plan Provisions

Vesting Schedule

  • Employee 401(k), matching contributions, and rollover dollars are 100% vested.

Investments

  • Participants may direct their account balance among a variety of mutual funds.

Retirement Age

  • Normal Retirement age is 65.

Distributions

  • Separation from service
  • Death 
  • Financial hardship as defined by the IRS form employee contributions
  • In-service distribution allowed at age 59 1/2 from employee contributions

Rollovers

  • Employees may roll over account balances from eligible employer-sponsored retirement plans or Traditional IRAs into the Union Title Company 401(k) profit sharing plan.

This Overview is designed to provide accurate information about your plan. If the language in this Overview conflicts with the terms of the plan document, however, the plan document always governs. To learn more about the plan, you should consult the Summary Plan Description (“SPD”). The SPD contains information regarding when you may become eligible to participate in the plan, your plan benefits, your distribution options, and many other features of the plan. You should take the time to read the SPD to better understand your rights and obligations under the plan. If you want another copy of the SPD, please contact the Plan Administrator.

Investment products: Not FDIC Insured — No Bank Guarantee — May Lose Value.

 

This guide is intended to be a general description of the Benefits Program offered by Union Bank & Trust. It is not intended to be a summary plan description (SPD). If there are differences between this guide and the SPD or plan document, the terms of the SPD and plan document should be considered definitive. Union Bank & Trust and any successors reserve the right to change, amend, terminate, or modify the provisions of these plans and programs with or without advance notice. The description of the program, the plan itself, or participation in the plan is not an employment contract or any type of employment guarantee and should not be construed as such. Nothing in this guide is intended to provide medical, tax or legal advice.