401k
Jack’s offers team members the opportunity to participate in the 401k plan administrated by Empower.
EMPOWER
Joining the Plan
To participate, you must meet the following plan eligibility requirements:
- Attained age 20 ½
- Completed 500 hours of service during your first 6 months, or 1,000 hours of service in 1 year
- You begin participating in the plan on the first day of the calendar quarter following the completion of eligibility.
Managing Your Account
How will I know how much is in my account?
You will receive a personal statement quarterly. You may also login to your account at anytime by visiting www.empowermyretirement.com. You can check your account balance, secure investment performance information, make investment changes, change your deferral percentage, or request additional information about the plan. You may also manage your account by calling the Participant Service Center at 800-338-4015.
How are my contributions invested?
You give investment directions for all of your account, choosing from the investment options your plan provides. You may change your investment choices daily. You may transfer your existing balance to other investment options daily subject to certain restrictions. If you do not make an investment selection, your contributions will be invested into a retirement date based investment option determined by your date of birth and a projected retirement age of 65.
Jack’s Family Restaurants/SFM 401(k) Plan is intended to constitute an ERISA §404(c) plan. This means that you “exercise control” over the investments in your account. From the investment options available under your plan, you can choose which investments to put your money in now and you can switch into different investments as your needs change. Complying with ERISA §404(c) may relieve plan fiduciaries of liability for any investment losses to your account that are the result of your investment choices.
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Making Contributions
Deferred Salary Contributions:
You may make pre-tax deferred salary contributions through payroll deductions. Earnings on these contributions grow tax-deferred. You may increase, decrease or stop the amount of your contributions at any time, prior to any pay period. The Internal Revenue Service (IRS) limits the total amount of pre-tax contributions you may make each calendar year. For 2025, this limit is $23,500. However, if you are age 50 or over anytime during the calendar year, you may make additional pre-tax catch-up contributions up to $7,500. (Important Note: Any bonus compensation is not included in the compensation used for contributions under the plan.)
Rollover Contributions:
You may be able to roll your account under a prior employer’s plan into this plan. Consolidating your retirement savings can help you continue benefiting from tax-deferred growth -despite any disruptions that may occur during your working life. Maintaining one retirement account also makes it easy for you to track your retirement savings. To learn more about making rollover contributions to this plan, call 800-338-4015 and a Retirement Specialist will assist you. Your pre-tax contributions under the plan are always 100% vested, meaning they are 100% yours.
Safe Harbor Match Contributions:
Your company intends to match your contributions under the plan. In other words, the match will be equal to dollar for dollar on your participant deferrals up to 3% of your pay, plus another $0.50 per dollar on your deferrals between 3% and up to 5% of your pay. Based on the match formula, if a participant contributes 5%, they will receive a 4% match. The Safe Harbor Match contributions made into your account by your employer, are always 100% vested.
Your Safe Harbor Match contributions are calculated as follows:
| YOUR CONTRIBUTIONS | COMPANY MATCH |
|---|---|
| Up to 1% of compensation | 100% |
| Over 1% up to 2% of compensation | 100% |
| Over 2% up to 3% of compensation | 100% |
| Over 3% up to 4% of compensation | 50% |
| Over 4% up to 5% of compensation | 50% |
Taking a Distribution
When may I withdraw money from the plan?
The plan is designed to help you save for retirement. So, the IRS has placed restrictions on when you may withdraw money from the plan. You may withdraw money from your account at:
- After age 59 ½
- In case of a financial hardship (as defined by the IRS)
- In case of a termination of employment
- In case of a total disability, based on the IRS definition
- In case of death of a participant, the account balance would be paid to their designated beneficiary(s)
Your Summary Plan Description provides more details about distributions, including important tax information and information on the forms of benefit your plan offers.