Spitzer Profit Sharing and Savings Plan

General Plan Information

The Spitzer Profit Sharing Plan is a profit sharing plan with a cash or deferred arrangement, also known as a 401(k) plan. A Summary Plan Description of the plan can be found here. [PDF]

The plan has two items that you should be aware of:

1 – Investment Direction. You may direct the investment of all funds held in the 401(k) portion of your plan account among the different investment options provided by the plan. The 401(k) portion of your plan account consists of the following: Employee Deferrals, Employee Roth Deferrals, QACA Safe Harbor Match, Old Safe Harbor Match, Old Match Subject to Vesting, and Rollover.

The Profit Sharing portion of your plan account cannot be moved and is invested solely in the “Spitzer Fund – Plan Directed” investment option (see below for further information). The Profit Sharing portion of your plan account consists of the following: Employer Profit Sharing, Employee Required Post-Tax Deferrals, Employee Voluntary Post-Tax Deferrals, Employer Post-Tax Match and Old Rollover.

2 – “Held-in-Trust” Rules. Funds that are contributed to the plan by the Spitzer organization (such as employer match or profit sharing) are subject to the plan’s “Held-In-Trust” rules. Funds that are subject to the “Held-In-Trust” rules may not be removed from the Plan until you have reached the age of 65 if they are in excess of $5,000.00 at the time of your separation from the Spitzer organization. For example, if your employment terminates and your employer contributions are $6,000, you may not remove these funds until you reach age 65. However, there are exceptions to this rule and you (or your beneficiaries) will be permitted to receive these funds if you meet one of the following exceptions listed below:

  1. Death,
  2. Disability,
  3. Alternate Payee pursuant to a Qualified Domestic Relations Order; or
  4. Federal Tax Lien against your property

If you have questions about these items, please contact our Third Party Administrator, Spira Benefits at (440) 365-0315.

“Spitzer Fund” Investment Option Information

The “Spitzer Fund – Plan Directed” and “Spitzer Fund – Participant Directed” are investment options within the plan. These investment options contain a selection of stocks, mutual funds, bonds, and treasury securities selected by the Plan’s Trustees in conjunction with various brokers and advisors that work with the plan. These investment options do not contain any Spitzer stock or position in any Spitzer company or entity.

The “Spitzer Fund – Plan Directed” investment is the investment option in the old Profit Sharing portion of the plan. If you are invested in the “Spitzer Fund – Participant Directed” investment, you cannot move your funds into the other investment options available within the plan. Please see the section titled “Investment Direction” above.

The “Spitzer Fund – Participant Directed” is an investment option in the 401(k) portion of the plan. If you invest in the “Spitzer Fund – Participant Directed” investment, you may transfer your funds out of this investment and invest them in the other investment options available within the plan.

The investments that make up the “Spitzer Fund” are listed quarterly on the Trustees’ Report [PDF]:

September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 |

Rates of return are posted quarterly and included with participant benefit statements. The most recent rates of return are as follows:

September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 |

For questions about plan investments, please contact First National Trust Company / F.N.B. Wealth Management at (814) 456-1709.

For questions about the plan, please contact our Third Party Administrator, Spira Benefits at (440) 365-0315.

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