401(k) Savings Plan

It’s not too late to make up for lost time. If you’ll be 50 or older this year, take advantage of the opportunity to contribute up to an additional $7,500 in catch-up contributions, for a total of $30,500.

If you’re enrolled in the Choice I or Choice II medical plan with a Health Savings Account (HSA), you can invest the money in your HSA to build long-term savings for retirement! An HSA gives you a tax-free way to pay for your future eligible health expenses, which saves you money and maximizes how much of your 401(k) or other retirement accounts can be used to support your lifestyle.

If you are an active employee of Huber, the loan feature allows you to borrow from your vested account balances in the J.M. Huber Corporation 401(k) Savings Plan and pay the loan back, with interest, through automatic payroll deductions. You cannot borrow from the Retirement or Rollover Retirement accounts, but the balances in these accounts will be used to calculate the maximum amount available for a loan.

You may borrow up to 50% of your vested account balance from a minimum amount of $1,000 to a maximum of $50,000 (reduced by the highest outstanding loan balance in the last 12 months including accrued interest on late loan payments). If you default on a loan, you will not be eligible for any future loans.

There are two types of loans available:

• General loans can be used for any purpose and have terms of 12 to 57 months.
• Residential loans can be used to purchase your principal residence only, and have terms of 2 to 177 months. Residential loans require a signed promissory note, Truth-In-Lending statement and appropriate documentation.

There are two different types of withdrawals available:

• Age 59½ withdrawal – Once you reach age 59½, you may withdraw money from your account without tax penalties. You'll pay regular income taxes on your pre-tax withdrawal amount (unless you roll it into another qualified plan or an IRA). Such a withdrawal may be made no more frequently than every six months. 
• Hardship withdrawal – You may request a hardship withdrawal from your account if you experience a "financial hardship." Under IRS guidelines, a financial hardship exists only if you have insufficient cash or other liquid assets reasonably available to meet an immediate and heavy financial need. 

This kind of need includes: 

• Costs directly related to the purchase of a principal residence for you, excluding mortgage payments.
• Funds to prevent your eviction from, or foreclosure on the mortgage on, your principal residence.
• Post-secondary tuition expenses and related educational expenses for you and your dependents for the next 12 months only.
• Funds to obtain medical care or pay for medical expenses incurred by you, your spouse or dependent that would be deductible under the Internal Revenue Code (without regard to any deductible limit) which are not otherwise covered by insurance.
• Payment for burial or funeral expenses for your deceased parent, spouse, children or dependents.
• Expenses for the repair of damage to your principal residence that would qualify for the casualty deduction under Section 165 of the Internal Revenue Code without regard to whether the loss exceeds 10% of your Federal adjusted gross income or is attributable to a Federally-declared disaster.
• Expenses and losses you incur on account of a Federally-declared disaster where your principal residence or principal place of employment is located in the area FEMA designates for individual assistance.

Note: Hardship distributions are subject to income taxes (unless they consist of Roth contributions). They may also be subject to a 10% additional tax on early distributions. Employees who take a hardship distribution can't repay it to the plan, or roll it over to another plan or an IRA. The withdrawal amount may not exceed the amount required to satisfy the hardship. The amount necessary to satisfy the financial need may include any amounts needed to pay any federal, state, or local income taxes or penalties that may result from the distribution.

You are eligible to receive your benefit once your employment ends for any reason including retirement, disability, or death. If you’re not fully vested in all your accounts, you are only eligible to receive your vested amount. 

If you are requesting a distribution upon or after your retirement or other termination of employment with Huber, CP Kelco or any other participating affiliate, Voya Financial must receive formal notice from your employer confirming that you have terminated employment before the Plan can accept and process your request for a distribution. Any Distribution Request Voya Financial receives before it receives formal notice of your retirement or other termination of employment will not be treated as a valid election and you will need to submit a new Distribution Request. 

Balances less than $1,000 are automatically paid out 30 days following termination notification date. 

For balances greater than $1,000, you have several distribution options: 

• Deferral of distribution until age 72, when Required Minimum Distributions (RMDs) begin (Note: If a participant turned 70.5 in 2024 they are still responsible for satisfying their RMD for 2024 and all future years, even if this is their first RMD and they chose to defer it to April 1, 2025)
• Lump sum
• Installments
• Partial distributions
• Annuity
• Off-cycle (Partial) withdrawals

Review the Summary Plan Description for more information.

The J.M. Huber Corporation 401(k) Savings Plan Domestic Relations Group administers QDROs under the Plan. If you are affected by such an order, contact the J.M. Huber Savings Plan Domestic Relations Group at 800-35-HUBER (800-354-8237) (hearing-impaired participants call 1-877-225-3943) to request a copy of the Plan’s QDRO procedures and a model QDRO for your use.

Mail can be sent to the QDRO office at:
Voya QDRO Administration
Post Office Box 417
Hartford, CT 06141

For overnight:
Voya QDRO Administration
One Orange Way
Windsor, CT 06095