Vista 401(k) Plan
401(k) Plan Highlights
Who can join?
All full-time employees are eligible to participate in the Vista 401(k) Supplemental Retirement Plan.
How the Plan works?
The basic processes are simple:
- Contributions to the plan are made through regular payroll reductions.
- Selections from 25 mutual funds are available.
- No income taxes are paid on any contributions or earnings until they are withdrawn.
How to Enroll
To enroll in the Vista 401(k) Plan simply click the “Open Account” button on the top of this page to begin the enrollment process. You may also complete an enrollment form, downloadable from the “Forms” section under the 401(k) Plan page, to include the following information:
- The per pay period amount you want to contribute.
- How you want your money invested (You may defer that decision until after you have enrolled but before the first payroll reductions are received by FBMC Benefits Management. If no decision is made, your contributions will be made to the Target Retirement fund closest to your retirement (age 62).
- The beneficiary who will receive your account in the event of your death.
Mail your completed form to Vista 401(k) plan at P.O. Box 1878, Tallahassee, Florida 32302-1878 or Fax to 850-425-8345
How to Change Your Investments
You can change your investments by logging into your account, which may be accessed by clicking the Login box above or by submitting a paper form. Either method allows you to:
- Change how your future contributions will be invested.
- Transfer your existing account balance among the fund choices.
You will receive personal account statements on a quarterly basis. Your statement will show activity in your account including contributions, GAIN(LOSS), fund transfers and distributions. You may also create a statement for a specified time period when logged into your account. Once logged in, click the “Documents” tab, then “Statement Request” to create a statement.
You can also obtain daily information from our Retirement Services Team or through the Voice Response System at 1-800-213-2310.
You can track your mutual funds performance on the Internet or in the newspaper by using the newspaper headings or Ticker/Quotron symbols.
The minimum annual contribution is $500.00. The maximum amount is indexed on an annual basis by the IRS. Please visit our Learning Center for the current annual limit amount.
Each contribution defers your federal income taxes. Additionally, no taxes are paid on any earnings in the plan until they are withdrawn. Your contributions are, however, subject to Social Security taxes. You may use the Retirement Income Calculator in our Learning Center to perform an investment analysis.
A change is defined as an increase or decrease in your contribution amount. You are allowed to make two changes per year. You can stop your contributions at any time even if you have made a change during the year.
Your Investment Choices
American Century Investments
Government Bond Fund – High current income by investing primarily in U.S. government debt securities. Invests in a broad range of government bond sectors, including Treasuries, government agencies and mortgages.
Morningstar Category: Intermediate Government
Ticker Symbol: CPTNX
Fund inception date: 5/16/80
Benchmark Index: Barclays U.S. Government/MBS Index
Inflation Adjusted Bond – At least 80% of the fund’s assets are invested in inflation-linked bonds, which are designed to help investors keep pace with rising consumer prices. For example, the U.S. Treasury periodically adjusts the principal on Treasury Inflation-Protected Securities (TIPS) to reflect reported changes in the Consumer Price Index (CPI). The fund’s veteran management team invests primarily in investment-grade securities. TIPS account for the majority of the fund’s holdings and are backed by the full faith and credit of the U.S. government. High-quality bonds generally are less correlated to stock market movements than lower quality securities.
Morningstar Category: Inflation-Protected Bond
Ticker Symbol: ACITX
Fund inception date: 02/10/97
Benchmark Index: Barclays U.S. TIPS Index
EuroPacific Growth – The fund’s investment objective is to provide long-term growth of capital. The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation.
Morningstar Category: Foreign Large Growth
Ticker Symbol: REREX
Fund inception date: 4/16/84
Benchmark Index: MSCI ACWI Ex USA Growth NR USD
The Investment Company of America – The fund’s investment objectives are to achieve long-term growth of capital and income. The fund invests primarily in common stocks, most of which have a history of paying dividends. The fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States.
Morningstar Category: Large Blend
Ticker Symbol: RICEX
Fund inception date: 1/1/34
Benchmark Index: S&P 500 Index
Target Date Retirement Series –Depending on the proximity to its target date the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in bond, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.
Morningstar Category: Target Date
Fund inception date: 2/1/07
Ticker Symbols for the Series: Target Dates 2010 to 20150
Benchmark Index: Morningstar Mod Tgt Risk TR USD
Fidelity Growth Strategies – Seeks capital appreciation. Normally investing in companies FMR believes offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called “growth” stocks). Normally investing primarily in common stocks. Focusing investments in medium-sized companies, but may also invest substantially in larger or smaller companies.
Morningstar Category: Mid-Cap Growth
Ticker Symbol: FDEGX
Fund inception date: 12/28/90
Benchmark Index: Russell Midcap Growth
Fidelity Advisor Total Bond – Seeks high level of current income. The fund normally invests at least 80% of its assets in investment-grade debt securities of all types and repurchase agreements of those securities. Invests up to 20% of its assets in lower-quality debt securities.
Morningstar Category: Intermediate Term Bond
Ticker Symbol: FEPIX
Fund inception date: 10/15/02
Benchmark Indexes: Barclays U.S. Aggregate Bond / Barclays U.S. Universal Bond
T. Rowe Price Funds
Small Cap Stock Fund – The fund seeks to provide long-term capital growth by investing in stocks of small companies. A small company is defined as having a market capitalization of between $300 million and $2 billion.
Morningstar Category: Small Growth
Ticker Symbol: OTCFX
Fund inception date: 6/1/56
Benchmark Index: Russell 2000 Index
Blue Chip Growth Fund – The fund seeks long-term growth of capital by investing primarily in common stocks of well-established large and medium-sized companies. Income is a secondary objective. Focus on “blue chip” companies with the following characteristics: Leading market positions; Seasoned management teams; strong financial conditions; Above-average growth and profitability
Morningstar Category: Large Growth
Ticker Symbol: PABGX
Fund inception date: 3/31/00
Benchmark Indexes: S&P 500 Index
Dividend Growth Fund –The fund seeks dividend income and long-term growth primarily through investments in stocks. Invests 65% of total assets in common stocks of dividend –paying companies that are expected to increase their dividends over time and provide long-term appreciation.
Morningstar Category: Large Blend
Ticker Symbol: TADGX
Fund inception date: 12/29/05
Benchmark Index: S&P 500 Index
Balanced Index – Seeks with 60% of its assets to track the investment performance of a benchmark index that measures the investment return of the overall U.S. stock market. With 40% of its assets, the fund seeks to track the investment performance of a broad, market-weighted bond index.
Morningstar Category: Moderate Allocation
Ticker Symbol: VBAIX
Fund inception date: 12/01/00
Benchmark Index: Balanced Composite Index
Institutional Index Fund – Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard and Poor’s 500 Index, which is dominated by the stocks of large U.S. companies.
Morningstar Category: Large Blend
Ticker Symbol: VINIX
Fund inception date: 7/31/90
Benchmark Index: S&P 500 Index
Mid-Cap Index Fund – Seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of medium-size companies.
Morningstar Category: Mid Cap Blend
Ticker Symbol: VIMAX
Fund inception date: 11/12/01
Benchmark Index: Spliced Mid Cap Index
Federal Money Market – Seeks to provide current income while maintaining liquidity and a stable share price of $1.00. The fund invests primarily in high-quality, short-term money market instruments issued by the U.S. government and its agencies and instrumentalities.
Morningstar Category: Money Market
Ticker Symbol: VMFXX
Fund inception date: 07/13/81
Benchmark Index: US Gov’t Money Market Funds Average
Wellesley Income Fund – Seeks to provide long-term growth of income and a high and sustainable level of current income, along with moderate long-term capital appreciation. The fund invests approximately 60% to 65% of assets in investment-grade corporate, U.S. Treasury, and government agency bonds, as well as mortgage-backed securities. The remaining 35% to 40% of fund assets are invested in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends.
Morningstar Category: Allocation 30% – 50% equity
Ticker Symbol: VWIAX
Fund inception date: 05/14/01
Benchmark Index: Wellesley Income Composite Index
Wellington Fund – Seeks to provide long-term capital appreciation and reasonable current income. The fund invests 60% to 70% of assets in dividend-paying, and, to a lesser extent, non-dividend-paying common stocks of established, medium-size and large companies. It invests 30% to 40% of the fund’s assets mainly in fixed income securities. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, as well as mortgage-backed securities.
Morningstar Category: Allocation 50% to 70% equity
Ticker Symbol: VWENX
Fund inception date: 05/14/01
Benchmark Index: Wellington Composite Index
Small-Cap Index Fund – Seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks.
Morningstar Category: Small Blend
Ticker Symbol: VSMAX
Fund inception date: 11/13/00
Benchmark Index: Spliced Small Cap Index
Note: Sources of the fund descriptions include the fund fact sheet, fund prospectus and Yahoo Finance. Past performance is no guarantee of future results
Fees and Expenses
Vista 401(k) Plan Expenses are as follows:
- Overall Management- A “wrap” fee of .0050 basis points, or 0.50% of assets, is assessed from your asset balances and paid to FBMC.
- Administration – $1.00 per month is assessed to participants no longer actively contributing to their 401(k) account
- Mutual Fund – There are investment fees that are different for each fund as described in their prospectus. A detailed summary is available at www.vista401k.com.
- $20 fee for all distributions and loans.
- Front-end or loading charge – none.
- Surrender charge – none.
- Fees and/or restrictions on transferring plan assets between funds – none.
- Other charges – none.
Restrictions on Plan Distributions
Your 401(k) account is a long-term investment, designed specifically for your retirement needs. Because of this, the IRS restricts when you can withdraw your money. You are able to withdraw your money when you reach age 59½, retire, terminate employment, become totally and permanently disabled, or have a financial hardship (see Hardship Withdrawal Provisions). Federal law imposes these limitations.
Taxes on Distributions
You pay taxes on your Vista 401(k) plan contributions and your earnings when you withdraw them. If a check is written to you, your distribution will have 20% federal income tax withheld. If you want to avoid paying taxes on your withdrawal, you may do a direct rollover to an IRA or your new employer’s 401(k) plan.
An additional 10% penalty tax will be imposed for distributions made before the age of 59½ except for the following circumstances:
- Distributions if you have reached age 55 and retired early.
- Hardship distributions.
- Distributions to an alternate payee under a qualified domestic relations order, issued by the court in the divorce or dissolution of marriage proceeding.
- Distributions made due to an employee’s death or disability.
- A direct rollover to another qualified plan.
- Purchase of service credits for a Defined Benefit Plan.
Your 401(k) plan has a loan provision to give you access to your money. The following rules apply:
- You must have a minimum of $2,000 in your account.
- You can borrow up to 50% of your account balance, with a maximum of $50,000.
- The minimum loan amount is $1,000.
- You have a choice of paying your loan back, with interest, in 1,2,3 or 4 years.
- You pay back your loan through equal payroll deductions.
- There are no penalties if you prepay your loan, but if you want to pay it off early, you must pay it off in one lump sum.
- You can only have one loan at a time.
- The interest rate will be 2% over the prime rate.
- Your total payment (principal and interest) will be deposited back into your account.
- There is a thirty (30) day waiting period after you repay a loan before you can take out a new loan.
- There is a $65 fee for loan processing, which includes State of Florida Documentary Stamp payment.
Hardship Withdrawal Provisions
The IRS considers your 401(k) account to be a last resort for money. You must meet specific criteria to qualify for a financial hardship. The IRS allows the following six reasons for hardship withdrawal of your 401(k) funds. The withdrawal cannot exceed the cost of your hardship. ($1,000.00 minimum)
- Purchase of a primary residence (excluding mortgage payments).
- Tuition expenses and related educational fees for you or your dependent’s next 12 months of post-secondary education.
- Expenses incurred by you or your dependents to obtain medical services.
- Payments to prevent eviction or foreclosure on your primary residence.
- Payments for burial or funeral expenses for the employee’s deceased parent, spouse, children or dependents.
- Expenses for the repair of damage to the employee’s principal residence that qualifies for the casualty deduction.
You must complete a hardship withdrawal application that details your financial situation and provide written documentation for all eligible expenses.
Your contributions to the Vista 401(k) Plan and any other retirement plan, such as 403(b) tax-deferred annuity, must be suspended for six months after the withdrawal.
You may rollover, on a tax-free exchange basis, funds from a previous employer’s 401(a), 401(k), 403(b), 457 or IRA plans into your 401(k) Plan.
Call Vista 401(k) toll-free at 1-866-325-1278 for information.