CrossCountry Mortgage employees are eligible to enroll in the plan through our Provider Principal after meeting the eligibility requirements listed below:
Employee Pre-Tax and Roth Contributions
- Attained the age of 21
Entry Dates
- Upon meeting the eligibility requirements, you may enroll in the Plan on the following dates:
- For Employee Pre-Tax and Roth Contributions employees are eligible to enter the plan on the first day of the month after they have met the eligibility requirements for the plan.
Resources
Your Contributions
Through payroll deductions, you can make pre-tax or Roth contributions up to a maximum election of 80% of your eligible pay. There is no minimum amount that you must elect to contribute. Participants may change deferral elections at the beginning of each payroll period.
Plan contribution share in investment earnings or losses. You don’t pay taxes on any earnings until later – when you receive that money. If you choose Roth deferral contributions, earnings on such contributions will not be taxable if received in a qualified distribution.
Pre-tax and Roth contributions that are deferred from your compensation are subject to the dollar limit for the calendar year as provided by law. For 2024, the maximum dollar limit (of $23,000) applies to the aggregate of all amounts that you contribute to this plan and all other 401(k), 403(b) and SEPs of this employer or any other employer during the calendar year.
If you reach age 50 sometime during the calendar year, you are also eligible to make catch-up contributions in addition to the normal maximum dollar limit. For 2024, the maximum catch-up contribution is $7,500.00.
Rollovers
The plan will allow rollover contributions from other eligible plans. You are eligible to rollover funds upon date of hire.
Distributions
Money may be distributed from your Plan account in these events:
- Age 59 ½
- Death
- Disability
- Termination or Retirement
Financial Hardship Withdrawals
Hardship withdrawals are permitted from this Plan. A hardship can include:
- Buying a house
- Paying for college tuition and expenses
- Paying certain medical expenses
- Preventing eviction from or foreclosure on your home
- Paying burial or funeral expenses
- Paying expenses to repair damage to your home
Loans
The Plan allows loans up to $50,000 of the employees vested amount, not to exceed 50% of their vested balance.
Employer Contributions to the Plan
The Plan also provides for your employer to make contributions.
- Employer Matching Contributions – Your employer may make contributions that are based on the amount of employee eligible pre-tax contributions that you elect to contribute. These matching contributions will be a discretionary amount calculated annually on plan year compensation to be determined by the Employer each plan year.
- Eligibility to receive the annual employer matching contribution requires the employee to be active on the last day of the plan year.
Vesting
Vesting refers to your “ownership” of a benefit from the Plan. You are always 100% vested in your Plan contributions and your rollover contributions, plus any earnings they generate.
Employer contributions are vested as follows:
| Years of Service | Vesting Percentage |
| Less than 1 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 | 100% |
Investing
The contributions made to your account are invested to provide benefits under the plan.
You decide how to use the investment options for your contributions and the contributions that CrossCountry Mortgage makes for you. From time to time we may add, remove, or change the investment options available to you. If this happens, you will be notified of the changes and the investment options available to you at that time. You must then determine how you want your account invested based on the available investment options. If you do not provide Principal with your choices, or if you do not provide them in the time frame required, it will be invested according to the investment documents related to the plan.
For help with your investments you may contact Oswald Financial at 833.224.5660 for help and guidance.
