Centier Bank 401(k) Plan and Associate Stock Ownership Plan (ASOP) Please visit www.principal.com to access your 401(k)/ASOP account information. You are also able to request your 401(k) distribution from this site. If you need assistance logging on to the site, please contact Principal at 1-800-986-3343.
If your distribution request is not received in a timely manner the following with occur: Balances of $1,000 will be paid out via check. Balances between $1,001-$5,000 will be rolled over into a Safe Harbor IRA. Balances over $5,000 will remain in the plan.
ASOP distributions can be taken after the First Bancshares stock valuation has been completed following your end of employment. Valuations are done as of 6/30 and 12/31 each year, however, the valuation process typically takes a couple months and distributions cannot be processed until about 4 months after the valuation date. Please keep this in mind as you are planning for your distribution. Please note that as of the June 30 or December 31 following your termination of employment, your Company Stock Account may be liquidated and transferred to your ESOP liquidation account under the 401(k) Account unless you terminate employment (1) on or after age 50 with 25 years of service, (2) on or after age 65, or (3) due to death. If you meet any of these exceptions, your Company Stock Account will be liquidated incrementally. Refer to the Summary Plan Description for specifics. No additional Company Stock will be allocated to your account. Any cash amounts allocated to your Other Investments Account will be transferred to your ESOP diversification account as of each June 30 and December 31. A participant whose Company Stock Account remains invested in Company Stock may, when otherwise eligible to take a distribution, withdraw all or a portion of that account in a single sum payment as long as the withdrawals are at least six months apart. If you do not meet any of the exceptions and your Company Stock Account is liquidated, you will be able to invest the proceeds in any funds available in the 401(k) Account.