The FirstBank 401(k) Retirement Plan for Residents of the U.S. Virgin Islands and the United States of America
Plan Overview
Plan Name: The FirstBank 401(k) Retirement Plan for Residents of the U.S. Virgin Islands and the United States of America
Issuer: FirstBank Puerto Rico (parent company: First BanCorp.)
Effective Date: May 15, 1977 (amended to savings plan under U.S. Internal Revenue Code on September 1, 1991)
Regulations: Subject to Employee Retirement Income Security Act of 1974 (ERISA)
Eligibility and Contributions
Eligibility: U.S. Virgin Islands and U.S. employees of FirstBank Puerto Rico became eligible upon 3 months of service (previously required 1 year)
Automatic Enrollment: Employees not making elective deferrals are automatically enrolled, with an initial pre-tax contribution of 3% (increasing by 1% annually up to 8%)
