Proprietary 8-22 28 Who is eligible? Only Full-time agents, district managers, and Career agents are eligible to enroll in the 2024 Plan year. Reserve agents and staff members of agents and district managers are not eligible to participate. Note: If you are a Career agent who is receiving subsidy, the amount of your monthly match subsidy may be reduced by the amount of the deferral associated with the Plan. For agents who write business under their EIN, you may defer to the Plan under your employer identification number. Please refer to the Plan Summary & Highlights link via the Farmers Agent Benefits website; under “Menu”, “Items to Explore”, select “Deferred Comp (agent/DM only),” under “Deferred Compensation Materials” for details. Enrollment You can enroll in the Plan during annual enrollment. This next annual enrollment will again include an “evergreen” provision. This means that current Plan participants’ elections will be carried over automatically to the next Plan year, with the exception of the Scheduled In-Service election. If you currently have a Scheduled In-Service election for the current Plan year, it will not rollover to the next Plan year. To have a Scheduled In-Service Withdrawal for the next Plan year’s balance, you will need to complete the online enrollment process and elect this option before the end of annual enrollment. 2024 election options Deferral election: You may defer 10% to 60% of your Auto new business commissions, 5% to 25% of your Commercial new business commissions and/or 5% to 25% of your Home new business commissions. Agents who qualify for the Annual Growth Bonus may elect to defer 10% to 100% of their Personal Lines or Commercial Lines bonus, or both. District managers can defer 10% to 100% of their Quarterly New Business Accelerator Bonus and or 10% to 100% of their Annual Agency Development Bonus. n Once annual enrollment closes, you cannot change your deferral election. Please note: If you deferred commissions in the current Plan year, your election will automatically carry forward to the next Plan year unless you make a different deferral election during the annual enrollment period. n Your deferrals for the 2024 Plan year will start with your March 2024 folio and go though your January 2025 folio (there is no February deferral). n No deferral will be recorded for monthly contributions of less than $10.00 for each applicable entity. Investment choices You can invest your deferrals in a variety of investmentcrediting options. n You may diversify your deferrals among an array of asset classes with a broad range of relative risks and potential returns. n You may also choose a different asset allocation for each Plan year and make changes monthly. About your investments You have no ownership interest in the funds you select. The funds are only used to measure the gains or losses that will be attributed to your deferral account. The investment-crediting choices are not publicly traded mutual funds and are only available through variable universal life insurance products. A description of the funds is available online at www.farmersagentsbenefits.com. Sign in with your User ID and Password. Select “Menu”, under Items to Explore select “Deferred Comp (agent/DM only),” and click on “View Account.” BENEFIT STATEMENTS Your statements will be updated monthly, but will not be mailed to you. However, once you have enrolled in the Plan, you may access your account details and print monthly or quarterly statements via the link to your account at www.farmersagentsbenefits.com. Sign in with your User ID and Password. Select “Menu”, under Items to Explore select “Deferred Comp (agent/DM only),” and click on “View Account.” compensation
RkJQdWJsaXNoZXIy NzQzMzY=