Vesting
Participants are 100% vested immediately in the value of their contributions, Company matching contributions, earnings thereon and rollovers
from other qualified plans.
The Company retirement savings contribution, including earnings thereon, becomes 100% vested upon completion
of three years of service, or upon reaching 65 years of age, permanent disability, or death while employed by the Company. Forfeited non-vested accounts are applied to reduce future Company contributions.
Investment Options
Participants may
elect to invest their account balances in any of the available investment options provided by the Plan through the PCA Defined Contribution Master Trust (the Master Trust). Participants may change their investment options on any business
day, subject to certain short-term trading restrictions outlined in the Plan document.
The portion of the Plans interest in the
Master Trust currently invested in the PCA Common Stock Fund, and any future employee or employer contributions used to acquire PCA common stock, is invested in the Employee Stock Ownership Plan (ESOP) component of the Plan. Plan
participants have the ability to instruct the Plans trustee to distribute directly to them future cash dividends paid on shares of PCA common stock credited to their PCA common stock ESOP. The election to receive cash dividends is made through
the PCA Benefits Center, and dividends will be reported as taxable income.
Benefit Payments
In the event of retirement (as defined in the Plan), death, permanent disability, or termination of employment, the vested balance in the
participants account will generally be distributed to the participant or the participants beneficiary in a single lump-sum cash payment. The portion of the participants account invested in
the PCA Common Stock Fund will be distributed in cash unless an election is made to be distributed in kind. In-service withdrawals of rollover contributions and related earnings and certain predecessor plan
account balances, as defined, are available for any reason. Participants aged 55 or older may withdraw the entire value, or any portion thereof, of their Company matching contributions and the vested value of their Company retirement savings
contribution at any time. Participants who have attained the age of 59 1/2 may withdraw the entire value, or any portion thereof, of their account balance at any time. A participants entire account balance shall be distributed no later than
April 1 following the later of the calendar year in which the participant attains age 69 or the calendar year in which the participants termination of employment occurs.
Administrative Expenses
Participant
accounts are charged $20.00 per quarter for administrative expenses. If administrative expenses exceed the amount paid by participants, the Company will pay the difference. Administrative expenses primarily include recordkeeper fees, investment
management expenses, and professional service fees.
Notes Receivable from Participants
A participant may borrow an amount up to the lesser of $50,000 or 50% of his or her vested account balance. The minimum loan amount is $1,000.
Such loans bear interest at the prime rate as published by The Wall Street Journal and are secured by the participants account balance in the Plan. Loans must be repaid within 60 months, with principal and interest payments made
primarily through payroll deductions. There may be loans that exceed the 60-month repayment period, but only if they were transferred in from another plan, and that plan had allowed for a payment period beyond
60 months. Employees on unpaid leave may continue to repay loans via personal check or money order during their period of absence. Participants also have the ability to elect to make a one-time prepayment
of their outstanding loan balance, of which the payment can be made via personal check or money order. Participants may take up to two general purpose loans. A loan is considered in default and becomes a taxable event when a loan is not current at
the end of the cure period, the quarter following the quarter in which the payment was missed.
Interest rates on loans outstanding in the
Plan at both December 31, 2023 and 2022 ranged from 3.25% to 9.75%.
Forfeited Accounts
At December 31, 2023 and 2022, forfeited non-vested accounts totaled approximately $413,000 and
$340,000, respectively. These accounts will be used to reduce future employer contributions. In 2023, employer contributions were reduced by approximately $424,000 for forfeited non-vested accounts.
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