DOMINO’S PIZZA 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1 - Description of Plan
General – The following description of the Domino’s Pizza 401(k) Savings Plan (the “Plan”) provides only general information. The Plan is a defined contribution plan for the benefit of certain employees of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Participants should refer to the Plan agreement for a complete description of the Plan’s provisions. Fidelity Management Trust Company (the “Trustee”) administers and invests the assets of the Plan and the income therefrom for the benefit of the Plan’s participants.
Eligibility – A person may become a participant in the Plan on the first day he or she meets the following requirements:
| 1. | The person is employed by Domino’s Pizza LLC (the “Company” and the “Plan Administrator”) or an affiliated company which has adopted the Plan for the person’s job classifications and/or location. |
| 2. | The person has completed at least 1,000 hours of service. |
| 3. | The person is not employed in a bargaining unit covered by a collective bargaining agreement unless it provides for plan coverage of bargaining unit members. |
| 4. | The person has attained age 18. |
| 5. | The person is a citizen or resident of the United States. |
Contributions – Each year, participants may contribute up to 75% of eligible pre-tax wages, as defined in the Plan agreement, not to exceed the maximum amount allowed annually under the provisions of the Internal Revenue Code (the “Code”). Participants who have attained age 50 before the end of the year are eligible to make catch-up contributions. The Company provides a matching contribution in the amount of 100% of the first 5% of each employee’s pre-tax elective deferrals.
Effective December 23, 2019, the Plan was amended to provide for contributions up to 75% of eligible wages on either a pre-tax or Roth basis, as well as to provide for in-Plan Roth rollover contributions. There were no Roth employee contributions to the Plan for the year ended December 31, 2019.
The Company may also make discretionary contributions, including profit-sharing contributions, to the Plan. There were no discretionary contributions made by the Company during the year ended December 31, 2019. The Company’s matching contributions are made each payroll period and were made in cash and were based on the individual participant’s investment allocation in the participant’s accounts in 2019.
Vesting – Participants’ contributions, the Company’s matching contributions and income earned thereon are immediately fully vested.
Forfeitures – Forfeitures are created when participants terminate employment before becoming entitled to their full benefits under the Plan. Any forfeited amounts may be used to reduce future Company contributions and administrative expenses. During the year ended December 31, 2019, approximately $69,021 of previously forfeited amounts were utilized to reduce Company contributions and administrative expenses. As of December 31, 2019 and 2018, the Plan had outstanding forfeiture balances of $16,004 and $89,668 respectively, available to reduce future Company contributions and administrative expenses.
Participant Accounts – Each participant’s account is credited with the participant’s voluntary contributions, the participant’s specific fund earnings, the Company’s matching contributions and, if any, an allocation of discretionary contributions and charged with an allocation of Plan administrative expenses. Allocations are based on participant earnings or account balances or compensation, as defined in the Plan agreement. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
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