Options: Our plan supports both 401(k) (tax deferred) and Roth (taxed) contributions.
- Eligibility: You are eligible to start contributions the first of the month following your hire date.
- Vesting Schedule: Upon deposit into your account, 100% of your payroll contributions and all company-match dollars are "owned" by you.
- Contribution Changes: You can make changes at any time by logging into your Fidelity account at 401K.com.
- Auto Enrollment: Upon eligibility, employees who have not indicated otherwise will be auto enrolled at 6% 401(k) following 30 days of employment.
Auto Enrollment Details
- Automatic payroll contributions will start on the first paycheck following 30 days of employment.
- You will automatically start contributing 6% into 401(k) (not Roth) each paycheck.
- 100% of your contribution and the company match will invest in the appropriate Target Date Retirement fund (based on your age).
- In January of each calendar year, auto-enrolled contributions will automatically increase by 1% until you reach 10% contribution.
- If you don't want to be or stay auto enrolled: Log into your 401(k) account and change your contributions to zero (See "First-Time Login Instructions" below). Once you make a plan change, you will no longer follow the auto-enrollment investment schedule.
- Per IRS regulations, company-match dollars are deposited as 401(k) contributions regardless of which options (401(k) or Roth) you are using.
- Company match dollars mirror your investment funds allocation (e.g. If you contribute 20% into ABC Index and 80% into Bald Eagle Fund, 20% of your company match will go into ABC Index and 80% into Bald Eagle Fund).
|You Contribute||Company Matches||2020||2019|
|3%||3%||* must be 55 years or older to qualify for the higher Catch-Up contribution limit|
|6% or more||6%|