401(k) Savings & Investment Plan

The 401(k) Savings and Investment Plan is a powerful way to save and invest for your retirement through convenient payroll deductions. You and the Company may contribute to your account to help you grow your retirement savings.

Fidelity offers one-on-one consultations to help you think through your retirement plan and overall financial wellness. Schedule a consultation today.

Don’t Forget to Designate a Beneficiary
Be sure to designate a beneficiary for your 401(k) Savings and Investment Plan and keep your beneficiary information up to date. This ensures that, should you pass away, your loved one(s) have access to your 401(k) funds. Visit netbenefits.com.

Did You Know?

Certain Compensation Is 401(k) Eligible

This generally includes base pay, annual incentive, impact awards and sales incentive bonus payments, overtime, shift differential, and commission. To see the plan document for details, visit netbenefits.com or call Fidelity at 1-800-835-5095.

Did You Know?

You can roll over eligible 401(k) funds from a previous employer into the Company plan. Follow these instructions to initiate a transfer.

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Boost Your Retirement Savings with an HSA

You can enhance your retirement savings if you enroll in the Consumer Choice Plan for medical coverage and participate in a Health Savings Account (HSA). When you retire, any balance in your HSA belongs to you and you may continue to use it for qualifying healthcare expenses. After age 65 you may use it for non-medical expenses as well (although those payment amounts will be subject to ordinary taxes). Your HSA, like the 401(k) Plan, is administered by Fidelity.

  • You can contribute 1% to 75% of your eligible compensation, up to contribution limits set by the IRS. IRS limits change annually. See netbenefits.com for the latest limits.
  • If you are or will turn age 50 to 59 in 2025, you can make additional “catch-up” contributions, up to the limit set by the IRS, of up to $7,500. If you are or turn age 60 to 63, you can contribute up to an additional $11,250.
  • Your contributions can be made on a pre-tax or after-tax (Roth 401(k)) basis. There are advantages to each; consult your financial advisor to learn what may be best for your personal situation.
  • You can change your contribution election at any time.
  • You are always 100% vested in the contributions you make to your account.

Note: Any contributions you made to a prior employer’s 401(k) or similar plan count toward the annual contribution limit. It’s up to you to make sure you don’t over-contribute.

The plan provides you with the option to elect a separate 401(k) deferral percentage for your salary and bonus earnings. Refer to the summary below to determine what earnings fall under each deferral option. Please keep in mind that this list is not all encompassing; refer to the plan document for additional details.

  • Salary Deferral
    • Base Salary
    • Overtime payments
    • Shift differential payments
    • Commission payments
    • Sales Incentive Program (SIP)
    • Excluding: Expense allowances, moving expenses, deferred compensation (including Long-Term Incentive Plan payments), one-time bonus payouts (spot or sign-on), sales-contest awards, etc.
  • Bonus Deferral
    • Annual Incentive Program (AIP)
    • Impact Awards

Roth contributions:

  • Are salary deferrals that are made after taxes are taken from your pay, subject to the same income tax withholdings as your salary.
  • Provide an after-tax advantage for your retirement savings that is different from traditional 401(k) before-tax contributions.
  • Accumulate tax free — your contributions and earnings are tax-free when you take a qualified distribution.

Although the Company matches your Roth contributions up to 6%, the Company’s contribution will go into your account as before-tax money, which will be taxed upon distribution.

For additional information, visit the Roth educational center on NetBenefits.

  • If you haven’t enrolled within 45 days after your hire date, you will be automatically enrolled to contribute 6% of your eligible compensation into the Vanguard Target Retirement Trust Plus investment election, which has a target retirement date closest to the year you might retire, assuming a retirement age of 65.
  • Your contribution rate will increase by 1% every April until you are contributing 10%.
  • You may change your contribution election or opt out of contribution rate increases at any time.

Please note: You will be required to opt out of the auto-increase every year from February 9 – March 31.

The Company may make two types of contributions to your account:

Company-Matching Contributions

The Company makes a dollar-for-dollar match on the first 6% of 401(k) eligible compensation you contribute to the plan. You must contribute to receive this match and must contribute 6% of your eligible compensation to receive the full Company match. Think about it this way: If you are contributing less than 6%, you are leaving free money on the table!

You are always 100% vested in Company-matching contributions made to your account, which means they are always available to you, even if you leave the Company.

Did You Know?

The True-Up Feature ensures you receive the maximum Company match (up to IRS limits), based on the total contribution you made over the entire year, rather than on a per-pay-period basis.

The True-Up matching contribution is determined after the end of the Plan Year and is generally credited to your account before the end of the first quarter of the following year.

Retirement Account Contributions (RAC)

At its discretion, the Company may also make a RAC of up to 3% of eligible pay to your plan account.

  • The RAC is generally made during the first quarter of the following Plan Year to U.S. employees who are eligible to participate in the 401(k) Plan and are employed on the last day of the Plan Year.
  • The RAC is discretionary and subject to annual Board approval.

Any RAC will become vested over time, with 20% for each year of service, and will be 100% vested after five years of service. Any RAC you receive after you have five or more years of service will be immediately 100% vested.

Fidelity Investments administers the 401(k) Savings and Investment Plan.

Log on to the Net Benefits website at netbenefits.com or call Fidelity Investments at 1-800-835-5095 to access and manage your account. Any time throughout the year, you can:

  • Change your contribution amount
  • Track account activity and investment performance
  • Choose how to invest your account in the various funds available, which suit a variety of investment styles
  • Assign or update your beneficiary information
  • Request a loan or hardship withdrawal

The IRS sets contribution limits. IRS limits change annually. IRS limits typically increase each year.

Employee Contribution Limit

$23,500

“Catch-Up Contribution” Limit

$7,500

Overall Contribution Limit

$69,000

Compensation Limit

$350,000

Overall Contribution Limit: Overall limit on contributions to a participant’s account, from both employee deferrals and employer matching contributions: $69,000 ($76,500 including catch-up contributions). Note: The annual limit includes any amount you may have contributed at another employer to a 401(k) or similar plan. It’s up to you to ensure your contributions do not exceed the annual amount set by the IRS.

Compensation Limit: The amount of your compensation that can be taken into account when determining employer and employee contributions is limited to $350,000 in 2025. The Company makes a dollar-for-dollar match on the first 6% of 401(k) eligible compensation, which means the eligible compensation limit for 2025 is $21,000 (350,000 x 0.06 = 21,000).

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