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.
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.
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.
You can roll over eligible 401(k) funds from a previous employer into the Company plan. Follow these instructions to initiate a transfer.
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.
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.
Roth contributions:
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.
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.
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.
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:
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).
Fidelity offers resources that may focus on who you are. Take a look at: