401(k) Savings Plan

Who’s eligible

Most employees are eligible to participate in the 401(k) Savings Plan. However, check the 401(k) Savings Plan Description to confirm your eligibility.

Enrollment

Getting started is simple, and in many cases, it happens automatically.

• Automatic enrollment — Unless you opt out, you’ll be automatically enrolled and 3% of your pay will be contributed to the 401(k) Savings Plan on a pre-tax basis about 30 days after your hire date, or the date you become eligible.
• Changed your mind? — If you opt out within 30 days of your first automatic contribution, you can withdraw those automatic contributions.
• Want to enroll sooner or choose your own rate? — You can enroll, change your contribution amount, or update your investment elections anytime at empower-retirement.com/participant or by calling 844-243-4773.

When you enroll, you’ll choose how much of your pay to contribute and how to invest it. If you don’t make an investment election, your contributions default to the Target Date Fund closest to your 65th birthday.

Contributions

Employee contributions

You control how much you save and how it’s taxed. Contribute 1% to 85% of your pay — not to exceed the IRS maximum, through payroll deductions, in any combination of:

• Pre-tax contributions: Reduce your taxable income now; taxed when withdrawn each year automatically
• Roth 401(k) contributions: Taxed now; qualified withdrawals (including earnings) are tax-free
• After-tax contributions: Taxed now; only earnings are taxed on withdrawal
• Catch-up contributions: If you’re 50 or older, you can contribute additional pre-tax or Roth dollars beyond the standard annual IRS limit
• Rollovers: You can roll over pre-tax or Roth dollars from a former employer’s qualified plan or an IRA
• Automatic increases: Set your contribution rate to increase automatically each year, so your savings grow without you having to remember

Company match contributions

Employees are eligible for a Company matching contribution of 50% on the first 6% of their pay that they contribute to the 401(k) Savings Plan. A true-up contribution is added at year-end if fluctuations in your contribution rate during the year meant you missed out on the full match you were owed.

The Company may also make an additional discretionary matching contribution. To receive it, you generally need to be employed on December 31 of that plan year.

Vesting

You’re always 100% vested in your own contributions and earnings. You are fully vested in the Company match after one year of service. If you leave the Company, the vested value of your account is yours.

Investing your funds

You choose how your account is invested, with options built for every level of involvement:

• Target date funds: A diversified, professionally managed mix that automatically becomes more conservative as you approach your target retirement age (65). This is the default if you don’t make an election.
• Core investment funds: Build your own mix based on your risk tolerance and goals.
• Conservative income fund: A lower-risk option blending core investments.
• Brokerage account: For hands-on investors who want access to a wider range of publicly traded securities.

You can make separate elections for your existing balance and your future contributions and change them anytime online or by phone. An automatic rebalancing option is also available if you’d rather set it and forget it.

Disclaimer: As with any investment, account values can go up or down, and no option is guaranteed. Review your quarterly statement, including your elections and balances.

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