401(k) Benefit Enhancement Program

Fidelity Investments provides great retirement savings opportunities.

Download the 401(k) Summary Plan Description

As part of your employer sponsored retirement package, the 401(k) Plan is provided for your convenience in saving for your retirement future. This plan is designed to provide a greater retirement benefit along with your Group Retirement Plan, and Social Security. While contributing to the 401(k) Plan, you are also deferring taxes on your earnings, thus reducing your taxable gross income. Taxes on your contributions are not paid until they are distributed or withdrawn.

The value of your benefit may increase or decrease, as determined by the investment vehicles you select for your account. It is imperative that you become familiar with the investment options available and invest appropriately, as determined by your risk tolerance. The performance of your 401(k) account is not guaranteed. Past performance is not indicative of future performance. Invest wisely.

In addition to your pre-tax contributions to the 401(k) Plan, your employer offers a very valuable match to your account. The amount of your employer match is determined by the amount you contribute. The maximum available employer contribution is five (5) percent.

Contribution opportunities – you may defer from 1 to 100 percent (effective 1 Jan 08) of your covered earnings into the 401(k) Plan.  If you are enrolled in other benefits you should not defer 100% to avoid arrears of your other deduction requirements.  If you defer at least 5 percent and are an active participant in the Group Retirement Plan, your employer match will also be 5 percent!

Vesting – You are automatically 100% vested in your contributions. You are vested in your employer match after one year of participation. If you terminate employment prior to being vested in your employer match, your employer match will be forfeited.

Current Investment funds

The following funds will be available through Fidelity
 

 

* MANAGED INCOME PORTFOLO II CLASS 1
 
* FIDELITY FREEDOM FUNDS 2055
* PIMCO TOTAL RETURN - ADMIN
* SPARTAN 500 INDEX FUND - INSTITUTIONAL CLASS
* FIDELITY CAPITAL APPRECIATION FUND
* LSV VALUE EQUITY
* MORGAN STANLEY INSTITUTIONAL MID CAP GROWTH A
* SCHRODER US OPPORTUNITY INV
* NEUBERGER BERMAN GENESIS - TRUST
* FIDELITY INTERNATIONAL DISCOVERY
* NORTHERN SMALL CAP VALUE
* VANGUARD TOTAL BOND MARKET ADMIN
* VANGUARD TOTAL INT'L STOCK INDX SIGNAL
* DREYFUSS RESEARCH GROWTH 1
* BAIRD CORE PLUS BOND INSTITUIONAL CLASS
* FIDELITY STRATEGIC REAL RETURN FUND
* FIDELITY FREEDOM INCOME FUND
* FIDELITY FREEDOM FUNDS 2050
* FIDELITY FREEDOM FUNDS 2045
* FIDELITY FREEDOM FUNDS 2040
* FIDELITY FREEDOM FUNDS 2035
* FIDELITY FREEDOM FUNDS 2030
* FIDELITY FREEDOM FUNDS 2025
* FIDELITY FREEDOM FUNDS 2020
* FIDELITY FREEDOM FUNDS 2015
* FIDELITY FREEDOM FUNDS 2010
* FIDELITY FREEDOM FUNDS 2005
 
 
For specific fund information please refer to the Fidelity Transition Guide mailed to all participants, or contact your Local HR Office or visit www.401k.com.

 

Employer Match - The amount of your employer match is determined by the amount you contribute (up to 5 percent). If you are an active member of the Retirement Plan and the 401(k) Plan you will receive an additional one percent employer contribution to the 401(k) Plan.

Employee
Employer
If an active 401(k) and Retirement Plan participant
1 % +
1 %
1 %
2 %
2 %
3 %
3 %
4 %
3.5 %
5 % - 100 %
4 %

Employee accounts are valued daily, giving participants an opportunity to change their investment selections more frequently than in the past. It is imperative that participants try to restrict the number of changes they make, and to avoid “timing the market” by making frequent changes based on market fluctuations. Changes made to accounts after the close of the New York Stock Exchange will not be effective until the next business day.

Additional Information on your plan:

  • Loans available to participants that meet the criteria
  • Hardship withdrawals available for specific identified purposes
  • Investment deferrals made in 1% increments