1. Retirement Plan (RP)
- The Retirement Plan (RP) is a defined contribution plan — also known as a 401(k) plan.
- The difference between the RP and the SSIP is that YOU AND YOUR EMPLOYER contribute to the SSIP, but ONLY YOUR EMPLOYER contributes to the RP.
- The Company makes contributions to your RP account (from 2.0% to 5.5% based on your age at year-end). Employee contributions are not allowed.
- RP Company contributions default to an appropriate target-date retirement fund, a BlackRock LifePath® Index Fund based on your age at year-end, and the assumption you’ll begin withdrawals from your RP account at age 65.
- If you wish, you can move your money into other available funds and change how your future Company contributions are invested by visiting benefits.com and selecting My Retirement Plan.
- Your RP account becomes vested — that is, you own the money — after three years of service. If you leave before you complete three years of service, you’ll forfeit your RP balance.
2. Savings and Stock Investment Plan for Salaried Employees (SSIP)
- The Savings and Stock Investment Plan for Salaried Employees (SSIP) also is a defined contribution plan — also known as a 401(k) plan — that gives you an opportunity to save tax-efficiently for retirement via pre-tax, Roth or after-tax contributions.
- The SSIP provides a Company match of 90¢ for each $1 you contribute, up to 5% of your eligible base salary, no matter which type of contributions you make. If you’re saving less than 5% of your base pay, consider increasing your contributions to take full advantage of the Company match.
- The amounts YOU contribute to your SSIP become vested — that is, you own the money — immediately. Your Company matching contributions become vested after three years of service.
- New employees are automatically enrolled in the plan upon hire, and are defaulted to a 5% pre-tax savings rate, which increases 1% per year up to a 10% maximum. You are immediately eligible for Company matching contributions. Visit benefits.com to increase or decrease the amount of your savings and manage your investment options. If you don’t want to contribute to your SSIP, you can stop automatic contributions by changing your savings rate to 0%.
- Visit benefits.com and select My Savings and Stock Investment Plan to:
− View your account balances
− Change your savings rate
− Move your money into other available funds
− Change how your future contributions are invested
− Review the available investment funds
| Not sure how to decide on an appropriate risk level? Not confident about selecting funds for a well-diversified portfolio? The retirement savings plans offer three kinds of help: target date retirement funds, personalized online advice, and professional account management. | |
| DO IT AUTOMATICALLY with target date funds | Rather keep it simple? You may want to choose BlackRock LifePath Funds. These target-date funds — which are a single-fund solution to diversification — are based on your expected retirement date, or the date you expect to start withdrawing your money. The funds contain a mix of investments that automatically adjusts over time to become less aggressive as you approach retirement (for example, fewer stock and more bonds). |
| HELP ME DO IT MYSELF with personalized online advice | If you want to select your own mix of funds, Financial Engines’ online advice tool will help you build and implement your personalized investment strategy. The tool recommends specific funds based on your situation and risk preferences. There is no additional cost to you for using the online advice tool. |
| DO IT FOR ME with Financial Engines’ professional account management | If you prefer to partner with an expert, consider professional management from Financial Engines. You can add this optional program to your account and have a professional advisor manage your account for a fee, build a personalized retirement plan, pick investments for you, and help keep you on track. |
If you enroll in a High Deductible Health Plan — such as the Basic Medical Plan PPO or Medical Plan PPO — you’re eligible to open a Health Savings Account (HSA) to set aside tax-free money for qualified health care expenses both now and in retirement.
An HSA:
An HSA:
- Is a tax-advantaged account, sort of like a 401(k) plan, to save for current and future health care expenses
- Works hand-in-hand with a High Deductible Health Plan (HDHP) coverage
- Is generally tax-free when:
− You save it,
− You earn interest on your account balance, and
− You spend it on eligible expenses - Is a great way to help you get ready for a financially secure retirement!
If you aren’t contributing at least 5% of your pay to your SSIP every year, you’re leaving FREE MONEY on the table!
84% of SSIP participants contribute enough to receive the full Company match — AND they’ll have even more money when they retire.
YOU TOTALLY CAN too!
84% of SSIP participants contribute enough to receive the full Company match — AND they’ll have even more money when they retire.
YOU TOTALLY CAN too!