Auto enrollment: You will be automatically enrolled in the 401(k) plan if you don’t enroll within 30 days of your eligibility. This means:

• 4% of your eligible compensation will be deducted from your paycheck and deposited into your 401(k) plan account on a pre-tax basis, unless you change the contribution or opt out.
• Your contribution will begin with the first paycheck after enrollment.
• Stimson will make a matching contribution equal to 100% of your contribution, up to 6% of your eligible compensation.
• Both your contribution and Stimson’s are invested in the Vanguard Target Retirement Fund that most closely matches your expected retirement year (assuming retirement at age 65) unless you change your investment fund election.

You may enroll, stop or change your contribution amount and investment options at any time. Log on to Fidelity NetBenefits or call the Fidelity Service Center at 800-835-5097.

• Your contribution rate will automatically increase each April by 1%, up to 10% unless you make a change to your contribution (increase, decrease or stop).
• If you are automatically enrolled between January 1 and March 31, your 1% annual increase will not begin until April of the following year.
• Make changes to your contribution rate at any time. Log on to Fidelity NetBenefits.

• You may contribute up to 50% of your eligible compensation (up to $330,000) on a pre-tax basis, Roth after-tax basis, or both.
• In 2023, the maximum dollar amount you can contribute is $22,500.
• If you are age 50 or older or will be age 50 during 2023, you are eligible to make an additional $7,500 “catch up” contribution.

Enroll or change your contribution at any time. Log on to Fidelity NetBenefits®. Changes you make to your contribution percent (increase, decrease or stop) take effect as soon as administratively feasible.

Matching contribution. Stimson automatically matches 100% of the first 6% of eligible compensation you contribute. You will be eligible to receive the match beginning the first pay period after you enroll.

Annual profit sharing contribution. If you have completed 1,000 hours of service and are employed by Stimson on the last day of the plan year, you may be eligible to receive a profit sharing contribution. The profit sharing contribution is discretionary and will be made the following plan year, if applicable.

Choose from a variety of investment options, each offering varying levels of risk and return. You also have the option to invest in Target Retirement Funds. You can make changes to your investment elections at any time. 

Log on to Fidelity NetBenefits for fund prospectuses, investment performance, and to  make changes to your investments.

Select from thousands of mutual funds and other investment options beyond those offered through the 401(k) plan with Fidelity BrokerageLink®. You can invest in stocks, bonds, mutual funds, CDs and more.

Log onto Fidelity NetBenefits and choose “BrokerageLink” from the “Quick Links” menu for more information.

Your contributions. You are always 100% vested in your contributions and Stimson’s matching contributions.

Profit sharing contributions vest as follows:

Loans. You may take out one loan per year, up to 50% of your vested account balance with certain limitations. However, you may only have one loan outstanding at a time. Loan repayments must be made at least quarterly on an after-tax basis. Loans must be paid off within five years unless the loan is for the purchase of a primary residence. If you’re interested in taking out a loan, or want to pay off a loan, call the Fidelity Service Center at 800-835-5097. For loan details, review the 401(k) Plan Loan Policy.

Withdrawals. Hardship withdrawals are available, subject to plan restrictions. Your entire account balance remains tax-deferred until you request a distribution. You (or your designated beneficiary, in the event of your death) may request a distribution of your vested balance when you leave Stimson or reach age 59½.