How It Works
The 401(k) plan makes it easy and convenient for you to plan and save for your financial future. Here’s how:
- Enrollment is automatic. Stimson will set up an account on your behalf, and 4% of your base pay will be deducted, pre-tax, unless you opt-out.
- You may contribute up to 50% of your pay on a pre-tax basis, Roth after-tax basis, or both through payroll deductions taken each pay period. The total of your pre-tax and Roth after-tax contributions cannot exceed 50% (or annual IRS limits).
- Stimson will match your contribution up to 6% of your pay.
- You may be eligible for a profit-sharing contribution from 3% to 6% of pay.
- You decide how to invest your money from a broad range of options, including “target date retirement funds.” You can also invest in thousands of investment options beyond those in the 401(k) Plan through Fidelity BrokerageLink.®
Designate a Beneficiary
Your beneficiary is the person who will receive your account in the event of death. Designate, review or update your beneficiary on Fidelity NetBenefits. Select “Profile,” then “Beneficiaries” and follow the instructions. Or call the Fidelity Service Center at 800-835-5097.
You are eligible to participate in the 401(k) plan on the first day of the month following your hire date, unless:
- You are a leased employee.
- You are eligible to participate in another 401(k) plan.
- You are not treated as a common law employee by Stimson.
For details, review the 401(k) Plan Summary Plan Description.
|How to Enroll||
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:
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.
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 and Withdrawals||
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.
|Rollovers||The plan accepts taxable rollovers and Roth rollovers from other employers’ qualified plans. If you’re interested in rolling over any accounts you have from a prior employer, call the Fidelity Service Center at 800-835-5097.|
|Saver’s Tax Credit||If you earn up to $36,750 in 2023 ($54,750 for heads of household and $73,000 if married, filing jointly), you might be eligible for a tax credit. The credit rate for each pre-tax dollar you contribute to the 401(k) plan is 10% to 50% up to the first $2,000 you put into the plan.|
Taxable compensation reportable on your IRS Form W-2, excluding reimbursements or other expense allowances, fringe benefits, moving expenses, deferred compensation, unused leave, and welfare benefits.
Any person who, under an agreement between Stimson (or an affiliate) and a leasing organization, has performed services for Stimson (or an affiliate) on a substantially full-time basis and under the primary direction or control of Stimson (or an affiliate).