401(k) Ret i rement Plan F i de l i t y I nves tmen t s 1-800-294-4015 www.netbenef i t s . com The Phillips & Jordan 401(k) Retirement Plan is administered by Fidelity Investments and enables you to save money for retirement to cover living expenses such as mortgage, utilities, auto, etc. Automatic Enrollment All eligible newhires are automatically enrolled in the 401(k) Plan at 6%of your annual base salary on the first of the month following 60 days of employment. If you do not select an investment mix of your own, Phillips & Jordan has directed Fidelity to place your contributions into a(n) Fidelity Investments target date fund that most closely aligns with your projected retirement date based upon your birth year. The 2020 maximum annual combined contribution for the Traditional and Roth 401(k) plans is $19,500. Participants age 50 and older may contribute an additional “catch-up” contribution of $6,500 per year. Phillips & Jordan established an Annual Increase Program (AIP) that auto increases your contribution by 1% annually until you reach the AIP cap of 10% or plan limit.
Phillips & Jordan's Contribution Phillips & Jordan matches $0.50 of every dollar you contribute up to 6%. You will get a full 3% match by contributing 6%. You are always 100% vested in your own contributions. The company’s contribution is on a 5 year vesting schedule.
Being vested means that you have the right to receive the money in your account when you retire or leave the company.
Years of Service for Vesting Percentage Less than 1 0 1 20 2 40 3 60 4 80 5 100
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