401K Plan

PREPARING
FOR YOUR BRIGHT FUTURE

The Deferred Profit Sharing 401(k) Plan is your path to financial security in retirement.

Who's eligible and when?

If you’re a full-time employee, you may start contributing to your 401(k) Plan immediately upon hire or the date you become a full-time employee.

How do I contribute?

You can contribute up to 90 percent of your eligible pay, and you can choose pre-tax and/or Roth contributions.

The IRS sets annual limits on your contributions: $19,000 for 2019. If you’re 50 or older, you can contribute an extra $6,000 per year in catch-up contributions.

You can enroll, change your contribution percentage, update your investment allocations, update your beneficiaries and more online at 401k.com.

We’ll get you started

Automatic enrollment

If you’re a full-time employee, you are automatically enrolled in the 401(k) plan — at 4% of pretax dollars — one month after your hire date. Additionally, each September, employees who are not contributing to the 401(k) plan will be automatically re-enrolled.

Automatic annual increase

Financial experts recommend that you contribute 10%-15% of your annual income to your 401(k) to prepare for a comfortable retirement. To help you stay on track to replace your paychecks in retirement, Worthington utilizes automatic annual increase. Each September, your pre-tax contributions will automatically increase by 1%, until you reach a maximum of 10%. If you’re already contributing 10% or more, you will not see a change.

Company contributions

  • The Company also contributes to your 401(k). See your summary plan description or visit www.401k.com for more details.
  • Vesting — You’re immediately 100 percent vested in all contributions. This means you own all the funds in your account.

 

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