401k
401(k) Savings Plan
Clario realizes the importance of saving towards retirement and has established a 401(k) Plan to assist you in meeting your long-term financial goals. This plan allows you to use tax-deferred money (or post-tax funds for Roth account) to save for your retirement while earning interest and receiving free money through the employer match. Fidelity can help with information regarding investment fund options, fund performance, prospectus information, assistance allocating your funds, and questions on how to manage your funds.
Retirement 401(k)
Full-time and part-time employees are eligible to participate in the 401(k) Plan on the first day of the month after one month of service.
All newly hired employees are automatically enrolled into the 401(k) Plan at a 6% contribution rate per paycheck. If you do not wish to enroll in the Plan or would like to contribute more, please contact Human Resources.
SAVINGS EXAMPLE
If you think you can't afford to take money out of your paycheck each month for a retirement you can't even imagine yet, consider this example of saving before-tax through the 401(k) Plan versus after tax through some other savings method.**
Any year in which 1,000 hours have been worked is equal to one year of service. **For illustrative purposes only. This hypothetical illustration assumes a married participant earning $4,000 per month in regular pay who contributes $500 per month to the 401(k) Plan. It also assumes 25% tax withholding.
Employee Contributions
Through automatic payroll deduction, you may contribute a percentage of your eligible pay to the 401 (k) Plan on a pre-tax basis or to a Roth 401 (k) on a post-tax basis up to the lesser of the annual IRS benefit maximum or 100% of compensation (some restrictions apply for highly compensated employees). You may invest both your contributions and matching company contributions in a variety of investments. Participants age 50 or older may also make additional catch-up contributions, subject to IRS regulations.
Please be aware that you may stop your contributions to the 401 (k) Plan at any time. If you wish to change your contribution amount or resume participation in the 401 (k) Plan, you may do so at any time.
Employer Match
An employer matching contribution may be made on your behalf at the discretion of Clario. Clario currently matches 50% of your salary deferral contributions to the 401 (k) Plan up to a maximum of 6% of your eligible compensation.
Vesting
When you are vested, it means that you have the permanent right to the value of your account balance if you leave the company.
You are always 100% vested in the value of your own contributions. Employer matching contributions become 100% vested upon the completion of two years of service* (0% for less than one year of service and 50% after one year of service).
