Retirement
A retirement plan can be a powerful tool in promoting financial security in retirement. The Hendrick 401(k) and 403(b) plans help eligible employees save and invest for retirement while receiving certain tax advantages. Employees can choose how their contributions and Hendrick’s matching contributions are invested. Administrative and record‑keeping services for the 401(k) and 403(b) plans are provided by Fidelity.
- Employees are automatically enrolled in the retirement plan at a rate of 3% of earnings. Contributions taken are pre-tax and are placed in the appropriate date‑targeted fund.
- The pre-tax deductions will begin within 35 days of hire date.
- Employees who do not wish to participate in the plan may visit NetBenefits at www.netbenefits.com and elect 0% contribution or contact Fidelity at 1-800-343-0860 for assistance with this process.
| Maximum Employee Contributions | Maximum Company Match | Additional Information | |
|---|---|---|---|
|
403b
Pre-Tax/Roth |
$23,500 if under age 50;
$31,000 age 50-59, or 64+; $34,750 age 60-63 |
$10,500 |
Contribution must be
setup as a % of salary per pay period. HR can assist with the calculation. |
|
403b After Tax
(non-Roth) |
$36,000 | $0 |
Can be converted to Roth
(commonly referred to as backdoor Roth or mega Roth). Contribution by percentage per pay period. |
|
457
Non-Governmental |
$23,500 (any age) | $0 |
Contribution can be a
percentage of specific dollar amount per pay period. |
On NetBenefits, you can:
- Review your account balances
- Access investment option descriptions
- Request changes to your account
- Research investment performance
- Request a loan or distribution
- Enroll in the plan (if you were not previously enrolled)
- Choose your beneficiaries
For information about Traditional/Pre-tax versus Roth contributions, click here.
For additional information regarding managing your Fidelity account, click here or contact Fidelity at 1-800-343-0860.