Page 15 - Murphy Benefits Guide
P. 15
Retirement Savings Plan
401(k)
Your inancial security is important to you, your family, and to us as your
employer. We want you to feel secure and prepared for life after your
career. In partnership with Fidelity, our 401(k) plan is designed to help
you plan ahead and feel prepared.
How the Plan Works
X Employees are eligible to join the plan on the irst of the month
following date of hire; the company match has historically been
paid in February of the following year; proit sharing has a one year
waiting period IRS 401(k)
X You can contribute before-tax dollars to your 401(k) account through Maximums
payroll deductions (up to the annual IRS limits) For 2020, you can contribute up to
X You can contribute after-tax dollars to your Roth 401(k) account $19,000 to your 401(k) account. If
you are age 50 or older, you may
through payroll deductions (up to the annual IRS limits); your savings contribute an additional $6,000.
All contributions are made pre-tax.
are not taxed when you withdraw them at retirement
X You choose how to invest your money in a variety of Fidelity Tools
investment options
X You are always 100% vested in your own contributions Fidelity offers retirement
calculators and investment services
X Your company contributions are subject to a vesting schedule which allow you to choose your
illustrated in the chart below own investments options or use a
Discretionary Match/Discretionary Profit Sharing managed account plan which does
the hard work for you.
Years of Service for Vesting Percentage
Less than 2 0% Remember to add a beneiciary for
2 20% your 401(k) on the Fidelity website
3 40% through their convenient online
4 60% beneiciary tool. Please note, you
5 80% will need to elect a beneiciary for
6 100% both your life insurance when you
elect your life insurance, as well as
through Fidelity for your 401(k)
plan. Visit the Fidelity website
at www.401k.com for more
information on your plan and to
use their helpful tools.
Murphy 15
401(k)
Your inancial security is important to you, your family, and to us as your
employer. We want you to feel secure and prepared for life after your
career. In partnership with Fidelity, our 401(k) plan is designed to help
you plan ahead and feel prepared.
How the Plan Works
X Employees are eligible to join the plan on the irst of the month
following date of hire; the company match has historically been
paid in February of the following year; proit sharing has a one year
waiting period IRS 401(k)
X You can contribute before-tax dollars to your 401(k) account through Maximums
payroll deductions (up to the annual IRS limits) For 2020, you can contribute up to
X You can contribute after-tax dollars to your Roth 401(k) account $19,000 to your 401(k) account. If
you are age 50 or older, you may
through payroll deductions (up to the annual IRS limits); your savings contribute an additional $6,000.
All contributions are made pre-tax.
are not taxed when you withdraw them at retirement
X You choose how to invest your money in a variety of Fidelity Tools
investment options
X You are always 100% vested in your own contributions Fidelity offers retirement
calculators and investment services
X Your company contributions are subject to a vesting schedule which allow you to choose your
illustrated in the chart below own investments options or use a
Discretionary Match/Discretionary Profit Sharing managed account plan which does
the hard work for you.
Years of Service for Vesting Percentage
Less than 2 0% Remember to add a beneiciary for
2 20% your 401(k) on the Fidelity website
3 40% through their convenient online
4 60% beneiciary tool. Please note, you
5 80% will need to elect a beneiciary for
6 100% both your life insurance when you
elect your life insurance, as well as
through Fidelity for your 401(k)
plan. Visit the Fidelity website
at www.401k.com for more
information on your plan and to
use their helpful tools.
Murphy 15
