Page 8 - LegoPowerPoint Presentation

401(k) Retirement Savings Plan

LEGO encourages employees to save for their
retirement; all eligible employees may
participate in the LEGO 401(k) plan. The
401(k) Retirement Plan allows for employee

contributions through payroll deduction and
company match/discretionary contributions. Vesting
The money you contribute is always yours, but
Eligibility
the match contribution follows a vesting
You are eligible to participate in the plan schedule.
after 60 days of employment.
▪ Employer Match - 100% vested after
2 continuous years
Employee Contributions
▪ Employer Discretionary – 100%
Contributions from your pay are made on a
vested after 3 continuous year
pre-tax basis– up to the 2022 IRS annual limit
of $20,500. You can elect anything from 0%- Plan Defaults
75% deferral. All eligible employees are defaulted to a 3%
If you are 50 years of age or older, (or if you’ll deferral rate and invested into the Fidelity
reach 50 by the end of the year), you may
Freedom Target Date Fund. In addition, if no
make an additional catch-up contribution of
action taken, you are defaulted into an
$6,500 annually.
automatic increase program (AIP) that will
increase your deferral by 1% each year until

you get to 10%.

ROTH 401(k):

LEGO also offers a Roth contribution option
to your existing 401(k) retirement savings
Employer Contributions
plan. Roth 401(k) contributions are made on
LEGO offers a matching contribution to help
a post-tax basis & included in current
you save more for retirement. The company
taxable income.
will match your employee contribution 100%
on every dollar up to a maximum of 6% of More Information:
your compensation.
For additional details about the 401(k)

Retirement Plan or to enroll or change your
The Company may also make a “Discretionary
contribution Rates or investment elections,
Contribution” up to 6% of your prior year’s
please refer to the Fidelity website at
earnings as of 12/31. This means that you can
www.401k.com
obtain a company contribution up to 12% of
your earnings if you take full advantage of the
company match.
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Your Benefit Guide 2020