Page 16 - Siemens Gamesa 2022 PY Benefits Guide

401(k) Savings Plan

The Siemens Gamesa Renewable Energy 401 (k) WHAT ARE COMPANY MATCHING CONTRIBUTIONS?
Savings Plan gives you the tools you need to build a Each pay period, Siemens Gamesa Renewable Energy
solid financial future. SGRE matches 100% of employee will match every dollar you save in the plan up to 6% of
contributions up to the first 6% of eligible pre-tax earnings, your eligible pre-tax earnings. If you contribute less than
subject to the IRS annual contribution limits. You may 6%, you are missing out on a great savings opportunity.
enroll or increase your contribution to this plan at any So don’t leave money on the table!
time. While participation is not mandatory, we strongly
encourage you to use this plan to help build a sufficient WHEN DO I OWN THE COMPANY MATCHING
retirement nest egg. CONTRIBUTIONS?
The term “vesting” refers to the Company matching contribution
portion of your account. For any company contributions, you will
be 100% vested after two years of service.

Contribution Limits Employee Coverage

Investment Options Pre-tax, Roth and After-tax options are available.

Eligibility Employees are eligible to participate in the plan on their date of hire.

Up to 75% of your pay to the IRS annual limit of $19,500 in 2022. If you are 50 years of age or older (or reach
Contribution Limit
age 50 by the end of the year), you may make an additional catch-up contribution of up to $6,500.

Eligible employees are automatically enrolled for a 3% contribution after 30 days if no action is taken. This
Automatic Enrollment
automatic enrollment increases by 1% annually to a maximum of 10%.

Siemens Gamesa Renewable Energy matches 100% of employee contributions up to the first 6% of eligible
Company Match
pre-tax earnings, subject to the IRS annual contribution limits.

Company Vesting Schedule Employees are 100% vested after two years of service. Employees already vested will remain vested.

USE THE TOOLS
Ensure your account is invested the way you want by reviewing For more information or to access the
your current investment strategy. Alight offers a planning center tools and resources available to you,
with tools, resources and educational articles to help you manage
your retirement account. call Alight at 844-315-3811 or visit
digital.alight.com/siemensgamesa.

16 Your Benefits | Your Decisions Your Benefits | Your Decisions 17