[ 401 (K) PLAN ]
PREPARING FOR YOURFINANCIAL FUTURE
The 401(k) Retirement Plan (401(k) Plan) is your path to financial security in retirement.
Who's eligible and when?
If you’re a full-time employee, you may start contributing to your 401(k) Plan immediately upon hire or the date you become a full-time employee.
How do I contribute?
You can contribute up to 90 percent of your eligible pay, and you can choose pre-tax and/or Roth contributions.
The IRS sets annual limits on your contributions: $23,000 for 2024. If you’re 50 or older, you can contribute an extra $7,500 per year in catch-up contributions.
You can enroll, change your contribution percentage, update your investment allocations, update your beneficiaries and more online at 401k.com.
We’ll get you started
Automatic enrollment
If you’re a full-time employee, you are automatically enrolled in the 401(k) Plan — at 4% of eligible wages — one month after your hire date. Additionally, each September, employees who are not contributing to the 401(k) plan will be automatically re-enrolled.
Automatic annual increase
Financial experts recommend that you contribute 10%-15% of your annual income to your 401(k) to prepare for a comfortable retirement. To help you stay on track to replace your paychecks in retirement, Worthington Steel utilizes automatic annual increase. Each September, your pre-tax contributions will automatically increase by 1%, until you reach a maximum of 10%. If you’re already contributing 10% or more, you will not see a change.
Company contributions
- The Company also contributes to your 401(k). See your summary plan description, benefits guide or visit 401k.com for more details.
- Vesting — You’re immediately 100% vested in all contributions. This means you own all the funds in your account.