Shields offers a 401(k) plan through Fidelity. Employees can elect a traditional pre-tax 401(k) or a post-tax ROTH 401(k).
Shields provides a bi-weekly match of 25% of employees' current pay period contributions to their 401k! This can not exceed 4% of your annual salary. Take a look at the vesting schedule below.
After 30 days of employment, you are enrolled in the traditional plan at a contribution rate of 4% in the month following 30 days of employment. You can opt-out at any time.
There is also an automatic escalation on July 1st of every year when contributions automatically increase. However, they can change this at any time.
To set up your account or change your contribution percentage, please visit www.401k.com or call a Fidelity Representative at 800-835-5097. You can also contact a Fidelity Retirement Coach for all financial questions and assistance at 800-603-4015.
2024 IRS Contribution Limits:
- Regular Contributions: $23,000.00
- Catch-up Contributions (must be age 50+): $7,500.00
**Please note that there is no separate election for catch-up contributions for employees age 50+. Instead, contributions will continue after the regular IRS maximum has been reached, until you reach the catch-up maximum or change your contribution percentage.
Fidelity QDRO website: https://qdro.fidelity.com
If you need to file for a Qualified Domestic Relations Order (QDRO), please visit the website above for further information and instructions.
