If you were hired or rehired on July 1, 2010, or later, Rockwell Automation will automatically contribute 3 – 7% of your eligible pay once a year if you’re an employee on the last day of the year.
This contribution depends on your pay, age and how long you’ve worked for the company as of Dec. 31. You don’t have to contribute to the Retirement Savings Plan to receive this NEC. The contribution to your Retirement Savings Plan account is generally made the following year at the end of March (for example, the 2021 NEC contribution will be deposited in March 2022 if you were an employee as of Dec. 31, 2021).
The following shows the NEC contribution percentages based on the total age + service points (as of Dec. 31):
40 – 59: 4%
60 – 79: 5%
Pay for purposes of the NEC is the actual pay you earned in the calendar year. It includes base pay, overtime or shift differential, performance bonuses, commissions, variable or sales incentive compensation. For the full list please refer to the Summary Plan Description and search for NEC Compensation.
For example, if you had 59 points as of Dec. 31, 2021, and your actual NEC pay for the 2021 calendar year was $100,000, Rockwell Automation would contribute $4,000 to your account ($100,000 x 4%).
If you do not choose investment funds for this contribution, it will be automatically invested in a default fund based on your target retirement date.