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. This contribution depends on your age and how long you have worked for the company as of Dec. 31. If you are an employee on the last day of the year, Rockwell Automation will make a contribution. You do not have to contribute to the Retirement Savings Plan to receive this NEC. 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. The contribution to your Retirement Savings Plan account is generally made the following year at the end of March (for example, the 2020 NEC contribution will be deposited in March 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%