Results for Retirement Savings Plan
Two types of Company contributions can be made to your Retirement Savings Plan account: a matching contribution or a Non-Elective Employer Contribution (NEC). You own (are vested in) 100% of these Company contributions after completing three years of employment with Rockwell Automation, based on your hire date. You always own 100% of your own contributions.
Rockwell Automation will match 50 cents on every $1.00 on the first 7% of pay you contribute each pay period.
Non-Elective Employer Contribution (NEC)
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%
The IRS puts limits on how much individuals can contribute to employer-sponsored 401(k) plans.
The limits are as follows:
Your Contributions: $19,500
Catch-up Contributions (if age 50 or older in 2021): $6,500
Total Annual Contributions: $58,000
Maximum Eligible Compensation (maximum amount of compensation eligible for contributions to the plan): $290,000
Understanding IRS Limits
It’s important to understand these limits and how they may affect any future contributions to your Retirement Savings Plan account. Different rules also apply for highly compensated employees. For more information on IRS limits and how they may affect you, please consult the Retirement Savings Plan Summary Plan Descriptions or call the RASC.
Retirement Summary Plan Descriptions
The following Summary Plan Descriptions have details about what happens to your coverage when your employment with Rockwell Automation ends and are available on Your BenefitsTM or by calling the RASC:
- Rockwell Automation Pension Plan
- Rockwell Automation Savings Plan (the 401(k) Plan)
- MetLife Dental
- Flexible Spending Accounts
- Life and AD&D Insurance
- STD and LTD