Eligibility and Enrollment

Enrolling to Participate in the Plan

Automatic Enrollment

If you do not affirmatively elect to participate, you will be automatically enrolled in the Plan. If you affirmatively elect a 0% contribution rate, you will not be automatically enrolled in the Plan. If you are automatically enrolled, 4% of your Eligible Pay will be automatically deducted from your Eligible Pay beginning approximately 35 days after you first become an Eligible Employee and will be contributed to the Plan as before-tax contributions.

If you are automatically enrolled and do not wish to continue participating in the Plan, you must change the 4% contribution rate to 0%. Alternatively, if you wish to contribute an amount other than 4% as before-tax contributions or wish to make Roth or after-tax contributions, you must change the contribution rate to the amount or amounts that you want.

Designated Default Investment Option for Automatic Enrollment

If you are automatically enrolled in the Plan, you will be prompted to select investment elections for your future employee and employer contributions. If you do not make an investment election, your future contributions (and earnings) will be deposited into the age-appropriate target retirement fund, the Plan’s designated default investment option. You have the right to transfer out of the designated default investment option to another Plan investment option(s) at any time. See Default Investment Option for more information about the Plan’s Qualified Default Investment Alternative and how to obtain information about other plan investment options.

90-Day Withdrawal Request for Automatic Enrollment

Beginning in 2025, you can request by calling the number above within 90 days after you have been automatically enrolled in the Plan, that any automatic before-tax contributions of your Eligible Pay (adjusted for gains and losses) be returned to you. If you elect to withdraw automatic enrollment contributions, you will receive any before-tax contributions made to the Plan and will forfeit any matching employer contributions related to these automatic enrollment contributions. The before-tax amounts that are returned to you must be treated as taxable income in the year in which you receive the amounts, but the returned amounts are not subject to the 10% tax that normally applies to early distributions from retirement plans, even if you receive this distribution prior to age 59 ½. This withdrawal request does not apply to automatically increased contributions, which are explained further below.

If you elect this withdrawal, you will be treated as also electing to unenroll in the before-tax contributions in the Plan and make no further before-tax contributions unless you have indicated otherwise. You may choose to continue to restart these contributions at any time through NetBenefits or by calling Fidelity at 1-800-835-5095.