Retirement Plans
Being ready for retirement is an important part of financial wellness. The key to success is to start saving now.
The Wilbur-Ellis 401(k) Plan, administered by Fidelity, offers a retirement savings vehicle with a variety of investment options. The company generously matches employee 401(k) contributions to help grow your retirement savings.
After your date of hire, you are eligible to participate in the 401(k) plan on the first of the month following 30 days. You are automatically enrolled in the 401(k) plan at 3% of your pre-tax salary but you may elect to contribute up to 75% of your pay on a pre-tax, after-tax (Roth), or a combination of both through automatic payroll deductions. Your funds will be invested in one of our Vanguard Target Date funds.
If you were hired after July 1, 2022, you will receive a non-elective contribution of 4% of your annual salary into your 401(k) account each year, regardless of how much you choose to contribute. This is in addition to the 3% company match you may receive by contributing 6% of your salary.
If you were hired before July 1, 2022, you are a participant in the Pension Plan. You will receive a monthly pension when you retire at or reach age 65. You may begin collecting your pension as early as 55 if you have reached 10 years of vesting service. You do not need to make any contributions to the pension to participate.
With this online tool, you will be able to estimate your future benefit under the Retirement Plan. When making your projection, you can choose from a range of future retirement dates. Through the retirement estimator you will be able to access the Summary Plan Description (SPD) and the most recent Personal Summary of Benefits for the Retirement Plan. You can access the Wilbur-Ellis Retirement Estimator at: hrmecca.com/wilburellis
The pension plan is managed by Gallagher. You can contact the Pension Service Center at GBS.WilburEllis@ajg.com, or call 833-412-3737.
Your personal contributions are deposited pre-tax into your account through convenient payroll deductions. All funds you contribute to your plan are immediately vested. This means your funds are 100% yours, always.
In addition, Wilbur-Ellis will make a discretionary match of 50% of the first 6% of your eligible pay. The Wilbur-Ellis contributions are vested according to a schedule. This means you own more of the company’s contribution for each year you are enrolled. You become fully vested (i.e., you will own 100% of the employer-provided funds in the plan) after 5 years.
| Years of Service | Vesting |
|---|---|
| <1 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 | 100% |
For more information or to access your account, visit 401k.com or call 800-835-5095.
Log into your account on www.401k.com
You can call Fidelity at 1-800-835-5095 or go online to access your account on NetBenefits at www.401k.com.
With Fidelity NetBenefits you can:
Tip: Fidelity provides free financial advice to all participants. For financial advice call 888.766.6813.
Educational Resource: Fidelity Financial Education Webcasts
