Your future financial goals—what are they and how will you achieve them? No matter what your goal may be, the Smart Savings 401(k) Plan can help you achieve success. Participating in the 401(k) Plan is a convenient, easy and tax-advantaged way to start and keep building savings for your future.

Are you eligible?

You are eligible to participate in the 401(k) Plan if you are a salaried, full-time hourly or part-time hourly teammate. You become eligible on your one-month anniversary. You must be 21 years old to participate.

You can enroll any time after you become eligible. Here's how.

How the Smart Savings 401(k) Plan works

  1. Choose a percentage of your salary to contribute (1% to 50% of your gross pay), up to IRS limits. For 2021, that limit is $19,500 in tax-deferred contributions.
  2. Your contributions are not taxable until you withdraw the money in the future. That gives you more take-home pay than if you were saving on your own.
  3. Once you've completed one month of plan eligibility service, the Company may make a discretionary matching contribution.
  4. You choose how to invest the money in your account, with a wide range of investment options ranging from conservative to aggressive. You can make investment changes to your account on a daily basis. Learn more at Vanguard.
  5. Your contributions, the Company match and any investment earnings grow tax-deferred until you withdraw them. This gives your savings the opportunity to grow much faster.
  6. In a bind? The money in your Smart Savings 401(k) Plan is for retirement, but if you're an active teammate, you can borrow up to one-half of your vested account balance (from $1,000 to $50,000), then pay yourself back (with interest) through payroll deductions. Other withdrawals while an active teammate are also available.

Have a 401(k) plan from your former employer?

Roll it into the Smart Savings 401(k) Plan today. To do a rollover:

Contact Vanguard at 1-800-523-1188 for information.

Are you over age 50?

You may be eligible to make "catch-up contributions" (up to $6,500 in 2021) in addition to your regular contributions, if you:

  • Meet all the eligibility requirements for plan participation
  • Reach age 50 or older by the end of the plan year
  • Are making the maximum contribution (either 50% of salary or annual maximum deferral limit)

Catch-up contributions are not matched. Your payroll-deducted catch-up contributions will be combined with your other pre-tax contributions and will be invested according to your investment elections for future pre-tax contributions.

Ways to save more

It’s easy to save for your future thanks to two plan features:

  • A simplified enrollment process that sets you on the path to retirement by selecting a pre-determined savings rate and investment.
  • If you're already saving in the plan, the automatic contribution increase feature helps you save more in the future by automatically increasing your contribution rate each year.

Ready to start saving? Learn more


Participating in the Smart Savings 401(k) Plan is an important first step in preparing for your future. Another important step is making sure you have a proper mix of investments. You can make sure you have a proper mix of investments by reviewing these investing basics.


Vesting refers to ownership. You are always 100% vested in (own) the money you contribute (and its earnings) in the Smart Savings 401(k) Plan. You become vested in the Company match (and its earnings) over time, according to this schedule, which is based on the number of years in which you work at least 1,000 hours:

If you complete this many years of vesting service:

You are vested in this percentage of the Company match:

1 year

33% vested

2 years

33% vested

3 years

34% vested

Enroll and save

Once you become eligible, you will receive enrollment information from Vanguard. To enroll and learn more about the Smart Savings 401(k) Plan, log on to Vanguard or call 1-800-523-1188. The plan number is 093683.

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