401(k)
There are many benefits to participating in the Paradigm Precision 401(k) Retirement Plan. One of the primary benefits is that you will receive help reaching your financial goals for retirement. By reviewing the important information in this guide and visiting Fidelity NetBenefits at 401k.com, you can take advantage of what your company and Fidelity have to offer.
Next Steps
Investing in yourself is easy with your retirement plan. You can count on us to support you every step of the way with our account management website, Fidelity NetBenefits. First log in to 401k.com and we’ll show you how to get started step by step.
Step 1: Enroll online today. Go to 401k.com and click on ‘‘Register Now’’ when logging in for the first time. Follow the instructions to enroll online. Call the Retirement Benefits Line if you need assistance at 1-800-835-5097.
Step 2: Decide how much to invest and enter your contribution per pay period.
Step 3: Select how you want to invest your contributions among the investment options available in the plan. Investment performance and fund descriptions are available online or over the phone. If you are interested in additional information about investing, go to the NetBenefits Library to learn more.
Enroll today, and start saving for your retirement.
Frequently Asked Questions
You are eligible to make deferrals to the Plan if:
- you are employed by the Employer
- you are at least 21 years old
- and you are not:
- covered by a collective bargaining agreement (unless the agreement specifically provides for you to be covered by the plan)
- a leased employee
- a nonresident alien who does not receive any earned income from your Employer
You are eligible to receive matching contributions if:
- you complete 12 months of service
- you are at least 21 years old
- and you are not:
- covered by a collective bargaining agreement (unless the agreement specifically provides for you to be covered by the plan)
- a leased employee
- a nonresident alien who does not receive any earned income from your Employer
To enroll, log on to Fidelity NetBenefits at 401k.com. You can also set up your beneficiary information by going to Fidelity NetBenefits at 401k.com or calling a Fidelity Representative at 1-800-835-5097 to request a Designation of Beneficiary Form to fill out and return to Fidelity.
Your plan has an automatic enrollment feature. If the automatic enrollment feature applies to you and you do not take action, you will be automatically enrolled at 3%. If the automatic enrollment feature applies to you, you will receive a separate notification indicating when deferrals will begin to be made on your behalf. If you do not select an investment, your Plan Sponsor has directed Fidelity to place your contributions in the American Funds Target Date Retirement target date fund that most closely aligns with your projected retirement date based upon your birth year.
If you would prefer to elect not to participate at this time or to specifically elect a contribution rate and/or investment options, please contact Fidelity by logging onto 401k.com or call 1-800-835-5097.
Once you satisfy the 401(k) contribution requirements, you will become eligible to participate in that portion of the Plan on the first day of the following month.
Once you satisfy the matching requirements, you will become eligible to participate in that portion of the Plan immediately.
Through automatic payroll deduction, you may contribute between 1% and 95% of your eligible pay on a pretax basis, up to the annual IRS dollar limit (2022 = $20,500). You may change your deferral percentage as applicable. Any changes made would take effect at the beginning of each payroll period.
Your company’s plan has established an Annual Increase Program which will automatically increase your contributions by 1% on January 1. Each
year on the designated date, your contributions will increase by the amount your company has established which may be limited to a deferral percentage communicated to you by notice. If you want to contribute more to the Annual Increase Program or if you wish to opt out of the program, follow the instructions outlined in the notification letter.
If you are age 50 or over by the end of the taxable year and have reached the annual IRS limit or Plan’s maximum contribution limit for the year, you may make additional salary deferral contributions to the Plan up to the IRS Catch-Up Contribution Limit (2022= $6,500).
Unlike your traditional, pretax 401(k) deferrals, the Roth 401(k) feature allows you to contribute after-tax dollars, but then withdraw tax-free dollars from your account when you retire, provided the distribution is “qualified.” A qualified distribution is one that is taken after the five taxable year period beginning January 1 of the year for which your first designated Roth contribution to the plan is made (or to a previous plan, if that amount was subsequently rolled over to the distributing plan) AND you turn age 59 ½, become disabled, or die. If you are eligible to make traditional pretax 401(k) contributions, you can also make Roth 401(k) contributions. Your total contributions to the plan (both Roth 401(k) deferrals and traditional pretax contributions) cannot exceed IRS limits, or your plan’s limit, if less.
You may be permitted to roll over eligible contributions into this Plan from a previous employer’s retirement plan. For other eligible account types, please see your Summary Plan Description. Once you have confirmed that your Employer will accept your rollover contribution, you can get started in the “Rollovers” section online. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
The Employer may make a discretionary pretax matching contribution to your account. The amount would be equal to a percentage determined annually by a Board of Directors’ Resolution.
To be eligible for discretionary matching contributions you are required to:
- make employee pretax deferral contributions or Roth 401(k) after-tax deferral contributions. The plan will match on the combined total of these contributions up to the matching limit.
For purposes of determining your matching contributions under the Plan, your pretax contributions will include Age 50 and over Catch- Up Contributions described above.
The term “vesting” refers to the portion of your account balance that you are entitled to under the plan’s rules. You are always 100% vested in your:
- employee pretax account
- Employer matching contribution account
- rollover account
- Roth 401(k) after-tax deferral account
- and any earnings thereon.
Although your plan account is intended for your retirement, you may take a loan from your account.
Withdrawals from the Plan are generally permitted in the event of termination of employment, retirement, or death. You may also be eligible for a withdrawal in the case of a severe financial hardship as defined by your Plan.
Within NetBenefits you have access to your account information, retirement planning tools, and e-Learning workshops that provide you access to self-paced training on savings and investing principles.
You may call the Retirement Benefits Line at 1-800-835-5097 between 8:30 a.m. and 8:00 p.m. on any business day when the New York Stock Exchange is open. Fidelity Representatives can assist you with transactions and answer many of your questions regarding retirement savings.
Within NetBenefits, you have access to your account information and retirement planning tools including:
- Live and self-paced learning workshops. The workshops cover a variety of topics including determining your retirement savings needs, evaluating your investment options and keeping your investment strategy on track to help you achieve your retirement goals.
In addition, you can take advantage of local Investor Centers by scheduling time with a Fidelity Representative to discuss your total investment needs beyond your retirement savings plan. Or, if you prefer, call 1-800-Fidelity for a complimentary portfolio review.
You can make changes to your investment selections within NetBenefits or by calling the Retirement Benefits Line at 1-800-835-5097.
Create an asset strategy that’s right for you:
- Visit the Library section within NetBenefits
Within NetBenefits, you may sign up to receive alerts via email when your retirement savings account strays from the investment allocation you established.
To update your beneficiary information, go to the Profile section within NetBenefits and enter your beneficiary information at any time.