Population: New or Prospective Non-Represented
Your Thrift Plan Choices
The Thrift Plan allows you to invest in your choice of funds on a before-tax, after-tax, and/or Roth basis. Plus, you receive valuable Company matching contributions after you complete 1,000 hours of service (generally in your sixth month of employment). You are automatically 100% vested in the Company matching contributions.Your investments can have a tax advantage if you contribute on a before-tax basis and/or contribute to a Roth account. The plan also allows you to borrow against your account balance and take withdrawals under certain circumstances.
You can sign up for the Thrift Plan anytime, so you could make these decisions anytime, too. But time is money—and the more time you take to make these decisions, the more money you’re not saving. To enroll, log on to Your Benefits Resources.
Quick Reference
- You can contribute up to 50% of your pay (up to a maximum of $49,000, including Company contributions) on a before-tax, after-tax, or Roth basis, or any combination of the three.
- The Company will match 50 cents per dollar of contributions up to 8% of your pay.
- Company contributions will be made in cash so that you have the freedom to diversify all of your investments.
- There are seven core funds, three pre-mix portfolios,and 10 target retirement funds for you to invest in and elections can be split in one percent increments.
- You also can invest in more than 1,600 mutual funds and almost any publically traded stock, bond, fixed income investment, or money market fund by opening a Schwab Personal Choice Retirement AccountTM (PCRA).
For more information, see the Thrift Plan summary plan description. For more information about Roth contributions, click here.