Print Archive: April, 2019
The Rockwell Automation Retirement Savings Plan (the 401(k) plan) and Health Savings Account (HSA) offer tax-advantaged savings to cover your expenses during retirement. It’s a good idea to evaluate your retirement savings goals and how you plan to meet them.
The Savings Plan (401(k))
You have three 401(k) contribution options: pre-tax, Roth 401(k) after-tax and regular after-tax. Pre-tax contributions reduce your current taxable income. The type of contributions you make to your Retirement Savings Plan account determines what gets taxed when you receive the money.
Rockwell Automation contributes $0.50 for every $1.00 you contribute, up to the first 7% of pay you contribute each paycheck. To take full advantage of this Company match, you should contribute at least 7%. After three years of service at Rockwell Automation, you own (are vested in) 100% of the Company contributions.
For help increasing your contributions or if you have questions, call the Rockwell Automation Service Center at Fidelity at 1.877.ROK.401K (1.877.765.4015) or visit 401k.com.
Health Savings Account (HSA)
If you enrolled in the HSA medical option, you have an HSA administered by HealthEquity. It’s triple-tax-advantaged, which means you don’t pay taxes when you contribute, when you use it for eligible expenses, or on interest or investment earnings.
You can use your HSA as a retirement savings vehicle. After you contribute 7% of your pay to your 401(k) to get the full Company match (and not miss out on free money), you should consider contributing as much as possible to your HSA, up to the annual limit. You can find the annual limits on page 12 of the 2019 Enrollment Guide. (Remember, you can change your contribution amount at any time during the year.)
You can use your HSA funds tax-free for eligible health care expenses incurred this year, or use them to reimburse yourself tax-free for expenses incurred in a prior year (as long it was after the HSA was established). This money is 100% yours, so if you don’t use the funds now, they’ll continue to grow and can be used tax free for eligible retiree health care expenses down the road.
For questions, call HealthEquity at 1.866.346.5800, 24/7. Or, visit healthequity.com/ed/rockwell.
- Taking care of yourself is important—especially when it comes to mental health. Join The Pillars of Good Mental Health EAP webinar May 7 at 1 p.m. Central Time to be mindful of your goals and how to cope with stress.
- The 2018 Annual Funding Notice for the Rockwell Automation Pension Plan is now available. For those hired before July 1, 2010: This Defined Benefit Pension Plan Annual Funding Notice is required by the U.S. Department of Labor as part of the Pension Protection Act of 2006. For more information about the Rockwell Automation Pension Plan, contact the Rockwell Automation Service Center through EmployeeConnect or call 1.877.OUR.RASC (1.877.687.7272).
- The annual Company contribution for 2018 (the Non-Elective Contribution) was deposited into Retirement Savings Plan accounts on March 28, 2019. Generally, you receive the annual Company contribution if you were hired or rehired after July 1, 2010, and do not participate in the Pension Plan. You can log into your account to view “transaction history” on Fidelity’s NetBenefits website. If you need assistance with your 401(k) account, contact the Rockwell Automation Service Center at Fidelity at 1.877.ROK.401K (1.877.765.4015) between 7:30 a.m. and 11:00 p.m. Central Time on normal business days.
- Getting (and staying) financially fit isn’t easy, but you’ve got resources at your fingertips. Check out the updated Fidelity webinar and video schedule so you can stay financially on your feet.
- When you have questions, the answer may be easier to find than you think. Check out our Benefits Resources page to get connected to the right resources. When you visit the page on your mobile device, you’ll have the option to download it to your home screen so you can access the app anytime.