Results for Retirement Savings Plan
401(k) Plan Eligibility
The Rockwell Automation Retirement Savings Plan—the 401(k) Plan—is available to all employees, including those who are scheduled to work less than 20 hours per week. After 30 days of employment, you are automatically enrolled at a 3% pre-tax contribution rate (unless you make an election).
Your 401(k) Contributions
You have three ways to save your Base Compensation: pre-tax, Roth 401(k) after-tax and regular after-tax. Pre-tax contributions reduce your taxable income. Roth 401(k) after-tax and regular after-tax contributions are deducted after taxes have been taken. Base Compensation includes your base pay, commissions, lump-sum merit awards, vacation pay, holiday pay, short-term disability pay and any pre-tax contributions you may make to this Plan. For a full list of eligible base pay, please refer to the Contributions and Accounts section of the Summary Plan Description.
When You Can Contribute
As of your hire date, you’re immediately eligible to make pre-tax, Roth 401(k) after-tax, regular after-tax, or catch-up (if age 50) contributions. About a week or so after your start date, your information will be set up in the Fidelity system.
Auto-Enrollment
If you don’t make any elections, you’ll automatically be enrolled at a 3% pre-tax contribution rate after you’ve worked at Rockwell Automation for 30 days. Your contributions will be invested in a default target fund, based on your birth date and target retirement date.
You’ll receive more information and an auto-enrollment notification letter from Fidelity approximately two weeks after your hire date. If you’d like to opt out of automatic contributions, you must change your contribution rate to 0% by the date noted on the notification letter. Contributions made to the Retirement Savings Plan cannot be refunded to you.
What Gets Taxed?
The type of contributions that you make to your Retirement Savings Plan (401(k) Plan) account determines what gets taxed when you receive the money. Refer to the Retirement Savings Plan SPD for more details about the tax treatment of your account. Login at www.401k.com to download the SPD or call Fidelity at 1.877.ROK.401K (1.877.765.4015).
Types of Taxable Retirement Savings Plan Contributions
- Any type of pre-tax contribution (including pre-tax catch-up and rollover contributions) and investment earnings on those contributions
- Investment earnings on any type of after-tax contribution
- Investment earnings on any type of Roth after-tax contribution if the money has been in your account for less than five years and/or you receive the money before age 59½
- Company matching contributions, other company contributions and investment earnings on all company contributions
Types of Non-Taxable Retirement Savings Plan Contributions
- Any type of after-tax contribution (including rollover contributions)
- Any type of Roth after-tax contribution (including Roth after-tax catch-up and rollover contributions)
- Investment earnings on any type of Roth after-tax contribution as long as the money has been in your account for at least five years and you receive it after age 59½
Change Your Contribution Amount
You can change your contribution amount or stop contributing altogether anytime throughout the year. If you leave Rockwell Automation, you can take your benefit with you or roll it over to an IRA, 401(k) or other qualified plan.
Your contributions to other plans, like a 401(k), 403(b) or 457(b), can be rolled into the Retirement Savings Plan. Contact Fidelity for details.
Automatic Payroll Deductions
Automatic payroll deductions help you save before you spend. You can save anywhere from 1– 50% of your base pay up to IRS limits. You can also make catch-up contributions, up to certain IRS limits, beginning in the calendar year you turn age 50.
Company Contributions
You own (are vested in) 100% of the company match contributions and company Non-Elective Contributions (NEC) after completing 3 years of employment with Rockwell Automation, based on your hire date. You always own 100% of your own contributions.
Company Matching Contributions
When you save, we help you save even more. Rockwell Automation will match 50 cents on every $1.00 on the first 7% of pay you contribute each pay period. Pre-tax, Roth 401(k), and after-tax are eligible for company match. Catch up contributions are not eligible for the company match.
Company Non-Elective Employer Contribution (NEC)
If you were hired or rehired after June 30, 2010, or you no longer participate in the Rockwell Automation Pension Plan, Rockwell Automation will automatically contribute 3 – 7% of your eligible pay once a year if you’re an employee on the last business day of the calendar year.
This contribution depends on your pay, age and how long you’ve worked for the company as of Dec. 31. You don’t have to contribute to the Retirement Savings Plan to receive this NEC. The contribution to your Retirement Savings Plan account is generally made the following year at the end of March (for example, the 2023 NEC contribution will be deposited in March 2024 if you were an employee as of Dec. 28, 2023).
The following shows the NEC contribution percentages based on the total age + service points (as of Dec. 31):
<40: 3%
40 – 59: 4%
60 – 79: 5%
80+: 7%
Pay for purposes of the NEC is the actual pay you earned in the calendar year. It includes base pay, overtime or shift differential, performance bonuses, commissions, variable or sales incentive compensation. For the full list please refer to the Summary Plan Description and search for NEC Compensation.
For example, if you had 59 points as of Dec. 31, 2023, and your actual NEC pay for the 2023 calendar year was $100,000, Rockwell Automation would contribute $4,000 to your account ($100,000 x 4%).
If you do not choose investment funds for this contribution, it will be automatically invested in a default fund based on your target retirement date.
IRS Limits
The IRS puts limits on how much can be saved to employer-sponsored 401(k) plans.
The 2024 limits are as follows:
- Your pre-tax and Roth 401(k) contributions: $23,000
- Catch-up contributions (if age 50 or older in 2024): $7,500
- Total annual contributions (from Rockwell and you): $69,000 (or $76,500 if 50 or older)
- Maximum eligible compensation (maximum amount of compensation eligible for contributions to the plan): $345,000.
Understanding IRS Limits
Spillover allows you to continue to automatically save on an after-tax basis once you reach the pre-tax/Roth 401(k) limit. If you have a pre-tax and/or Roth 401(k) contribution election in place and reach the annual limit ($23,000 in 2024), your deferrals will automatically switch to after-tax deferrals at the same deduction rate you elected, unless you elect to opt out of this. Please contact Fidelity for more information.
It’s important to understand these limits and how they may affect any future contributions to your Retirement Savings Plan account. Different rules also apply for highly- compensated employees. For more information on how IRS limits may affect you, please consult the Retirement Savings Plan Summary Plan Descriptions or call Fidelity.
When You Can Expect Your Distribution
Your distribution request from your Retirement Savings Plan account will be processed in one to two business days. It may take one to two weeks for you to receive it.
Retirement Summary Plan Descriptions
The following Summary Plan Descriptions have details about what happens to your coverage when your employment with Rockwell Automation ends and are available on Your BenefitsTM or by calling the RASC:
- Rockwell Automation Pension Plan
- Rockwell Automation Savings Plan (the 401(k) Plan)
- Delta Dental
- Flexible Spending Accounts
- Life and AD&D Insurance
- STD and LTD