Results for Retirement Savings Plan
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 day of the 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 2022 NEC contribution will be deposited in March 2023 if you were an employee as of Dec. 30, 2022).
The following shows the NEC contribution percentages based on the total age + service points (as of Dec. 31):
40 – 59: 4%
60 – 79: 5%
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, 2022, and your actual NEC pay for the 2022 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.
The IRS puts limits on how much can be saved to employer-sponsored 401(k) plans.
The 2023 limits are as follows:
- Your pre-tax and Roth 401(k) contributions: $22,500
- Catch-up contributions (if age 50 or older in 2023): $7,500
- Total annual contributions (from Rockwell and you): $66,000 (or $73,500 if 50 or older)
- Maximum eligible compensation (maximum amount of compensation eligible for contributions to the plan): $330,000.
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 ($22,500 in 2023), 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.
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