Results for Retirement Savings Plan
You have three 401(k) options: 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 also available.
When You Can Contribute
As of your hire date, you are immediately eligible to make pre-tax, Roth 401(k) after-tax or regular after-tax contributions. About a week or so after your start date, your information will be set up in the Fidelity system.
If you don’t make any elections, you will 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. You can download it by logging into your account or calling Fidelity.
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
Don't Miss Out on Company Contributions!
If you’re not contributing the full 7% of your pay to your 401(k), you’re missing out on contributions from Rockwell Automation! Check out the company contributions.
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 pay (up to $19,500 in 2020). You also can contribute an additional $6,000 in catch-up contributions if you are age 50 or older.
The IRS puts limits on how much individuals can contribute to employer-sponsored 401(k) plans.
The limits are as follows:
Your Contributions: $19,500
Catch-up Contributions (if age 50 or older in 2020): $6,500
Total Annual Contributions: $57,000
Maximum Eligible Compensation (maximum amount of compensation eligible for contributions to the plan): $285,000
Understanding IRS Limits
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 IRS limits and how they may affect you, please consult the Retirement Savings Plan Summary Plan Descriptions or call the RASC.
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 EmployeeConnect > Your Benefits ResourcesTM or by calling the RASC:
- Rockwell Automation Pension Plan
- Rockwell Automation Savings Plan (the 401(k) Plan)
- MetLife Dental
- Flexible Spending Accounts
- Life and AD&D Insurance
- STD and LTD