US 401(k) Plan
Employees are eligible to enroll in the World Wide Technology 401(k) Plan, administered by Merrill, on the first day of the month following 3 months of service as long as you meet the minimum age requirement of 21. To enroll, you can either go online at https://www.benefits.ml.com or call the Participant Service Center at 800.228.4015 between 8:00am and 7:00pm ET.
Here are some highlights about the plan:
- You can start contributing to the plan on the first day of the month following 3 months of employment. You may rollover funds from another qualified plan at anytime.
- You can set aside from 1% to 75% of your salary automatically through regular payroll deduction.
- You have multiple options for your contributions:
- Traditional – Deductions from your paycheck are pre-taxed. You pay taxes on your remaining salary, so you'll save on taxes while you are saving for retirement.
- Roth – You pay regular income tax on your contributions before the money goes into your account. Current taxable income is not reduced.
- Traditional/Roth Combination – You can contribute part to Traditional and part to Roth.
- WWT provides a discretionary match, dollar for dollar up to 6% of your compensation contributed to the plan. Employer matching contributions are made each pay period.
- Employees are always 100% vested in their Elective Deferral and After-Tax Contributions. There is a five year vesting schedule for the employer matching contributions.
- Participants will receive quarterly statements that reflect any recent activity on their account.
- Participants will have access to their account information online at https://www.benefits.ml.com.
- Contact a Merrill Financial Advisor if you have questions regarding investment choices. Please see the attached Merrill 401k Contacts.
Be sure to select a 401k beneficiary by visiting https://www.benefits.ml.com.
*This is separate from your beneficiary selected within Vantage.
For employees hired mid year who also made contributions to another retirement fund at a previous employer, we encourage you to view final contribution statements and compare funds contributed through the end of the year at World Wide Technology. The 2023 limits are defined as:
- Under the age of 50, contribute up to $22,500
- 50 and above, contribute up to $30,000
If participants become close to contributing the maximum of funds for the year, please provide a final pay statement from your previous employer in a ticket to Ask HR. This will allow proper adjustment of your limits to avoid over contributing.