US 401(k) Plan
The first month after 90 days of employment, all employees over the age of 21 are eligible to participate in the World Wide Technology 401(k) plan administered by Merrill. To enroll, you can either go online at https://www.benefits.ml.com or you can 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 1st of the month, following 90 days 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 – Your 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. NEW in 2023: Instead of an annual match, employer matching contributions will be made each pay period.
- Employees are always 100% vested in your 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 Russell Brightman, Merrill Financial Advisor, at 314.290.5744, if you have questions regarding the investment choices.
- Visit the Benefits Forms library on Vantage for detailed plan information.
NOTE: The 2022 match will be applied in the first Quarter of 2023. Employees must be employeed on the last day of the year to receive the match.
Be sure a beneficiary selected for 401K by visiting https://www.benefits.ml.com.
*This is separate from your beneficiary selected within Vantage.
If hired this mid year and made contributions to another retirement fund at a previous employer, we encourage participants to view their final contribution statements and compare the funds contributed through the end of the year at World Wide Technology. The 2022 limits are defined as if you are under the age of 50, you are able to contribute up to $20,500; if you are age 50 and above, you may contribute up to $27,000.
If participants become close to contributing the maximum of funds for 2022, please provide a final pay statement from the previous employer in a ticket to Ask HR. This will allow proper adjusting of your limits to avoid over contributing.