401(k)
Full-time regular employees are eligible to participate in the 401(k) Plan upon hire. Part-time or temporary employees become eligible after completing 1,000 hours of service in the 12-month period following their hire date (or anniversary date).
Enrollment
You can enroll in the Plan at any time by going to Fidelity NetBenefits. You will be automatically enrolled for a 3% pre-tax contribution 65 days after becoming eligible for the plan, unless you make an election otherwise. You will receive a welcome notification directly from Fidelity within the first month of employment.
Company Matching Contribution
For all eligible employees, except those accruing a PRUSA DB Pension benefit :
83-1/3% of the first 6% of eligible compensation (5% maximum match)
For employees accruing a PRUSA DB Pension benefit (generally those hired before January 1, 2012):
50% of the first 6% of eligible compensation (3% maximum match)
Pernod Ricard Retirement Contribution
Each Plan Year, the Company decides whether to make a discretionary Company funded contribution to the plan and the amount to contribute.
You are not required to contribute to the 401(k) Plan to receive the Pernod Ricard Retirement contribution. You must be employed* at the end of the calendar year (December 31) to receive the Company contribution for that year. Employees accruing a PRUSA DB Pension benefit are not eligible for the Pernod Ricard Retirement contribution.
*Or terminated employment due to retirement, death or disability
The Company may change the amount of the contribution at any time.
Your Savings
You may make contributions on a pre-tax, Roth and/or after-tax basis of up to 100% (combined) of your eligible earnings, subject to IRS annual maximums (i.e., the annual contribution and compensation maximums).
If you are age 50 or older, you are eligible to make an additional “catch-up” contribution on a pre-tax and/or Roth basis subject to the IRS annual maximum.
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Vesting
You are always 100% vested in the value of your contribution. Company contributions vest as follows:
Less than one year of service - 0%
One but less than 2 years of service - 30%
2 but less than 3 years of service - 50%
3 or more years of service - 100%
Rollovers
You can roll-over funds from another qualified plan or IRA into the Savings Plan for Employees of Pernod Ricard USA, LLC at any time.
Loans
You can borrow a minimum of $1,000 and up to 50% of your vested account balance from the Plan (up to $50,000) without paying taxes. You pay yourself back, with interest. The payments go back into your 401(k) Plan account.