401(k) Retirement Plan
To help our employees save for retirement, RailWorks offers all eligible employees the opportunity to participate in a 401(k) retirement plan, administered by Fidelity.
Details
| Feature | Details |
|---|---|
| Plan Name | RailWorks 401(k) Retirement Plan |
| Plan Type | 401(k) |
| Record Keeper | Fidelity |
| Website | www.netbenefits.com |
| Phone | (800) 294-4015 |
| Eligibility | Non-union employee; Have worked for at least 6 months (full time employees) or work at least 1,000 hours per year (part time employees) |
| Entry Dates | After six (6) months of employment |
| Employer Match | RailWorks Regular Plan Match: RailWorks will match 100% of the first 2% and 50% for the next 4% you’ve contributed. RailWorks Discretionary Match: The Company may make, in its discretion, a Discretionary Match of 50% of the first 2% that you contribute. The total combined match for both is up to 5%. Please note, the discretionary match is optional and the company can change it any time. To receive full the full 5% match, you need to contribute a minimum of 6%. |
| Is Auto Enrolled | Yes |
| Default Rate | 3% pre-tax deferral amount |
| Delay Before Start | After six (6) months of employment |
| Opt Out Process | You can change this deferral amount at any time by accessing your account through Fidelity at www.netbenefits.com or by calling (800) 294-4015. |
| Vesting Applies To | RailWorks Regular Match and RailWorks Discretionary Match |
| two (2) years of employment — RailWorks Regular Match | 100% |
| four (4) years of employment — RailWorks Discretionary Match | 100% |
| A 401(k) Plan Allows You To | Save for the future Pay less taxes Receive money from the Company through an employer match |
| Employer Match | Employees can only receive an employer match by participating in the 401(k). For active participants, there are two matching opportunities that total up to 5% in employer matching contributions from RailWorks. |
| Vesting | Remember, all of the money that you contribute is yours. However, the complete amount RailWorks contributes is 100% yours once you are fully vested. |
| Saving for retirement | Whether your retirement is decades away or just around the corner, it’s never too early, or too late, to start saving for your retirement. |
Plan Name
- Details
- RailWorks 401(k) Retirement Plan
Plan Type
- Details
- 401(k)
Record Keeper
- Details
- Fidelity
Website
- Details
- www.netbenefits.com
Phone
- Details
- (800) 294-4015
Eligibility
- Details
- Non-union employee; Have worked for at least 6 months (full time employees) or work at least 1,000 hours per year (part time employees)
Entry Dates
- Details
- After six (6) months of employment
Employer Match
- Details
- RailWorks Regular Plan Match: RailWorks will match 100% of the first 2% and 50% for the next 4% you’ve contributed. RailWorks Discretionary Match: The Company may make, in its discretion, a Discretionary Match of 50% of the first 2% that you contribute. The total combined match for both is up to 5%. Please note, the discretionary match is optional and the company can change it any time. To receive full the full 5% match, you need to contribute a minimum of 6%.
Is Auto Enrolled
- Details
- Yes
Default Rate
- Details
- 3% pre-tax deferral amount
Delay Before Start
- Details
- After six (6) months of employment
Opt Out Process
- Details
- You can change this deferral amount at any time by accessing your account through Fidelity at www.netbenefits.com or by calling (800) 294-4015.
Vesting Applies To
- Details
- RailWorks Regular Match and RailWorks Discretionary Match
two (2) years of employment — RailWorks Regular Match
- Details
- 100%
four (4) years of employment — RailWorks Discretionary Match
- Details
- 100%
A 401(k) Plan Allows You To
- Details
- Save for the future Pay less taxes Receive money from the Company through an employer match
Employer Match
- Details
- Employees can only receive an employer match by participating in the 401(k). For active participants, there are two matching opportunities that total up to 5% in employer matching contributions from RailWorks.
Vesting
- Details
- Remember, all of the money that you contribute is yours. However, the complete amount RailWorks contributes is 100% yours once you are fully vested.
Saving for retirement
- Details
- Whether your retirement is decades away or just around the corner, it’s never too early, or too late, to start saving for your retirement.
Employer Match
| EE DEFERRAL | PLAN MATCH | DISC. MATCH | TOTAL MATCH |
|---|---|---|---|
| 1.00% | 1.00% | 0.50% | 1.50% |
| 2.00% | 2.00% | 1.00% | 3.00% |
| 3.00% | 2.50% | 1.00% | 3.50% |
| 4.00% | 3.00% | 1.00% | 4.00% |
| 5.00% | 3.50% | 1.00% | 4.50% |
| 6.00% | 4.00% | 1.00% | 5.00% |
1.00%
- PLAN MATCH
- 1.00%
- DISC. MATCH
- 0.50%
- TOTAL MATCH
- 1.50%
2.00%
- PLAN MATCH
- 2.00%
- DISC. MATCH
- 1.00%
- TOTAL MATCH
- 3.00%
3.00%
- PLAN MATCH
- 2.50%
- DISC. MATCH
- 1.00%
- TOTAL MATCH
- 3.50%
4.00%
- PLAN MATCH
- 3.00%
- DISC. MATCH
- 1.00%
- TOTAL MATCH
- 4.00%
5.00%
- PLAN MATCH
- 3.50%
- DISC. MATCH
- 1.00%
- TOTAL MATCH
- 4.50%
6.00%
- PLAN MATCH
- 4.00%
- DISC. MATCH
- 1.00%
- TOTAL MATCH
- 5.00%
- TOTAL MATCH 5% | PLAN MATCH 4% | DISC. MATCH 1%