Proofpoint’s 401(k) plan with Fidelity makes saving for retirement easy. You may elect to have contributions deducted from your paycheck on a pre-tax or after-tax basis. And with Roth In-Plan Conversion now available, you have even more flexibility in growing your retirement savings. As always, you decide how to invest your account among several fund options.
What’s a 401(k), you ask? Here’s some basic information you need to know before you get started. The 401(k) is a company-sponsored retirement savings plan that allows you to make payroll contributions directly into your savings account. All US employees over the age of 21 are eligible to join the 401(k) plan.
Fidelity: Getting started with your 401(k)
Every year, the Internal Revenue Service (IRS) sets a limit on the maximum annual contribution amount you can make to your 401(k). The limit is higher for individuals age 50 or older. The following limits apply:
*Participants with FICA wages over $150,000 in the prior year must make their catch-up contribution on a Roth basis.
Four 401(k) plans are available to you: the after-tax 401(k) contributions, Roth In-Plan Conversion (RIPC), pre-tax 401(k) contributions, and Roth 401(k). With the Roth In-Plan Conversion feature, you can immediately convert your after-tax contributions to a designated Roth account in the Proofpoint Plan (only after-tax contributions are eligible for conversion). If you wish to request a transaction or speak with a representative about your options, call Fidelity at (800) 835-5097. The representative will review your account and provide you with available options for completing a Roth in-plan conversion. Please also consult with your personal advisor about how these options may affect you.
* A distribution from a Roth 401(k) is tax-free and penalty-free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, or death.
** The IRS requires that a partial distribution for a qualified plan must include a proportional share of the pre-tax and after-tax amounts in the account. This means that the partial distribution will be tax-free and taxable corresponding to the pre-tax and after-tax amounts.
*** Participants with FICA wages over $150,000 in the prior year must make their catch-up contribution on a Roth basis
Watch our 401(k) presentation to learn more.
Visit Fidelity’s 401(k) administration site, 401k.com, and click “Register as a new user” at the top of the page. Follow the prompts to verify your identity and set up your account. If you already have an existing Fidelity account, there is no need to register. You can use your already existing username and password and select Proofpoint as your employer to begin your contribution election.
When you enroll in the 401(k) plan, you will need to make a beneficiary designation. It is important to keep your beneficiary designations up-to-date. You can update beneficiary designations at any time during the year. You do not have to wait until the annual enrollment period to make changes to your beneficiary designations.
To help grow your 401(k) even more, Proofpoint will match up to 2.5% of your eligible compensation and the match is immediately 100% vested. The match will be capped at $2,100 annually.
The 401k calculator is a tool that will empower you to better understand your retirement savings and make informed decisions about your financial future.
It includes fields to input annual salary, contribution rate, and additional information, such as the below:
The 401k calculator provides a valuable resource, fostering financial literacy and helping you plan for retirement effectively. Access the calculator here.
In addition, the Proofpoint 401(k) plan includes a Student Debt Match program. If you’re making monthly student loan payments, you can enroll to have those payments count as retirement plan contributions—making you eligible for the company match, even if you’re not contributing directly to your 401(k).
Note: Your student loan payments will not be deposited into your retirement account. Only the company match associated with those payments will be contributed.
The total company match—whether from student loan payments, traditional 401(k) contributions, or a combination of both—cannot exceed 2.5% of your eligible compensation, up to a maximum of $2,100 per year.
Click here to watch a short video about the Student Loan Match Program
Click here for more information
Want to know more? Here are some documents to help you better understand and manage your plan.
Fidelity also has a collection of tools, articles and other resources available on its website to help guide you through your 401(k) plan.
Fidelity: 401(k) Library
Enroll or Make Changes
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