The Getty is committed to supporting your financial well-being — today and tomorrow. The Employee Investment Program helps you prepare for retirement by offering an easy, tax-advantaged way to save for your future financial needs.
The Employee Investment Program consists of two plans:
* Your Roth after-tax contributions are always tax-free upon withdrawal. Any associated earnings can also be withdrawn tax-free if at least five years have elapsed since your first Roth contribution, and you are at least 59½.
Visit Vanguard to enroll or manage your account:
New employees are automatically enrolled in the EIP with a before-tax contribution of 4% of your Earnings, which will begin after a 30-day notice period. Your 4% contribution will be reflected in the first paycheck following 30 days of employment. During the notice period, you may choose to waive participation or elect an amount other than 4% of your Earnings. New employees can also elect to enroll immediately rather than wait for the 30-day notice period. Remember, you may wish to increase your contribution to 5% in order to receive the full match amount from the Getty.
Any employees not enrolled or who opt out of the enrollment, may enroll at any time.
Remember that you can choose to contribute more or less than 4%, up to the IRS limit, or may choose to contribute nothing.
You may contribute up to annual IRS limits. In 2023, you may contribute up to:
If your contributions are percentage-based and you are contributing less than 10% of your pay, including both pre-tax and after-tax Roth contributions, your pre-tax contribution rate will be increased by one percentage point each year until you reach 10% in pre-tax contributions. The automatic increase will be applied to your pretax contribution rate only, not your Roth contribution rate. The annual increase will occur as soon as administratively possible after July 1 of each calendar year. You can elect not to have your contribution rate increased. You may also elect an annual increase of contributions on your own.
It’s not too late to make up for lost time. If you’ll be 50 or older this year, take advantage of the opportunity to contribute up to an additional $7,500 to your EIP Plan.
The Employee Investment Program gives you the flexibility to save for retirement in a variety of ways. You can make pre-tax contributions, Roth post-tax contributions, or a combination of the two.
Before-Tax Contributions | Roth After-Tax Contributions |
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Keep in mind that the Getty Match and the Non-elective contribution are treated as pre-tax. |
To help you reach your retirement planning goals, the Getty makes the following contributions to your account:
The Getty will match each dollar you put into your EIP Account up to 5% of your Earnings. The matching contribution is computed each pay period.
The Getty makes a contribution to your DCRP account equal to 6% of your Earnings up to the Social Security taxable wage base plus 10% on Earnings that are in excess of the Social Security taxable wage base, up to the IRS Compensation limit.
Try to contribute at least 5% to take full advantage of the match — otherwise, you’re saying “No, thanks” to free money.
Vesting is another way of saying “how much of the money is yours to keep if you leave the Getty.” You are always 100% vested in your own contributions in the EIP, including any investment gains or losses on the money.
You become 100% vested in matching contributions and non-elective contributions in the DCRP after three years of service. A year of service is defined as a calendar year in which you have completed at least 1,000 hours of service.
It’s important to designate a beneficiary to receive the value of your account in the event you die. As personal circumstances change, be sure to keep that information up to date. To add or change a beneficiary, visit Vanguard’s website. You must enter beneficiary information for both the EIP and the DCRP.
The money in your account is intended as a long-term investment to help you prepare for your financial needs in retirement. However, under certain circumstances, you may be able to access money from your account before reaching retirement age. For more information, visit Vanguard or call
If you’re considering taking a withdrawal or loan from your plan account, be sure to think about the impact it may have on your financial future.
Make the most of your retirement planning by taking advantage of these tools and resources through Vanguard.
Go to Vanguard’s website to:
If any portion of your EIP balance is with Prudential, contact Prudential at 800-458-6333 for account information.
Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 800-523-1188 for your EIP Plan and for your DCRP Plan for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully. The prospectus for Vanguard funds may be obtained on the Vanguard website; non-Vanguard funds must be obtained by calling Vanguard.
Investing involves risk, including the risk of loss.