The X-FAB 401(k) Plan allows you to save for retirement with either pre-tax or post-tax dollars. You may choose between a traditional 401(k) or a Roth 401(k). (Roth 401(k) deferrals are made post-tax.)
You are eligible to enroll in the 401(k) if you are at least 18 years old and have completed 3 months of continuous service.
As a new hire, you will be automatically enrolled in the 401(k) plan at the beginning of the quarter following 3 months of continuous employment. This contribution will be 5% of your compensation per pay period, unless you opt out of participation in the plan, and this amount will increase by 1% each year up to 10%.
You will have the opportunity to make changes to your contribution amounts, or opt out of participation at the beginning of any quarter as follows:
January 1 | April 1 | July 1 | October 1
Employer Contributions - Suspended as of July 1, 2020 until further notice
X-FAB will match 100% of the first 3% and 50% of the next 2% of your contributions. X-FAB’s matching contributions are NOT subject to the vesting schedule and are 100% vested.
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