401(k) Retirement Plan
Preparing for retirement starts with consistent saving. Our 401(k) Plan, administered by Fidelity, makes it easy with convenient payroll deductions, flexible investment options, and company matching contributions to help your savings grow.
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Eligibility and Enrollment
All full-time and part-time employees, age 18 and above, are eligible to participate on the first of the month following 90 calendar days of service. Fidelity, the plan administrator, will email you an enrollment packet after you’ve met your eligibility date. You will set up your contributions and manage your 401(k) through Fidelity at netbenefits.com
Who is Eligible
Full-time and part-time employees, age 18 and above
When Coverage Begins
1st of the month following 90 calendar days of service
Enrollment Info
Fidelity will email packet after meeting eligibility date
Complimentary Guidance & Planning Tools
All employees have access to complimentary one-on-one consultations, educational workshops, and online planning tools through Fidelity.
401(k) Contributions
You may contribute up to 90% of your eligible pay on a pre-tax basis, subject to IRS annual limits ($24,500 for 2026).
If you are age 50+, you may make catch-up contributions. The SECURE 2.0 Act allows employees age 60–63 to contribute higher “super catch-up” amounts.
Super Catch-Up Allowances
Company Contributions
Your employer currently matches the first 2% of eligible pay that you contribute, at the rate of $0.25 for each $1.00 you contribute. Matching contributions are vested at 25% per year of service, with 100% vesting after four years. Your employer may also make discretionary contributions.
$0.25 / $1.00
Up to the first 2% of eligible pay you contribute.
25% / Year
Fully (100%) vested after four years of service.
Roth 401(k) Feature
You may choose to contribute after-tax dollars through a Roth 401(k). While Roth contributions do not provide an upfront tax deduction, your account grows tax-free. Withdrawals during retirement are also tax-free, provided you are at least 59½ and have held the account for five years or more.
Investing Your Account
You direct how your account is invested by choosing from a variety of funds offered through Fidelity. You can change your contributions and investment elections at any time.
How to Roll Over Your 401(k)
You may be able to roll over money from another employer’s qualified 401(k) plan into the Ensign Services, Inc. 401(k) Retirement Savings Plan. To do so, follow the Fidelity Rollover Instructions:
Contact Fidelity to request a Rollover Contribution Form.
Work with your prior plan administrator to have the funds distributed directly to Fidelity or sent to you as a check payable to Fidelity for the benefit of your account.
Submit the completed form and any required documentation to Fidelity.
Once processed, your rollover funds will be deposited into your Ensign 401(k) account.
SECURE 2.0 Act Rules and Catch-Up Contributions
A new rule under the SECURE 2.0 Act affects certain affiliate employees who make catch-up contributions. Effective January 1, 2026, those impacted by the regulation will have catch-up contributions made on a Roth (post tax) basis. Once the pre-tax limit is met, your contributions will automatically be switched from pre-tax to Roth.
You are affected by this rule if:
- You are 50 or over in 2026, and
- Your FICA wages under the Ensign plan exceed $150,000 in the preceding calendar year
Recommended Actions
If you think you are affected by the SECURE 2.0 Act's new rules, you can:
- Review your current contributions and plan options.
- Talk to a financial or tax advisor to understand how this change may affect your retirement strategy.
- Login to netbenefits.com to view or update your contribution elections.
IRS Contribution Limits
This table shows the IRS contribution limits for employees age 50 or older.
| Age | Standard Contribution Limit | Catch-Up Contribution Limit | Total Contribution Limit |
|---|---|---|---|
| 50-59 | $24,500 | $8,000 | $32,500 |
| 60-63 | $24,500 | $11,250 | $35,750 |
| 64+ | $24,500 | $8,000 | $32,500 |
Designate and Regularly Update Your Beneficiaries
Designating beneficiaries is essential to ensure your retirement assets pass directly to chosen individuals, bypassing the costly and time-consuming probate process.
How to Manage Beneficiaries
Update your beneficiaries for your 401(k) plan by logging into NetBenefits. Click on "Profile", then select "Beneficiaries" to make your choices.
Did You Know?
Did you know that beneficiary designations override wills? This makes it imperative to keep them current, especially following life events such as marriage, divorce, or the birth of a child.
Helpful Tips on Saving for Retirement
Start saving as soon as possible to grow your retirement account.
Begin with small contributions, if necessary, and increase contributions over time.
Make setting aside money for retirement a habit.
Understand that investment returns may fluctuate.
Let it sit. Avoid penalties by leaving funds in your 401(k) until retirement.
If you change jobs, you can roll over your retirement account.
