401(k) Savings Plan
Omnicell’s 401(k) Savings Plan—administered by Fidelity Investments—is one of the most convenient and effective ways to save for your retirement.
You are eligible to contribute to the Omnicell 401(k) Savings Plan on your date of hire. There are no minimum amount of hours needed to participate. You will have access to the 401(k) enrollment tool approximately one week after your date of hire. You must be age 18 or older to participate.
Important note: All new employees are automatically enrolled in the 401(k) Savings Plan. Contributions (before-tax) start at 5% and automatically increase 1% per year (not to exceed 10%), unless the employee manually changes his or her deferral percentage.
The 401(k) Savings Plan is a great way to save for retirement because:
- You can contribute between 1% and 75% of your annual salary on a pre-tax basis. This reduces your taxable income and can help you achieve tax savings.
- You could contribute up to $19,000 of your pre-tax income.
- Employees age 50 and over could contribute up to an additional $6,000 pre-tax in catch-up contributions.
- Contributions are automatically deducted from your paycheck each pay period.
- Omnicell matches 50% of each dollar you contribute up to a company annual match of $3,000.
- You can contribute up to 75% of your paycheck and have the entire amount count toward your company match, up to the $3,000 annual company contribution.
- You always own 100% of your own contributions to the plan, as well as any earnings.
- You will be 50% vested after one year of service and 100% vested after two years of service. Years of service are based on your date of hire.
- You don’t pay taxes on your contributions, on Omnicell’s matching contributions, or on your investment earnings until you take your money out of the plan.
- You choose the investment options that best fit your financial goals.
- You can borrow against your account if you need the money.
- You can roll over eligible plan balances from another employer-sponsored plan or from a rollover (conduit) IRA.
- You can take your balance with you if you ever leave Omnicell.
Loans—You can request a loan from your account for any reason. The minimum amount is $1,000. The maximum loan amount is the lesser of 50% of your vested account balance or $50,000.
Withdrawals—Withdrawals from your account generally begin at normal retirement age (65), although early retirement withdrawals can begin as early as 62. You may also qualify for a hardship withdrawal.
Account access—Visit the website at www.401k.com or call 1-800-835-5097 to receive detailed plan and investment information, to track fund performance, or to perform a variety of account transactions.
Statements—A comprehensive quarterly statement for your account will be mailed to your home address within 20 business days after the end of each quarter.
Roth 401(k)—You can also elect to make Roth 401(k) contributions which are after-tax. That means your contributions are included in your current taxable pay, but are not taxed when they are withdrawn.
Visit Fidelity Investments or call 1-800-835-5097.
You can change your current contribution amount at any time. All changes will take effect on the pay period following the request, depending on the date the change was made.
Fidelity provides a variety of tools and resources to help you make investment decisions.
If you’d like help with your overall retirement savings plan or you’d like some guidance on which funds to choose, contact the NWK Group at 1-800-828-9008, ext.102 (Tom Matteucci), for a consultation. You can also send an email to firstname.lastname@example.org.
NWK Group is an independent registered investment advisor that is committed to providing unbiased pension and investment guidance that meets the needs of plan sponsors and their participants. They have over 18 years of experience in assisting investors, and are available for individual consultations.
Their retirement planning services include:
- Explanation of investment options
- Investment selection and allocation assistance
- Individual retirement counseling
- Goal and risk tolerance assessment
- Help with enrollment in the 401(k) Savings Plan
The NWK Group can assist you in creating a personal investment policy or “road map” that will help you to define your financial goals. Simply put, it’s a plan for allocating your assets among various investment choices, such as stocks, bonds, money market, and other cash equivalents.