Black & Veatch's Retirement Program provides a convenient, tax-advantaged way to save for retirement through employee contributions, company matching contributions and a variety of investment options. Schwab administers the plan.
Program Highlights
| Feature | Details |
|---|---|
| Pre-tax and Roth 401(k) savings options | Available |
| Company matching contributions | Made quarterly |
| Investment options | Broad selection of investment choices |
| Payroll deductions | Automatic payroll deductions available |
| Account access | Online and mobile access |
| In-Plan Roth Transfers | Available |
Eligibility
You are generally eligible to participate in the Retirement Program on your date of hire. Certain employee classifications are not eligible. Refer to the Retirement Program Summary Plan Description for complete eligibility requirements.
Employee Contributions
| Contribution Feature | Details |
|---|---|
| Contribution amount | Contribute 1% to 60% of eligible compensation and bonus payments, subject to IRS limits. |
| Contribution types | Pre-tax, Roth or a combination of both. |
| Catch-up contributions | Available to eligible participants age 50 or older, subject to IRS limits. |
| Company match on catch-up contributions | Catch-up contributions are not matched by the company. |
| Contribution changes | Contributions can be started, stopped or changed at any time through Schwab. |
Company Matching Contributions
The company matches 50 cents on the dollar on the first 6% of eligible contributions. To receive the maximum company match, contribute at least 6% of your pay.
| If You Contribute | Company Match | Total Retirement Savings |
|---|---|---|
| 6% | 3% | 9% |
Automatic Enrollment
If you do not make a contribution election within 45 days of your hire date, you will automatically be enrolled at a 6% pre-tax contribution rate. Contributions are invested in the Vanguard Target Retirement Fund closest to your estimated retirement age of 65. Your contribution rate increases by 1% annually, up to a maximum of 15%.
| Automatic Enrollment Feature | Details |
|---|---|
| Initial contribution rate | 6% pre-tax |
| Default investment | Vanguard Target Retirement Fund |
| Annual increase | 1% annually |
| Maximum contribution rate through automatic escalation | 15% |
Manage Your Retirement Account
All retirement-related actions, including enrollment, contribution changes, investment elections and account updates, are managed through Schwab.
| Action | Resource |
|---|---|
| Enroll or update contributions | workplace.schwab.com |
| Review account balances and investments | workplace.schwab.com |
| Manage retirement elections | workplace.schwab.com |
| Mobile account access | workplace.schwab.com/mobile |
| Participant Services | 800-724-7526 |
| Service hours | Monday through Friday, 8 a.m. to 10 p.m. ET |
Getting Started
Create Your Account
Visit Workplace by Schwab and select Register Now to create your login ID and password. Once your account is established, you can access your retirement account online or through the Schwab Workplace Retirement App.
Enroll
Log in to review contribution and investment options and select your contribution rate and investment elections.
Manage Your Account
Return anytime to:
- Update contribution elections.
- Review account balances.
- Change investment selections.
- Access retirement planning resources.
- Manage retirement account information.
Need Help?
Update contribution elections. Review account balances. Change investment selections. Access retirement planning resources. Manage retirement account information.
Vesting
Your contributions are always 100% vested, meaning you own them immediately. Company matching contributions vest according to the following schedule.
| Years of Service | Vested in Company Matching Contributions |
|---|---|
| Less than 2 | 0% |
| 2 | 0% |
| 3 | 100% |
Investment Options
The Retirement Program offers multiple investment approaches to help you build a retirement strategy that aligns with your goals, investment style and risk tolerance.
| Investment Option | Description |
|---|---|
| Vanguard Target Retirement Funds | A diversified portfolio in a single fund based on your target retirement date. Investments are automatically adjusted as you approach retirement. |
| Build Your Own Portfolio | Choose from individual core funds selected and monitored by the company. |
| Personal Choice Retirement Account (PCRA) | Self-directed brokerage option through Schwab that allows you to direct up to 95% of your contributions to additional investment choices. |
Retirement Planning Support
Retirement plan advice powered by Morningstar Retirement Manager is available at no additional cost.
| Available Support | Description |
|---|---|
| Personalized retirement strategy | Create a retirement savings strategy. |
| Goal setting | Establish financial goals. |
| Action planning | Identify steps to achieve your goals. |
| Investment guidance | Determine an appropriate contribution rate and investment allocation. |
In-Plan Roth Transfer
| Feature | Details |
|---|---|
| In-Plan Roth Transfer | Convert all or part of eligible balances to Roth savings while leaving funds in your Retirement Program account. |
Puerto Rico Retirement Plan
Black & Veatch offers a separate retirement plan for eligible Puerto Rico professionals paid from Black & Veatch Puerto Rico PSC payroll.
| Feature | Details |
|---|---|
| Plan administrator | Banco Popular |
| Employee contributions | Pre-tax contributions up to applicable Puerto Rico limits |
| Company match | 50% of employee pre-tax contributions up to 6% of eligible compensation |
| Vesting | Company matching contributions vest after three years of service |
| Additional ownership opportunity | Eligible professionals may participate in the Global Employee Ownership Plan (GEO) |