RETIREMENT SAVINGS PLAN CHANGES
On January 1, 2020, all employees started participating under the same contribution structure, which includes the following features.
Your Contributions
You continue to have the opportunity to contribute up to 80% of your eligible pay each pay period through pre-tax, Roth, and after-tax contributions, or a combination of the three, subject to IRS contribution limits.Company Matching Contributions
SABIC makes a 50 cent matching contribution for every dollar you contribute, up to 8% of your eligible pay (as much as a 4% matching contribution). You must contribute to the Retirement Savings Plan to receive this Company matching contribution.Employer Retirement Contribution Account (ERCA)
SABIC automatically contributes 5% of your eligible pay per pay period, regardless of whether you contribute to the Retirement Savings Plan.Special Transition Credits
SABIC will contribute special credits starting in 2020 and ending in 2026. These credits are a percentage of eligible pay based on your age each year while you are a plan participant and regardless of whether you contribute to the Retirement Savings Plan.If you are a Legacy Core or Delta employee, your special credit percentage is based on your age on January 1st of each calendar year, which means your credits could grow over time as you reach different age brackets. If you are a Legacy SAI employee, your special credit percentage is 3% each year.
The schedule of Special Transition Credits is shown in the table below.
| AGE1 | LEGACY CORE EMPLOYEES2 | LEGACY DELTA EMPLOYEES2 | LEGACY SAI EMPLOYEES2 |
|---|---|---|---|
| UNDER 30 | 0% | 0% | 3% |
| 30-34 | 0% | 0% | 3% |
| 35-39 | 1% | 0% | 3% |
| 40-44 | 3% | 1% | 3% |
| 45-49 | 5% | 2% | 3% |
| 50-54 | 9% | 5% | 3% |
| 55-59 | 13% | 8% | 3% |
| 60 and over | 13% | 12% | 3% |
1Age as of January 1st of applicable year
2The Special Transition Credit is expressed as a percentage of eligible pay
2The Special Transition Credit is expressed as a percentage of eligible pay