Masonite is committed to supporting your financial well-being — today and tomorrow. The Masonite 401(k) Plans help our employees meet one of life’s most important goals — financial security at retirement. The Plans offer an easy, tax-advantaged way to save for your future financial needs.
What's the difference?
|Pre-Tax Contributions||Roth After-Tax Contributions|
|Keep in mind that company contributions are made on a before-tax basis, no matter which contribution type(s) you select.|
To help you reach your retirement planning goals, Masonite provides a company match on your contributions of up to 5% of your pay.
Here’s how the company match works:
Note: If you have questions about the Company Match, log on to the Charles Schwab website, or call 1.800.724.7526. Employees in the non-union 401(k) plan can refer to the Masonite Savings (MAS) Plan Highlights. Union employees can refer to the MAU (union) Summary Plan Descriptions.
Employees are immediately eligible to enroll in the 401(k) Plans. Contributions will be deducted once you meet the service eligibility requirements, which is three months for non-union employees. Union employees should refer to the Plan’s Summary Plan Description (SPD), log on to the Charles Schwab website, or call 1.800.724.7526 if you have questions about your service eligibility.
For existing employees, contributions will begin as soon as possible, based on when you elected to contribute and your payroll cycle.
What if I don’t enroll?
For new hires, if you do not actively enroll, you will be automatically enrolled in the plan on the 1 year anniversary of your hire date. You will be automatically enrolled at a contribution rate of 3%. This means 3% of your eligible compensation will be deducted from your paycheck on a pre-tax basis and contributed to your Plan account, unless you designate a different contribution percentage or elect not to participate (“opt out”) by calling 1.800.724.7526 or logging in to Charles Schwab.
Upon enrollment, you will also be elected to participate in the automatic increase program, which increases your contribution percentage by 1% each year, unless you elect to opt out.
Note: Automatic enrollment and automatic increase program applies to only to the non-union 401(k) plan.
Have you named a beneficiary?