We offer you a fully loaded retirement program that can help you reach the retirement you want. It’s part of our investment in you.
Whether your dream retirement is spending more time at the beach or reading more books or learning how to cook or adventuring with others, you know you’ll need savings to make it happen—and in our benefits survey, you told us you want it to be simple (which we totally get!). So, we took the challenge and simplified our retirement plans to make it easier for you to save for the future.
NEW! The Company Contribution Plan. It’s exactly what it sounds like. The Company, Graham and our family of business units, provides you with a Contribution to your retirement (Plan).
401(k). Here’s where you can contribute your own money to save for retirement. You have options of how to contribute and how to invest your money. And we’re making some pretty great enhancements to this benefit, too.
Questions about eligibility for retirement benefits? Learn more...
The Company Contribution Plan
We're revamping (and renaming) the Cash Balance Pension Plan on January 1, 2024. It will be called the Company Contribution Plan.
(We know it’s not the most creative name, but it’s great. We promise.)
We’re always looking for the best ways to support you. That’s why we’re excited about the Company Contribution Plan. It’s our plan to help you save for the future—no questions asked. By which we mean, we’ll contribute to the Company Contribution Plan for your retirement even if you decide not to contribute to the 401(k) (though we think you should, and doing so could go a long way toward helping you reach your retirement goals !). This account is only for Company contributions. (But you can—and should—contribute to your 401(k).)
And even better? You don’t need to take any action to get this contribution. That’s right. This is not a Company match—it’s a no-questions-asked contribution to your retirement. Which we think is pretty cool.
Here’s what you need to know:
All Company contributions to your retirement will go into your Company Contribution Plan Account. You do not need to take any action—you'll be automatically enrolled in this plan.
The Plan is funded by the Company, and that means you’ll get a certain percentage based on your eligible pay in your account each year. (Visit GHConnect to see your contribution rate.) The Company contribution isn’t dependent on what you save in the 401(k), like a 401(k) match is. Meaning if you need to change your 401(k) contribution amount, the amount deposited on your behalf to the Company Contribution Plan won’t be impacted.
Company contributions will be credited monthly.
If eligible, you immediately qualify for the company contribution benefit. You do not need to take any action to have this account.
You will be vested in the account after 1 year of employment (reduced from 3). If you’re already vested in the Cash Balance or Secure Retirement Account (SRA), you’re immediately vested in the Company Contribution Plan. Once again, no action required.
The Company Contribution Plan isn’t dependent on the financial markets to grow. And your balance won’t be impacted by downturns in the economy.
Pop Quiz
What do you have to do to get the Company contribution to the Company Contribution Plan?
That’s right. Nothing. You get the Company contribution no matter what. This is not a Company match—it’s a no-questions-asked contribution to your retirement. Which we think is pretty cool.
The 401(k)
Your 401(k) plan is an unbeatable financial tool to build on the Company’s contributions by saving some of your own money. You get convenient payroll deductions and valuable tax advantages plus new features that make it even better. If you're eligible for the Company Contribution Plan, there will be no Company match to your 401(k) contributions after December 31, 2023.
You will have the option for pre-tax contributions, traditional after-tax contributions, and Roth 401(k) contributions (new!). Find out more about how your 401(k) contribution options compare.
You will have the option of taking out a loan from your 401(k).
We’re adding a new investment fund and, for the first time, allowing limited employee contributions to the GHC Stock fund.
Pop Quiz
True or False: You don’t need to contribute to the 401(k) since you have the Company Contribution Plan to help you with retirement.
False. The Company Contribution Plan is great, but you should also contribute your own money to retirement in the 401(k) to maximize what you’ll have in retirement. Remember: It’s a partnership—Powered by the Company + Powered by You = two great benefits to help you save toward retirement!
How the Plans Compare
You have at least two ways to save for retirement—the Company Contribution Plan and the 401(k). But the accounts work differently, from who contributes to how the money grows. Here’s some more info on how they work:
Three Steps to a Happy Retirement
Here’s what you can do now to make sure you have what you need for retirement.
Set goals.
Figure out how much money you need to have when you retire so you know how much to save in addition to what the Company contributes to the Company Contribution Plan.Contribute to your 401(k).
The IRS determines a maximum for how much you can contribute to your 401(k) each year. Contribute toward your goals, beginning as early as you can, to see your savings grow. Find out more about how your 401(k) contribution options compare.Decide how to invest your 401(k) funds.
Depending on how far you are from retirement and how much risk you’re willing to take, you can decide how aggressive to be with your 401(k) investments. Your Company Contribution Plan funds will gain interest, but you can’t invest those funds (which means they’re more secure but may not grow as fast as your 401(k) investments).
Depending on your eligibility for certain benefit programs, some or all of this notice may not apply to you. This document may include summary information about the Company's benefit plans but does not cover all details. The terms and conditions of the plan are provided in the official plan documents which legally govern the operations of the plan. In the event of a conflict or a discrepancy of any kind between those documents and the descriptions herein and in other communication materials (including oral communication), those documents control. The Company may amend or terminate all or part of its benefit programs at any time.
“Company Contributions” to your account are credits to your account in the Plan, funded with assets in the Company’s pension plan. Eligible pay may include base pay, vacation, holiday and sick leave payments and sales commissions.
Contributions to the Secure Retirement Account (SRA) will be frozen effective 1/1/2024. Certain traditional pension schedules will continue without any change.
Disclosure: This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice.