Employee Savings Plan 401(k)
The Lincoln Electric Company wants to help you have a financially
secure retirement.
That’s why the Company offers The Lincoln Electric Company Employee Savings Plan (the ESP 401(k) Plan) to eligible employees.
The ESP 401(k) Plan is a simple and tax-effective way to save money for your retirement. Under the ESP 401(k) Plan, you have an account that grows with contributions and earnings. When you retire, the money in your account is available to fund your retirement needs.
Here’s How It Works
- You can save your own money without paying taxes on your savings (until you’re ready to use the money). Making these contributions lowers your taxable income each year, which means you pay less in taxes.
- As a participant in the ESP 401(k), you will also receive employer contributions that will assist you in growing your account. Beginning January 1, 2017, you will earn benefits under our redesigned ESP 401(k). The ESP was redesigned to offer:
- A Company matching contribution. The Company will match 100% of your contributions up to 3% of Total Cash Compensation earned each pay period.
- A 3% non-elective contribution from Lincoln Electric. This Company contribution is based on your Total Cash Compensation.
- In addition, if you were earning a RAP benefit in 2016, you will receive a 6% transitional non- elective contribution from Lincoln Electric based on your Total Cash Compensation for at least five years, or through your thirtieth year of service (which ever happens last), as long as you are continuously employed.
- You select how your savings are invested. The Company offers numerous professionally-managed investment options from which you can choose, so you can invest your money in a diverse portfolio. Plus, the earnings in your account are also tax-free until you actually receive a distribution.
Participating in the ESP 401(k) Plan is easy. Log on Fidelity at NetBenefits.com to manage your account.
