Getting to Know Your 401k Options:

Fort Recovery Industries 401(k) is through Empower. The plan is a retirement savings plan designed to allow eligible employees to supplement any existing retirement and pension benefits by saving and investing through a voluntary salary contribution. Contributions and any earnings on contributions are tax-deferred until money is withdrawn.

Who is eligible and how to enroll:

Full and part-time employees are eligible to enroll in our 401(k) plan, assuming that they have met the following criteria:

  • Age 18 or older
  • Completed 2 months (60 days) of service.
  • Completed at least 1 hour(s) of service.

Eligible employees may enroll 1st of the month following their first 60 days.
Once you are eligible to participate in the Plan, you will be automatically enrolled at a ‘Before Tax Rate’ of 3% unless you have logged in and made changes to your contribution (Please see ‘Enrolling in your 401(k) Directions’ for help navigating logging in for the first time).

Once eligible for the plan you have the option to:

  • Choose your own contribution rate and investments.
    • If you don’t choose a rate or specific investments prior to your first payroll deduction, you’ll be automatically enrolled at 3% in a Vanguard Target Retirement Trust based on your age.

Participation is voluntary but highly encouraged. Visit www.empower.com to:

  • Change how much you contribute to the plan.
  • Customize your investments.
  • View and manage your account.

What can you contribute:

In 2024, the max contribution amount is between 1% and 100% of your compensation or $23,000.00, whichever is less. Participants turning age 50 or older in 2024 may contribute an additional $7,500.00.

You may choose to contribute ‘Before Tax’ or ‘Roth Tax’:

A ‘Before Tax,’ also known as ‘Pretax’ contribution is when the contribution is made before federal and municipal taxes are deducted. Roth contributions are made with after-tax dollars, as opposed to the pre-tax dollars you contribute to a traditional 401(k).

Matching Contributions: 

FRI will contribute a discretionary match of 50% on up to 6% of your contribution.

Investment Options:

A wide array of investment options are available through your Plan. Once you have enrolled, investment option information is also available through the website at www.empowermyretirement.com or call the Voice Response System toll free at 1-800-338-4015.

Need help?

To speak with a representative regarding your account, participants should call 1-800-338-4015. The Empower help center is available Monday – Friday between 8 a.m. – 10 p.m. Eastern time, and Saturdays between 9 a.m. – 5:30 p.m. Eastern time.