RETIREMENT
As an employee at Hapag-Lloyd, you are eligible to participate in the Retirement Plan.
401(k) PLAN
Start planning for your future. Hapag-Lloyd offers a 6% match on 50% of your contribution after 6 months of service.
Starting as a new participant or increasing your plan contributions is easy. You will be auto enrolled in the amount of 6% of your pay. Automatic contributions will continue till the employee chooses to change or end their contributions. The Employer Matching Contribution will be equal to 50% of each eligible Participant’s Salary Deferral Contribution up to a maximum for the Plan Year of 6% of the Participant’s Compensation. Click the button below to change your elections.
ELIGIBILITY
You are automatically enrolled in the Hapag-Lloyd 401(k) Plan if you are an eligible Hapag-Lloyd employee, are at least 21 years of age and have completed three (3) months of employment. Participants who make a Salary Deferral Contribution will be eligible to receive an allocation of the Employer Matching Contribution.
AUTOMATIC ENROLLMENT & ESCALATION
- Employees who meet the eligibility rules will automatically be enrolled in the plan.
- A contribution amount of 6% of pay will automatically be taken from your paycheck.
- Contributions will be invested in the appropriate Destination Retirement Fund.
- Automatic contributions will continue until the employee changes their contribution amount or chooses to stop contributions.
- Auto escalation helps participants easily and conveniently increase their contribution percentage at a rate that is typically considered tolerable, without having to do anything.
- Helps participants save more towards their retirement plan.
- Automatic escalation increases the participant contribution percentage at the start of each plan year (on January 1st) by 1%, and continues until their contribution percentage has reached 10%.
- Participants are welcomed and encouraged to contribute above 10% and can make their contribution percentage greater by visiting www.empowermyretirement.com.
PRE-TAX OR ROTH CONTRIBUTIONS
- Employees who meet the eligibility rules will automatically be enrolled in the plan.
- A contribution amount of 6% of pay will automatically be taken from your paycheck.
- Contributions will be invested in the appropriate Destination Retirement Fund.
- Automatic contributions will continue until the employee changes their contribution amount or chooses to stop contributions.
ROLLOVER CONTRIBUTIONS AND OPTING OUT
- Hapag-Lloyd allows money from other eligible retirement plans to be deposited into the 401(k) Plan. If you would like to “rollover” your retirement savings from another plan, please contact Empower Retirement at 1-888-846-4015.
- You have the right to decline automatic enrollment by electing a contribution rate of 0% by calling Empower Retirement at 1-888-846-4015, or by clicking the button below and logging on.
PLAN HIGHLIGHTS
- You will automatically become a participant in the Plan on the 1st of the month following six months of employment.
- Employer Contributions will equal 6% of your compensation, plus 5.7% in excess of the Social Security Taxable Wage Base.
- Contributions will be made every payroll period.
- Hapag-Lloyd’s contributions to your Retirement Account are automatically invested in an age-appropriate retirement fund, where employees have flexibility to move and invest their money within any of the Plan's investment funds.
- These contributions and any other account activity will be displayed on your Empower Retirement quarterly statements.
