The Clearway 401(k) Plan, administered through Fidelity, is intended to help eligible employees and their beneficiaries build long-term savings to supplement their retirement income. It helps you, as an eligible employee, take charge of your financial future by offering you a convenient way to save and invest through a combination of your own contributions and contributions from Clearway, which you can invest among various investment options offered by the Plan.
You can contribute from 1% to the lesser of 90% of your eligible pay, (in whole percentages) to the 401(k) Plan as a combination of pre-tax Retirement Savings and after-tax Roth Contributions, up to annual Internal Revenue Code (IRC) limits (your Deferral Contributions). You may also contribute after-tax savings contributions (non-Roth), up to 10% of your eligible pay.
After-tax (non-Roth) contributions may be converted into Roth to maximize your tax-free savings. Contact Fidelity directly to set up automatic conversions of after-tax contributions to Roth.
Each Plan Year, Clearway will match 100% of the first three percent of your eligible compensation, and 50% of the next two percent of your eligible compensation, contributed to the 401(k) Plan as Deferral Contributions. Company matching contributions are made on a payroll basis. Clearway will make an additional “true-up” contribution, if necessary, at the end of the year to ensure you receive the full formula match.
For more details, please refer to the 401(k) Summary Plan Description under Plan Documents.