Huntington's 401(k) Plan, the Huntington Investment and Tax Savings Plan (HIP), is an important source of retirement income in combination with your personal savings and Social Security. It is administered by Huntington Retirement Plan Services. The 401(k) Plan makes it easy and convenient for your financial future. It includes:
- Convenient payroll deductions.
- Tax savings through pre-tax contributions.
- Roth after-tax contributions with no taxes on qualified distributions.
- Huntington matching contribution and profit sharing contribution.
- A variety of investment funds arranged in four categories or “tiers” to help you make investment decisions.
- Automatic enrollment. An account will be established on your behalf and 4% of your base pay will be deducted, pre-tax, unless you make a change or stop contributions ("opt out").
Below is a high-level overview of the 2014 401(k) Plan. For details, review the Huntington Investment and Tax Savings Plan Employee Handbook.
|Eligibility||All employees are eligible to participate. There is no age or service requirement.|
|When You Can Enroll||
|Colleague Contributions||You may contribute from 1% to 75% of your base pay on a pre-tax and/or Roth after-tax basis.
|Huntington will make a matching contribution equal to 100% of your contribution up to 4% of your base pay. You will receive the match beginning with the first contribution you make.|
|Huntington Profit Sharing Contribution||You are not required to contribute to the 401(k) Plan to be eligible for a profit sharing contribution.|
(ownership of your account)
|Colleague contributions: You are immediately 100% vested in your contributions and earnings on those contributions.
Huntington matching contributions:
Colleagues hired on or after January 1, 2014, are vested as follows:
Colleagues hired prior to January 1, 2014, are automatically 100% vested in all matching contributions and all future matching contributions.
Profit Sharing contributions:
|Investment Options||The 401(k) Plan offers a broad range of investment funds for you to choose from. The funds are organized into four categories called “tiers.” This four-tier structure:
Note: You can make changes to your investment fund elections at any time. Changes made before 4:00 p.m. on any business day will be effective the next business day.
|When You Receive Your Account||Your vested account becomes payable when you retire, become totally and permanently disabled, die or terminate your employment with Huntington. Be sure you name the beneficiary who will receive your account in the event of your death. If you satisfy certain requirements, withdrawals from your account can be made while you are employed.|
|Method Of Payment||Payments from the 401(k) Plan are made in cash. However, you may choose to have the portion of your account that is invested in the Huntington Stock Fund paid to you in cash or shares of Huntington stock.|
|Review important information about the choices you need to make at least six to 12 months before you plan to retire, including how retirement impacts other Huntington benefits.|