Retirement
What does retirement look like for you? Maybe you plan to travel the world. Or maybe you’d like to take up some hobbies closer to home. Whatever your goal, it’s important to take responsibility for your own finances so you have the income you’ll need in the future.
One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 401(k) savings plan, administered by Empower, allows you to save for retirement on a pre-tax, Roth and/or after-tax basis. You can begin contributing to the plan at any time once you become eligible and can start making contributions to your account through convenient payroll deductions.
Who is Eligible for the 401(k)?
Newly hired employees are automatically enrolled in the EnerSys 401(k) plan on the first of the month following 60 days of employment. You may begin contributing to the plan once you become eligible and can make contributions through convenient payroll deductions.
For complete eligibility requirements, please refer to the Summary Plan Description in the Reference Center of your Benefitsolver account.
How Do I Enroll in the 401(k)?
You are automatically enrolled at a pre-tax contribution rate of 6% of eligible compensation on the first of the month following 60 days of employment. No action is required if you are happy with that rate.
You may choose to opt out of automatic enrollment or elect a contribution percentage other than the automatic 6% if you prefer. Employees who opt out of automatic enrollment, and rehired eligible employees, will need to make an active election by visiting empowermyretirement.com.
Your Contributions
You can contribute up to 75% of your eligible compensation to the plan on a pre-tax, after-tax, and/or Roth basis, up to the IRS limit.
- Pre-tax contributions are payroll deducted before you pay current income taxes. Earnings on your pre-tax contributions, along with the contributions themselves, are taxed only when you take a distribution from the plan.
- Roth contributions are a type of after-tax contribution and are payroll deducted after you pay current income taxes. Unlike regular after-tax contributions, you can receive the earnings from your Roth contributions tax-free if you have a qualified distribution.
- Regular after-tax contributions are payroll deducted after you pay income tax. The earnings on these contributions are taxed when you receive a distribution.
Catch-up contributions: If you are age 50 or older, you may be able to make catch-up contributions to your account, up to the IRS limit. If you are age 60–63, you may be able to make additional catch-up contributions as permitted by IRS rules.
EnerSys Matching Contributions
EnerSys is proud to invest in your retirement by matching your deferral contributions. A matching contribution equal to the specified rate for the corresponding level of each of your elective deferral percentages is listed in the chart below.
| Your Contribution | EnerSys Match | Total Contribution |
| 1% | 2% | 3% |
| 2% | 3% | 5% |
| 3% | 4% | 7% |
| 4% | 5% | 9% |
| 5% | 5.5% | 10.5% |
| 6% | 6% | 12% |
Matching contributions and earnings are taxed when you take a distribution from the plan.
Vesting
You are 100% vested in your own contributions and EnerSys’ matching contributions. This means the value of your contributions, company matching contributions, and any earnings are yours when you leave the company.
Investment Choices
The plan allows you to choose from a wide range of funds to build a diversified account. For more information about the funds in the plan, log on to empowermyretirement.com, click your plan name and select Investment Lineup under Investments.
If you have questions about your account, call Empower Retirement at 844-465-4455. Representatives are available weekdays from 8:00am–10:00pm and Saturdays from 9:00am–5:30pm Eastern Standard Time.
Increase Your Retirement Savings with a 401(k)
- EnerSys matches your contributions on a tiered schedule — contribute 6% and EnerSys contributes 6%, for a total of 12% of eligible compensation.
- Contribute using convenient payroll deductions up to the IRS limit of $24,500 per year.
- Change the amount of your contributions or stop your payroll contributions at any time.
- Decide how to invest your 401(k) or allow the plan to choose for you.
- The 401(k) contribution limit for employees age 50 or older is $32,500 per year.
- The 401(k) contribution limit for employees age 60–63 is $35,750 per year.
- You are 100% vested in your own and EnerSys’ contributions from day one.