Overview

The Getty is committed to supporting your financial well-being — today and tomorrow. The Employee Investment Program helps you prepare for retirement by offering an easy, tax-advantaged way to save for your future financial needs.

The Employee Investment Program consists of two plans:

  • The Employee Investment Plan (EIP), a 403(b) plan that allows you to make before-tax or Roth after-tax contributions from your paycheck, AND
  • The Defined Contribution Retirement Plan (DCRP), a 401(a) plan to which the Getty makes contributions on your behalf.

Key advantages:

  • The Getty makes two contributions to your DCRP retirement account:
    • A match, based on your own contribution, of up to 4% of your Earnings; and
    • A non-elective contribution, which the Getty makes whether you are contributing or not.
  • Current tax savings when you make before-tax contributions
  • Tax-deferred investment growth
  • Tax-free withdrawals when you make Roth after-tax contributions*
  • Wide range of investment choices
  • Convenient payroll deductions

* Your Roth after-tax contributions are always tax-free upon withdrawal. Any associated earnings can also be withdrawn tax-free if at least five years have elapsed since your first Roth contribution, and you are at least 59½.

Manage

Manage your EIP account

Visit Vanguard to enroll or manage your account:

  • Enroll in the plan
  • Check your balance
  • Change your contribution rate
  • Manage your investments
  • Update your beneficiary
  • Use planning tools and calculators
  • Access forms and documents

If any portion of your EIP balance is invested with Prudential, you must complete the Prudential Contribution Change Form in order to change your EIP contribution. Return the completed form to Getty Human Resources.

How do I enroll?

New employees are automatically enrolled in the EIP with a before-tax contribution of 4% of your Earnings, which will begin after a 30-day notice period. This ensures that you receive the full match amount of 4% from the Getty. Your 4% contribution will be reflected in the first paycheck following 30 days of employment. During the notice period, you may choose to waive participation or elect an amount other than 4% of your Earnings. New employees can also elect to enroll immediately rather than wait for the 30-day notice period.

Any employees not enrolled or who opt out of the enrollment, may enroll at any time.

Remember that you can choose to contribute more or less than 4%, up to the IRS limit, or may choose to contribute nothing.

Your EIP Contributions

You may contribute up to annual IRS limits. In 2019, you may contribute up to:

  • $19,000 if you are under age 50 (pre-tax, Roth post-tax, or a combination of both). What’s the difference?
  • $25,000 if you’re age 50 or older this year (which includes an additional $6,000 in catch-up contributions, made as a separate dollar amount election).
iconCatch up!

It’s not too late to make up for lost time. If you’ll be 50 or older this year, take advantage of the opportunity to contribute up to an additional $6,000 to your EIP Plan.

Before-tax vs. Roth after-tax

The Employee Investment Program gives you the flexibility to save for retirement in a variety of ways. You can make pre-tax contributions, Roth post-tax contributions, or a combination of the two.

Before-Tax Contributions Roth After-Tax Contributions
  • The money goes into your Plan account before taxes are deducted, so you keep more of your take-home pay.
  • Since you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).
  • The money goes into your Plan account after taxes are withheld.
  • In exchange for paying taxes now, both your contributions and any associated earnings can be withdrawn tax-free in retirement, provided you meet two requirements:
    • At least five years have elapsed since your first Roth contribution.
    • You are at least 59½ or the withdrawal follows death or total disability.

The Getty Contributions

To help you reach your retirement planning goals, the Getty makes the following contributions to your account:

Matching Contributions

The Getty will match each dollar you put into your EIP Account up to 4% of your Earnings. The matching contribution is computed each pay period.

Non-elective Contribution

The Getty makes a contribution to your DCRP account equal to 6% of your Earnings up to the Social Security taxable wage base plus 10% on Earnings that are in excess of the Social Security taxable wage base, up to the IRS Compensation limit.

Here’s how the company match works:

icon Meet the match!

Try to contribute at least 4% to take full advantage of the match — otherwise, you’re saying “No, thanks” to free money.

Vesting

Vesting is another way of saying “how much of the money is yours to keep if you leave the Getty.” You are always 100% vested in your own contributions in the EIP, including any investment gains or losses on the money.

You become 100% vested in matching contributions and non-elective contributions in the DCRP after three years of service. A year of service is defined as a calendar year in which you have completed at least 1,000 hours of service.

iconHave you named a beneficiary?

It’s important to designate a beneficiary to receive the value of your account in the event you die. As personal circumstances change, be sure to keep that information up to date. To add or change a beneficiary, visit Vanguard’s website. You must enter beneficiary information for both the EIP and the DCRP.

Withdrawals and Loans

The money in your account is intended as a long-term investment to help you prepare for your financial needs in retirement. However, under certain circumstances, you may be able to access money from your account before reaching retirement age. For more information, visit Vanguard or call 800-523-1188.

Think Before You Act

If you’re considering taking a withdrawal or loan from your plan account, be sure to think about the impact it may have on your financial future.

  • Taking money from your account now may lead to a smaller savings balance when you retire.
  • Not only are you taking money away from your retirement savings, but the burden of repaying the loan may make it even harder to get back on track.
  • If you take a plan loan, you’ll also lose more money to taxes because the interest payments on your loan are made with money that has already been taxed, and it will be taxed again when withdrawn from your account.
  • If you withdraw pre-tax money from your plan account, in addition to paying current taxes on the money, you may have to pay an additional 10% penalty tax if you are younger than age 59½ or, age 55 if you have retired or left the company.

Tools & Resources

Make the most of your retirement planning by taking advantage of these tools and resources through Vanguard.

Go to Vanguard's website to:

  • Access your account online
  • Make or change your beneficiary designation
  • Change your contribution
  • Change your investments
  • Find out how much you have saved/estimate how much you will have at retirement
  • Consult with a financial advisor to achieve your goals
  • Vanguard Financial Resources

If any portion of your EIP balance is with Prudential, contact Getty Human Resources to change your EIP contribution. For other account information, contact Prudential at 800-458-6333.

Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 800-523-1188 for your EIP Plan and for your DCRP Plan for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully. The prospectus for Vanguard funds may be obtained on the Vanguard website; non-Vanguard funds must be obtained by calling Vanguard.

Investing involves risk, including the risk of loss.