Retirement Planning
The EVRAZ 401(k) Plan and Retirement Account are intended to help you prepare for retirement.
401 (k) PLAN
Eligibility and Enrollment
You are eligible to begin saving in the Plan immediately upon hire. New hires will be automatically enrolled with a pre-tax payroll deduction of 5% of eligible earnings after 30 days of employment. However, you can elect to start sooner, change your contribution rate, or opt-out of automatic enrollment. Rather than waiting until you are automatically enrolled at a 5% contribution rate, you are encouraged to enroll on your own at a contribution rate that’s right for you, given your savings goals and time horizon. If you do not make an election, you will automatically be invested in an age appropriate Vanguard Retirement Fund. You can choose your funds and designate your beneficiaries all on the Voya website. Follow these instructions to enroll in the Plan:
1. Create your login credentials in one of three ways:
- Mobile app—Download the Voya Retire app from your favorite app store
- Website—Log in to Evraz.voya.com
- Phone—Call Voya at 1.877.893.0690
- To enroll via the mobile app or website, use the Register Now link to establish your login ID and password. Once you have successfully created your login credentials, follow the prompts. Enter either the PIN that was sent to you by Voya and your social security number OR your social security number and date of birth (and answer some questions.) Create a user name and password. You will always need your PIN to access the phone line to make automated transactions or speak to a customer service representative.
2. Select or change your contribution rate.
3. Choose your funds.
4. Designate your account beneficiary(ies). Your beneficiary designation lets Voya and EVRAZ know who should receive the balance of your Plan account in the event of your death. To enter your beneficiary designation log in your Plan account at Evraz.voya.com and go to My Profile > Beneficiaries.
ROLLOVERS
You may roll over any balances from a prior employer’s qualified retirement plan to your Plan account. To begin the rollover process, log in to your Plan account at Evraz.voya.com. Go to Manage Account > Contributions. Click on Go to Rollovers which appears under Related Links. Click on the link to download the rollover form, and then follow the instructions on the form to initiate the rollover process.
YOUR CONTRIBUTIONS
Pre-tax 401(k) Contributions
Pre-tax 401(k) contributions are made to your Plan account before taxes are deducted from your eligible pay. This reduces your current taxable income. You pay taxes on your contributions and any applicable earnings at the time of distribution.
Roth 401(k) Contributions
The Plan includes a Roth 401(k) option. If you decide to make Roth 401(k) contributions, they will be deducted from your pay after taxes. You will not pay taxes on any earnings when they are withdrawn—provided that any distribution from your Plan account occurs at least five years following the year you make your first Roth 401(k) contribution, and you have reached age 59½, are deceased, or have become disabled.
Catch-up Contributions
If you will be age 50 or older by year-end, you may be able to make additional pre-tax and/or Roth 401(k) catch-up contributions to your Plan account.
Contribution Limits
Federal law limits the amount you can contribute in combined pre-tax and/or Roth 401(k) contributions and in catch-up contributions in a given year. Currently, the Plan allows you to contribute up to 75% of your eligible pay in combined pre-tax and/or Roth 401(k) contributions each pay period up to the federal limits.
COMPANY MATCH
One of the benefits of saving in the Plan is that EVRAZ will match 100% of the first 5% of eligible pay that you contribute to your Plan account. Company matching contributions automatically vested and are paid on a pre-tax basis.
INVESTMENT OPTIONS
The Plan offers a variety of investment options. To learn more about the options available, log in to your Plan account at Evraz.voya.com. Go to the Investments & Research section and click on the Fund Information link. Click on a fund name to view the fund’s fact sheet. If you do not make an affirmative investment election, your contributions will be invested in the Vanguard Target Date Fund based on your birth year, as determined by the Plan. The values of the Vanguard Target Date Funds will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement.
RETIREMENT ACCOUNT
You are automatically enrolled in the Retirement Account upon hire. EVRAZ contributes 3% of your eligible earnings into a Retirement Account within your 401(k) plan on your behalf. You are eligible for this annual contribution as long as you were actively employed on 12/31 of the prior year and are not participating in a Pension Plan.
VESTING
Vesting refers to the ownership of your Plan account. The Retirement Account has a three year vesting period. After three years of service, you are fully vested in the Retirement Account.
| Years of Service* | Percent Vested |
|---|---|
| 1 Year | 0% |
| 2 Years | 0% |
| 3 Years | 100% |
*A year of service is defined as a 12-month period beginning on your date of hire.
RETIREMENT PLAN ADVICE
To help you check-in and plot your savings course, the Plan offers a point-in-time retirement plan advice service. You can receive:
- Help determining your retirement savings goals
- A savings and investment recommendation to help you work toward your goals and
- Annual portfolio rebalancing to help you stay on the course you’ve set
Advice is available online or over the phone:
- If you prefer a self-service approach, log in to your Plan account at Evraz.voya.com.
- If you’d rather have an Advice Consultant walk you through the process and explain the recommendations for you, schedule a consultation online at Evraz.voya.com. Advice consultations can also be scheduled by calling Participant Services at 1-877-893-0690 from 7 a.m. to 7 p.m. CT, Monday through Friday. You will need your PIN and social.
Consider reviewing your retirement planning recommendation at least annually, and whenever you have a change in life events, to ensure that your strategy will continue to help you work toward your retirement savings goals.
ACCOUNT TRANSACTIONS
Account transactions (such as selecting funds and transferring money from one fund to another) that are confirmed before 3 p.m. CT will be processed the same business day. Transactions confirmed after 3 p.m. on weekends or holidays, will be processed the next business day.