Financial / ERC

Match contribution to 401(k):   Smiths Group matches 50% of the first 6% of base pay you contribute each pay period (paid on the pre-tax basic contribution only). Be sure to contribute at least 6% to take full advantage of the match! For annual IRS limits, please click here (IRS 401k newsroom)

Employer Retirement Contribution (ERC) to 401(k):  To further assist your savings efforts, if you are eligible the Company will make a contribution to your 401(k) each pay period on your behalf called an Employer Retirement Contribution (ERC), this is not a separate retirement plan.

The Company matching and core contributions (ERC), if applicable, are vested as follows:

Vesting: If you are actively employed by Smiths Group on or after February 15, 2022, company matching and core contributions (ERC), if applicable, as well as the earnings on those contributions will follow a 2-year graded vesting schedule.

1. After your first year of service, 50% of the company contributions and associated earnings in your 401(k) are yours.
2. After your second year of service, 100% of the company contributions and associated earnings in your 401(k) are yours.                                                                     If you have 2 or more years of service by February 15, 2022, you are 100% vested in your 401(k).
   

   If you leave the Company prior to being fully vested, all unvested monies will be forfeited per Plan rules.

The Core Contribution (ERC) will be based on your attained age as of January 1 of each year as shown below:

If you participate in the 401(k) Plan, ERC will be invested in the same funds you have elected for your contributions and Company matching contributions. If you do not make an investment election, your ERC will default to the appropriate Target Date Fund investment option based on the year of your birth.

Putting it together for eligible employees — The 401(k), Matching and ERC contributions to 401(k) are a powerful combination to help you save for retirement.