|
401(k) Savings and Profit Sharing Plan
Eligible employees can participate in:
-
The 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries (the 401(k) Savings and Profit Sharing Plan) and/or
-
The Standard & Poor's Savings and Profit Sharing Plan for Represented Employees.
You also build retirement assets through the Pension Plan (the Employee Retirement Plan).
Processing Schedule for 401(k) Elections
Enrollment and contribution rate elections are processed twice monthly and will take effect within one to two payroll periods.
New Employees
If you are eligible for the 401(k) Savings and Profit Sharing Plan, you will automatically receive a brochure with an overview of the plan and information on setting up your user ID and password on the retirement Web site, Your Benefits Resources. Once you access the site, you can designate the percentage of pay you want to contribute and how you want your savings to be invested.
If you are eligible and you do not elect a contribution rate and investment allocation through Your Benefits Resources within your first 60 days as an active employee, you will automatically be enrolled in the 401(k) Savings and Profit Sharing Plan. Contributions equal to 3% of your eligible pay will be deducted from your pay and will be invested in the Retirement Assets Fund III, a hybrid fund that emphasizes dividend and interest income, but also offers the opportunity for long-term capital appreciation.
If you are automatically enrolled in the plan with a contribution rate of 3%, you should consider increasing your contribution to 6%. That way, you can take advantage of the full Corporation match and increase your savings.
You can change your contribution rate and your investment choices at any time. You have 13 different investment options from which to choose.
If you do not wish to contribute to the 401(k) Savings and Profit Sharing Plan, you must visit Your Benefits Resources within your first 60 days as an active employee and change the 3% contribution rate to 0%.
|
