401(k) Plan – Saving for your future
Employee Contributions
Having excellent income during your retirement years is important to The Cleveland Guardians. To that endeavor, we have established a comprehensive retirement package through Charles Schwab.
- Employees aged 18 and over are eligible to participate and have the option of a pre-tax or Roth enrollment.
- Full time employees are automatically enrolled at 3% pre-tax deductions from each paycheck. Eligibility begins on the first of the month following date of hire. There is a 45-day window from eligibility date for election to start.
- Full time employees may opt out of the automatic enrollment. Please see Benefits Coordinator.
- Part-Time or Seasonal employees who wish to participate in 401K can initiate deferral after their first pay by contacting Charles Schwab at 800.724.7526 or www.workplace.schwab.com click on Register Now to create an account.
Employer Contributions
- Employees aged 21 and over become eligible for Employer contributions with at least 1 year of Guardians service and at least 1,000 hours in a 12-month eligibility period. Employees participating in the MLB Pension “NUPP” , Seasonal employees and Minor League Players are not eligible for employer contributions.
- Automatic Contribution: The Guardians will automatically contribute 6% per pay once employee meets the eligibility requirements: 6% employer contribution is immediately vested.
- Matching Contribution: The Guardians will match 50% of up to 6% of your elective deferrals per pay into the Plan that becomes fully vested after you are credited with 3 years of vesting service.
- Please visit the Guardians 401(K) Plan page for more details and support: https://digital.nfp.com/vlp/Cleveland%20Guardians
How to change my 401(k) contributions
- Visit www.workplace.schwab.com
- Register or Log In
- Change Contributions
