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 online at www.workplace.schwab.com by changing the auto deferral amount.
- Effective 1/1/2026, there will be a 1% annual auto increase for Full time employees who are auto enrolled. The annual auto increase will cap at 6%. Employees can make changes at any time after eligibility date by contacting Charles Schwab at 800.724.7526 or www.workplace.schwab.com.
- 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.
Resource Documents
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”, 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.
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Effective 8/1/2025, Prime Capital is the Investment Advisor for your Retirement Plan & we’re here to support you on your financial wellness journey.
Saving for retirement is crucial – your future self depends on it – but we understand it’s not the only thing on your plate. Between daily expenses, family priorities, and unexpected costs, your money has to stretch. That’s why Prime Capital Wellness is here to help you with all of your financial needs.
Click Here to schedule a one-on-one review:
How to change my 401(k) contributions
- Visit www.workplace.schwab.com
- Register or Log In
- Change Contributions