RETIREMENT PLAN [401(K)] ANNUAL COMPANY CONTRIBUTIONS
For those who are eligible, the 2016 annual company contribution(s) were credited to your Pearson Retirement Plan [401(k)] account on June 12th. You received the basic annual company contribution of 1.25% for 2016 if you were actively employed on December 31, 2016, and were eligible to participate in the Plan — whether or not you were actually saving in the Plan.
An additional company contribution was made for eligible PEP (the frozen Pension Equity Plan) participants. PEP participants who were actively employed on December 31, 2016, and were at least age 40 with 10 or more years of service on December 31, 2001, and have been continuously employed since then, qualified for an additional contribution as follows:
|Your Age (as of 12/31/01)||Basic Annual Contribution||Additional Annual Contribution||Total Annual Contribution|
|40 – 44||1.25% of pay||.50% of pay||1.75% of pay|
|45 – 54||1.25% of pay||1.0% of pay||2.25% of pay|
|55 or over||1.25% of pay||1.5% of pay||2.75% of pay|
The annual company contribution is in addition to the company match you receive when you save in the Plan as an active employee. It has been invested according to your most recent investment election on file with Empower Retirement. If you don’t have an investment election on file, the contribution was invested in the default fund for the plan: a target date retirement fund based on your date of birth.
If you have any questions, please contact Empower Retirement at www.empower-retirement.com/pearson or 1-844-465-4455.