New Retirement Plan Administrator Coming in 2022
You don’t need to do anything now, but watch for information in early 2022 about: The NLOK 401(k) and Nonqualified Deferred Compensation (NQDC) plans moving from Empower to Fidelity.
NortonLifelock wants to help employee with their short- and long-term financial planning. Through the NortonLifelock 401(k) Retirement Plan, you can save and invest your money on a tax-deferred basis and give those savings and investments a boost through a matching contribution from NortonLifelock. This plan provides a convenient way for you to save and invest for the future, and reap valuable tax advantages.
Under the NortonLifelock 401(k) Plan (administered by Empower Retirement), participants can contribute up to $20,500 in 2022 into a traditional 401(k) account (pre-tax) and/or a Roth 401(k) account (post-tax) via payroll deductions. Participants age 50 and over can contribute an additional $6,500 per year.
NortonLifelock will match $0.50 on each dollar contributed--up to 7% of compensation not to exceed $6,000 USD and 3.5% of your total compensation.
You are always 100% vested in your own contributions and the company’s match.
Participants may also contribute on an after-tax basis. This provides after-tax savings vehicle that allows you to save beyond the $19,500 limit. This option allows you to accumulate investment income on a tax deferred basis.
If you take no action as a new hire, you will be automatically enrolled in the NortonLifelock 401(k) Plan at a pre-tax contribution rate of 7%. However, you can opt out of the plan at any time by logging into your online account and changing your deferral rate to 0%.
If you don’t opt out within 30 days of notice, your participation and payroll deductions start the first pay period after the 30 day period, or as soon as administratively possible.
You can enroll in the plan any time after you receive your first paycheck:
- Review NortonLifelock's 401(k) plan features and Questions & Answers on HR online.
- Decide how much to contribute to your account and how to direct your investments.
- Enroll in the plan and designate a beneficiary by visiting Empower online or by calling 888-411-4015.
- Notify Payroll if you have made contributions to another 401(k) plan during the current calendar year so that you do not exceed the annual IRS contribution limit. Fill out the 401(k) Limit Request Form and send it to the NortonLifelock Payroll Service Center address on the form.
Please Note: If you've contributed to another employer's 401(k) plan during this calendar year, complete the 401(k) Limit Request Form (pdf) and send it to the NortonLifelock Payroll Service Center address on the form. This will prevent you from exceeding the IRS calendar year maximum for 401(k) contributions.