401(k) Retirement Plan
Eligibility
- The first of the month following 60 days of employment.
- Example: Hired on 5/9/2025, hit 60 days in July, eligible 8/1/2025
- For acquisitions – first of the month following date of acquisition
- Example: Date of acquisition 5/9/2025, eligible 6/1/2025
Enrollment
- You will receive information from John Hancock on enrollment options prior to eligibility.
- You can enroll online, telephonically, or in John Hancock’s app.
- Please note, you will not be in John Hancock’s system until a week or 2 prior to eligibility.
We strongly recommend all employees to review and update their 401(k) beneficiary designations.
Name your Beneficiary
A beneficiary is the person (or persons) who will receive your vested account balance in the event you die before taking a total distribution from the Plan. The beneficiary you have listed in UKG does NOT carry over to John Hancock. You must name your beneficiaries on John Hancock’s website. Please visit https://myplan.johnhancock.com , then log into your account and go to the bottom right hand side of the page. You will see “About Me”. Underneath it will say “My Beneficiary”. Click on this and update accordingly.
It is important to keep your beneficiary designation(s) up to date. You can make a change at any time on the Plan website. Just remember, what you have in UKG does NOT carry over to John Hancock and vice versa, so you will need to update in both places.
Employer Match
A 401(k) employer match is a contribution made by an employer to an employee’s retirement account, based on the employee’s own contributions.
It’s essentially “free money” for employees because it’s extra money added to your retirement savings simply for contributing to your own 401(k).
Xylem and Kendall’s employer match is as follows:
- 100% match up to 3%
- 50% match from 4-5%
Example – if you contribute 5% of your salary, you will receive a 4% employer match.
Vesting
Vesting determines when employer contributions, such as matching, become yours to keep, even if you leave the company.
Knowing your vesting schedule is important because you might lose a portion of your employer contributions if you leave before becoming fully vested.
The vesting schedule for the employer match at Xylem and Kendall is 5 years graded (elapsed time).
Please see schedule below:
- Less than 1 year = 0%
- 1 year but less than 2 years = 20%
- 2 years but less than 3 years = 40%
- 3 years but less than 4 years = 60%
- 4 years but less than 5 years = 80%
- 5 or more years = 100%
Plan Documents
