For questions or assistance, please contact Vanguard at +1 800-523-1188 or click here to visit the Vanguard website.
Your Retirement Savings Plan 401(k) is one of the best ways to save for retirement. The plan offers several advantages:
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Once you begin employment with BorgWarner, you are eligible to participate in the plan. If you have not enrolled within 60 days of employment, you will automatically be enrolled in the plan at a before-tax rate of 6% of your pay.
You can make before-tax and/or Roth after-tax contributions of up to 70% of your eligible pay through convenient payroll deductions up to the IRS Limit (2023 IRS Limit: $22,500 or $30,000 if you will be age 50 or older by December 31).
There are several ways to build your account balance. Here’s how:
The Savings Account holds before and after-tax contributions that you make through payroll deductions, plus BorgWarner matching contributions. BorgWarner offers this account for general retirement purposes. There are three types of personal contributions you can make to your Savings Account:
You can contribute up to 70% in each of these accounts, however, the combined sum of the three personal contributions cannot exceed 70% of your pay.
BorgWarner matches your before-tax and/or Roth after-tax contributions dollar for dollar, up to 3% of your pay. BorgWarner matching contributions become 100% vested after you have completed three years of service.
The Retiree Health Account holds before-tax contributions that you make through payroll deductions, plus BorgWarner matching contributions. BorgWarner offers this account to help you save for your medical expenses in retirement.
You can contribute up to 3% of your pay to the Retiree Health Account.
BorgWarner will match your contributions dollar for dollar up to $500 annually. BorgWarner matching contributions become 100% vested after you have completed three years of service.
The Company Retirement Account holds before-tax contributions that BorgWarner makes to your account after you complete 60 days of employment. Even if you decide to opt out of making your own personal contributions, BorgWarner contributes to this account on your behalf.
BorgWarner contributes a minimum of 3% of pay to each eligible employee. This money is yours to keep immediately. Plus, the Company improves its contribution periodically to reward milestone years of service. This addition, beyond 3%, is yours after three years of service.
Please refer to this employee benefits website or contact HR Link for more information.
BorgWarner will match employee contributions with each paycheck for both before-tax and Roth after-tax accounts up to a maximum of 3%.
To help you save more, this service automatically increases your before-tax contribution amount each April by 2% up to a maximum contribution of 15%. You have the flexibility to change the month of the annual increase, the amount of the increase or turn off the service at any time.
BorgWarner encourages you to take advantage of your 401(k) plan so that you can look forward to a more secure financial future. However, you may choose not to be automatically enrolled by notifying Vanguard, the plan record keeper, at +1 800-523-1188. Find out how much money you may need to retire at
vanguard.com/retirementincomecalculator
Be sure to name beneficiaries for your account so that your hard-earned savings are distributed according to your wishes.
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