401(k) Retirement Plan

We want you to feel secure and prepared for life after your career. In partnership with Principal Financial Group, our 401(k) plan is designed to help you plan ahead and feel prepared.

Automatic Enrollment

• You are automatically enrolled at a 3% pre-tax contribution when you are newly eligible to participate in the Modine 401(k) Plan.
• Your 3% contribution will be automatically invested in a T. Rowe Price Retirement Target Date Fund based on your date of birth and a retirement age of 65.
• While enrollment is automatic, you have 30 days before being enrolled to change your contribution rate, direct contributions to other investment options available, or decline participation.

Pre-tax Versus Roth Contributions

Pre-tax contributions lower your taxable income now. The money grows tax-deferred, and withdrawals are taxed later.

Roth contributions are also known as after-tax contributions. You pay taxes on contributions now and then any withdrawals you make later are tax-free.

Automatic Increase

• You will be set up with an automatic annual increase unless you make another election.
• Your contribution percentage will increase by 1% each year on January 1, up to a maximum of 10%.

 Earn the Modine Match

• If you aren’t investing 6% into the Modine 401(k) Plan, you are leaving money on the table!
• Modine contributes a Safe Harbor Matching Contribution equal to:
  • 100% of the first 3% of compensation you contribute to the plan (whether pre-tax or Roth), plus.
  • 50% of the next 3% of compensation you contribute as an elective deferral (whether pre-tax or Roth).

Contribution Limit

• You may contribute 1% to 75% of your eligible compensation through pre-tax contributions, Roth contributions, or a combination of the two.
• Both contribution types are subject to the IRS contribution limit of $23,500.
• If you will be age 50 by the end of the calendar year, you may qualify to make an additional “catch-up” contribution of up to the IRS catch-up limit of $7,500.

Vesting

• In a retirement plan, the term “vesting” refers to ownership.
• You will always own, or be vested in, 100% of the contributions you make into the account.
• You become 100% vested in company contributions into your account after two full years of employment.