401(k) Retirement Plan

Simple steps lead to big savings with our retirement plan.

Your financial security is important to you and your family. 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.

Eligibility

All U.S. employees are eligible to participate in the Modine 401(k) plan. For any questions on your eligibility, please contact your local HR representative.

Z

Enroll Online

Set up your account at principal.com/Welcome. After registering, select your retirement plan name from the Account Summary page to view your retirement plan dashboard.

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.

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 $23,000.
  • 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.

Contact Information

Principal Financial Group

800.547.7754
Monday through Friday from 7 a.m. to 9 p.m. CST
principal.com
App Store | Google Play

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.

Principal Milestones

You have access to additional resources through Principal, all at no cost to you.

  • Enrich: learn about creating a budget, managing debt, and understanding your credit score
  • ARAG: Use the Will and Legal Document Center to prepare a will and more

Visit www.principal.com to get started.