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401(k) Plan

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With its company match and pre- and after-tax savings options, the Seagate 401(k) Plan is designed to help you build your retirement savings. The 401(k) Plan is administered by Fidelity.

Seagate will match $0.50 for each $1.00 you contribute to the Plan on a pre-tax and/or Roth basis, up to 6% of eligible pay each pay period. Matching contributions are currently capped at $6,000 per calendar year.

Eligibility and Enrollment

You’re eligible to participate in the 401(k) Plan as soon as you start working at Seagate, provided you’re 18 or older. Within 1–2 weeks of your start date, you’ll receive an email notification from Fidelity with plan and enrollment information. Enroll in the plan and begin contributing to your 401(k) account by visiting 401k.com, or by calling Fidelity at 800-835-5098.

If You Take No Action

If you take no action within 60 days of your hire date, you will be automatically enrolled in the 401(k) Plan with a pre-tax contribution of 6% of your annual base salary. If you do not wish to contribute to the 401(k) Plan, you must actively change your contribution rate to 0% within 60 calendar days of your hire date. Make changes online or call Fidelity.

If you are automatically enrolled, your contributions will be invested in the Vanguard Target Retirement Fund that has a target retirement date closest to the year you reach 65 years of age.

Change your investment mix or contribution level at any time online or by phone.

Are your beneficiaries current? (Profile > Beneficiaries)

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Three Ways to Save

Your retirement savings options include pre-tax, after-tax, and after-tax Roth 401(k) contributions. If you are at least age 50 you may contribute an additional $7,500 in catch-up contributions. And, beginning in 2025, those aged 60-63 will be able to contribute even more—up to $11,250 per year.

Looking to earn even more? See how much difference even an annual 1% increase in your contribution level can make over time, with Seagate’s 401(k) maximizer tool.

Check the tool

Have an old 401(k) from a previous employer? Simplify your life by rolling it into your Seagate 401(k).

Pre-Tax

  • Contributions are deducted from your paycheck before taxes are taken out. This reduces your current taxable income.
  • Pre-tax contributions and investment earnings are taxable when you withdraw them in the future.
  • Annual maximum (pre-tax only or combined with Roth) is $23,500; $31,000 if you’re age 50 or older (additional $7,500 in catch-up contributions) or $34,750 if you’re aged 60-63.

If you expect to be in a lower tax bracket during retirement, this may be a good option for you. Since you’ll pay taxes when withdrawals are made, you’ll pay less in taxes when you’re in a lower tax bracket.

Roth

  • Contributions are deducted from your paycheck after taxes are taken out, so your paycheck will be a little less than if you contribute the same amount on a pre-tax basis.
  • Upon withdrawal, you won’t pay taxes on your Roth contributions or their investment earnings as long as you made your first Roth contribution at least five years earlier and you’re age 59½ or older or disabled.
  • Annual maximum (pre-tax only or combined with Roth) is $23,500; $31,000 if you’re age 50 or older (additional $7,500 in catch-up contributions) or $34,750 if you’re aged 60-63.

If you’ll be working many more years before retirement and have years ahead of you to save tax-free, or if you expect to be in a higher tax bracket during your retirement than you are now, this may be a good option for you.

After-Tax

  • Contributions are deducted from your paycheck after taxes are taken out, so your paycheck will be a little less than if you contribute the same amount on a pre-tax basis.
  • Upon withdrawal, you pay taxes only on the investment earnings of your contributions.
  • Annual maximum contribution: Up to 20% of your eligible base pay, not to exceed $38,000.

If you’ve already contributed up to the pre-tax and Roth maximum and want to have additional after-tax income in retirement, this may be a good option for you.

Looking for Other Ways to Get Retirement-Ready?

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Investing Your 401(k)

To help you build your retirement income, you can choose from a range of conservative, moderately conservative and aggressive funds, as well as Target Date Funds. Review your investment options at 401k.com.

For help managing your investments, Fidelity offers Personalized Planning & Advice, an optional fee-based investment management service within the 401(k) Plan. To see if Personalized Planning & Advice is right for you, visit 401k.com or call 800-835-5098.

How much money will I have saved when I retire?

Find out now

Related Content
Employee Stock Purchase Plan
Health Savings Account
Flexible Spending Accounts
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Questions

HR Central

877-844-3333

Fidelity

401(k) Plan
Plan/Group Number
89102
800-835-5098
Website

Benz Main Menu

  • Enrolling
    • Benefits Overview
    • Benefits Eligibility
    • New to Seagate
    • Making Changes To Your Coverage
  • Health
    • Medical
    • Health Savings Account
    • Dental
    • Vision
    • Telemedicine
    • Support for Diabetes and Weight Loss
  • EAP and Healthy Journeys
    • Employee Assistance Program
    • Virtual Therapy
    • Active & Fit Direct
    • Anthem Wellness Resources
  • Financial
    • 401(k) Plan
    • Financial Wellness Email Series
    • Life and Accident Insurance
    • Sick and Disability Pay
    • Flexible Spending Accounts
    • Long Term Care Insurance
    • Employee Stock Purchase Plan
    • SoFi Loans and Refinancing
  • Lifestyle
    • Retirement Readiness
    • Time Off
    • Taking Leave from Work
    • Discount Offerings
    • Family Support
      • Getting Married
      • New Parent Resources
      • Education Assistance
      • Taking Care of My Parents
    • Commuter Benefits
    • Legal Plan
    • Adoption Assistance
  • Resources
    • Who to Contact
    • Mobile Apps
    • Documents
    • 2025 Benefit Changes

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