Full-time employees are eligible to participate in the FirstEnergy Corp. Savings Plan on your date of hire, and may contribute on a before-tax, Roth 401(k), after-tax or a combination basis. The first 6% of pay contributed is currently matched by the company with FirstEnergy stock at the rate of 50 cents per dollar. Does not apply to Local 180 and Local 777.
New employees are automatically enrolled at a 3% before-tax contribution level invested in the Life Path Fund closest to your 65th birthday. You may waive out of this automatic enrollment or designate contribution levels and investment funds of your choice. You can rollover the tax-deferred portion of a distribution from a previous employer’s tax-qualified plan.
Most Savings Plan transactions can be completed through Fidelity Investments, the plan’s recordkeeper, by phone at 1-800-982-3451 from 8:30 a.m. to 8:00 p.m. (EST), Monday through Friday when the Market is open or by logging on to the Savings Plan website at www.netbenefits.com.
Investment Advice and Account Management
You can get personalized investment advice through the Fidelity Portfolio Advisory Service. The Advisory Service can provide you with objective savings and investment advice, personalized reports and ongoing account management. You can access advice online or, for a fee, have your account managed and advised by a professional Investment Advisor Representative.
An Investment Advisor Representative will provide you with personalized savings and investment recommendations and can immediately make any agreed upon changes to your account.
If you like to take matters into your own hands, you can access the Personal Online Advisor through the Savings Plan website at www.netbenefits.com. Your account information is included automatically. You also can include information about your other retirement savings vehicles. For advice, follow the step-by-step instructions. Based on the information you provide, such as current income, savings and ideal retirement age, you’ll receive a personalized recommendation with details on your chances of reaching your retirement goal. Use the interactive software to see how changes in portfolio risk, contribution amounts or desired retirement age and income goals can affect your projected outlook.
Below you will find the FirstEnergy Corp Savings Plan document and summary plan descriptions (SPD).