Enrollment Overview
If you want to defer compensation into the DCP, you will make your elections during the annual enrollment window or, if you become eligible as a new hire after the enrollment window closes, within the first 30 days of your eligibility date. Your elections are made online using an enrollment tool available through Fidelity NetBenefits®. What happens if you don't enroll during the 2024 base pay enrollment window?
DEFERRALS
You will choose how much of your compensation you want to defer during each of the enrollment windows.
Are you an active employee enrolling during the annual window? Your elections will apply to compensation you earn in the coming year as follows: You can defer between 1% and 50% of your annual base pay during the November enrollment window and between 1% and 100% of your Fiscal Year bonus pay during the August bonus enrollment window (for payment in June the year following).
Note: You cannot change your deferral percentage after the respective enrollment window has closed. Your next opportunity to change your deferral percentage will be during the next open enrollment window for base and bonus respectively.
Are you a newly eligible employee enrolling after the annual bonus enrollment window closes? During the first 30 days after your eligibility date, you can defer between 1% and 50% of your annual base pay. If you elect to defer base pay for 2024, your elections will apply to compensation you earn during the remainder of the current year. Also, if you elect to defer base pay for 2024, you'll need to make a deferral election again in November 2024 for 2025 base pay.
Note: If you are newly hired or become eligible after the base pay enrollment window closes and before the bonus pay enrollment window opens, you can elect to defer between 1% and 50% of base pay only during the first 30 days after your eligibility date and can defer bonus pay during the annual bonus enrollment window.
DISTRIBUTIONS
When you initially enroll in the plan, you will make a distribution election for your future company contributions to the DCP on or after May 1, 2012. In addition, if you choose to defer base pay and/or bonus, you will make separate distribution elections for each source of deferral chosen. For example, a distribution election for company contributions, made on or after May 1, 2012, is made during the initial enrollment window in the DCP. Distribution elections for employee deferrals (base pay or bonus), made on or after May 1, 2012, are made the first time you elect to defer compensation into these sources, either during the initial enrollment window or in a future year. Balances from contributions made prior to May 1, 2012 will automatically be paid as a lump sum six months following separation from service.
You may choose to take your employee deferrals (base pay or bonus) and company contributions made on or after May 1, 2012 as a lump sum payment or in annual installments for 5, 10 or 15 years. Payments will automatically begin six months following your separation from Komatsu with the exception of the delay addressed below. You are required to make a distribution election for company contributions at your initial enrollment. However, you do not need to make a distribution election for base pay and/or bonus deferrals until the first enrollment period in which you elect to defer each applicable source. Please note that the default payment for company contributions made on or after May 1, 2012 is a lump sum (six months after separation) if you do not make a distribution election. If you elect to defer base pay or bonus, you will not complete the enrollment process until choosing a form of payment. Your distribution elections apply to contributions made on or after May 1, 2012, and your election for each source can change only once in the future.
Any change to your distribution form of payment will automatically delay commencement of benefits by five years. For example, if you choose to re-elect your form of distribution during the one-time opportunity, your money will be paid five years and six months after your separation. A distribution will also be triggered by your death or disability.
INVESTMENTS
You will choose how you want to invest your deferrals.
- You can change the way your account is invested at virtually any time. When you make a change, it applies to your investments immediately if you complete your transaction before 4 p.m. Eastern time Monday — Friday, or they will take effect by the close of the next trading day.
