Kinder Morgan 401(k) match, vesting and fees

Company contributions vest on the second anniversary of the date of hire. Vesting of Company contributions for bargaining Participants will follow the respective collective bargaining agreements.

Participants hired on or after January 1, 2020 (New Participants) are automatically enrolled in the Plan with a pre-tax contribution rate of 6% of their eligible compensation unless they opt out or make a different contribution election. Participants hired prior to January 1, 2020 were automatically enrolled in the Plan with a pre-tax contribution rate of 3% of their eligible compensation unless they opted out or made a different contribution election. Participants who do not opt out of automatic enrollment are also enrolled in automatic escalation. The Company has established a pre-tax contribution goal rate of 12% (SmartGoal) for New Participants and 8% for all other Participants. Every February, Participants who have not opted out of automatic escalation and who have a contribution rate below the SmartGoal will automatically have a 1% increase in their contribution rate until the Participant meets the SmartGoal. Participants can opt out of the SmartGoal at any time. Participants can also create their own automatic escalation schedules at any time.

Participants may elect to make pre-tax or after-tax Roth contributions from 1% to 50% of their eligible annual compensation, limited by requirements of the Internal Revenue Code (IRC).

Participants may borrow, from the vested portion of their Plan accounts, a minimum of $1,000 up to a maximum equal to the lesser of 50% of their vested balance or $50,000, minus the highest outstanding loan balance from the previous 12 months. The Participants’ loans are secured by their vested balances. All loans are charged an interest rate equal to the prime rate on the first business day of the month of issuance plus 2% and the rate remains fixed during the life of the loan. The loans are subject to certain restrictions as defined in the Plan document and applicable restrictions under the IRC.