Sabic Innovative Plastics US 401(k) match, vesting and fees

Vesting: Effective January, 1, 2020, participants are immediately vested in their contributions, Company Matching contributions, Employer Retirement contributions, ESTCCA contributions and any earnings received, except as noted for Zeta employees with an Employer Retirement contribution account who are subject to a three-year graded vesting schedule for those contributions. Any Company Matching contributions received prior to January 1, 2020 for SAI employees were also subject to a 3-year graded vesting schedule.

All new-hires, re-hires and newly eligible participants are automatically enrolled at an 8% regular pre-tax contributing level after being eligible for 30 days to participate in the Plan and not making an affirmative enrollment election online.

The Plan enables employees to invest through after-tax savings, pre-tax savings, or Roth contributions in one or more of the investment options selected for the Plan.

Participant Loans: Subject to certain restrictions, participants may periodically take loans from their accounts. Participants may borrow from their accounts a maximum loan amount equal to the lesser of (i) $50,000 less the highest outstanding loan balance during the past 12 months or (ii) 50% of the available account balance less any current outstanding loan balance (subject to a minimum loan amount of $500). Each participant’s loan is charged an interest rate equal to 2% plus the prime rate in effect on the first day of the month prior to the first day of the quarter to which it is to apply. Loans generally are paid by direct payroll deduction and the repayment period cannot exceed five years except when the proceeds of the loan are used to acquire the participant’s primary residence.