New York Times 401(k) match, vesting and fees

Basic and additional contributions may be made on a Before-Tax, After-Tax, or Roth basis, provided, however, IAMAW Employees may not make contributions on an After-Tax basis. The first 6% of a participant’s earnings are basic contributions and are eligible for employer matching contributions (collectively, Basic Contributions). Any Before-Tax, After-Tax, or Roth Contributions in excess of 6% of a participant’s earnings are additional contributions and are not eligible for any employer matching contributions (collectively, Additional Contributions).

The Trustee may make loans to participants pursuant to participant loan procedures adopted by the Committee. The loan will be funded from the participant’s Plan investments on a proportionate basis, from Before-Tax Basic Contributions first, followed by Before-Tax Additional Contributions, vested Employer Matching Contributions, vested Employer Non-Elective Contributions, Rollover Contributions, After-Tax Basic Contributions, After-Tax Additional Contributions, and Roth Contributions. There are two types of loans available from the Plan: (i) a general-purpose loan available for any reason, and (ii) a residential loan available for the purchase or construction of the participant’s principal residence. Only two loans may be outstanding to any one participant at a time. The minimum loan amount is $1,000. The maximum loan amount will be the lesser of: (i) 50% of the participant’s vested account balance, or (ii) $50,000 minus the highest outstanding loan balance in the last 12 months. Loans are secured by up to 50% of a participant’s account. The proceeds for the loan will be taken pro-rata from each of the investment funds in which the participant’s account is invested. The interest rate charged for a loan is one percentage point above the prime rate as received by Vanguard from Reuters on the first day of the month in which the loan is initiated. Interest rates on loans outstanding ranged from 4.25% to 9.50% for the 12 months ended December 31, 2024 and 2023, respectively. Loan repayments are made through automatic payroll deductions, beginning as soon as possible after the loan check is sent to the participant. General-purpose loans must be paid back within 60 months and the residential loans must be paid back within 15 years. There is no prepayment penalty. Outstanding loans will be declared due and payable upon termination of the participant’s employment; however, terminated participants with an outstanding loan balance may elect to continue to repay their loans directly to Vanguard, provided they are not otherwise subject to the immediate cash-out requirement (account of $5,000 or less through May 31, 2024 or $7,000 or less from June 2024 onward).