U.S. Bank 401(k) match, vesting and fees

Participants may invest their account balance in one or more of a variety of investment funds and are immediately 100 percent vested in their entire account balance.

Eligible employees are automatically enrolled in the Plan with a before-tax salary deferral of 2 percent of eligible compensation unless the employee elects otherwise.

The Plan permits before-tax and after-tax (“Roth”) elective contributions up to a combined maximum of 75 percent of a participant’s eligible compensation, subject to the Internal Revenue Service (the “IRS”) limit. In addition, participants may make rollover contributions from other qualified plans, including conveyed MUB employee qualified balances. Participants aged 50 and older whose elective contributions have reached the IRS limit are permitted under the Plan to make before-tax and Roth catch-up contributions up to the IRS catch-up limit.

The Plan contains provisions allowing participants to borrow from their accounts. The minimum loan is $1,000 and the maximum is the lesser of 50 percent of the participant’s account balance or $50,000 minus the participant’s highest outstanding loan balance during the past 12 months. Each loan is secured by the balance in the participant’s account and bears interest at 1 percent above the prime interest rate at the date of issuance as determined monthly by the Plan Administrator. Principal and interest are repaid ratably through bi-weekly payroll deductions. Beginning January 1, 2018, participants may have no more than one outstanding loan at any time. If a participant terminates employment with the Company, they may continue to make loan payments through a pre-authorized payment method. If the loan is not repaid, it will automatically be treated as a distribution to the participant after 90 days.