Citi Benefits Handbook
Company Contributions
Company Matching Contributions
If you are eligible for a Company Matching Contribution, the Company will contribute $1 for each $1 that you contribute to the Plan up to a maximum of 6% of your annual eligible pay (Catch-up Contributions are not eligible for Company Matching Contributions). This means that in 2019, the Company will contribute up to $16,800 (6% of $280,000, the maximum eligible pay allowed for 2019 under IRS rules).
To be eligible for a Company Matching Contribution, you must be eligible for the Plan as described under "Eligibility", with at least one year of employment, as determined under Plan rules.
Company Matching Contributions will be made on Before-Tax Contributions and/or Roth After-Tax Contributions up to 6% of eligible pay.
Your Company Matching Contributions will be based on the portion of annual eligible pay earned after you satisfy the service requirement for the Company Matching Contribution.
  • If you terminate employment voluntarily or involuntarily, you will receive any Company Matching Contribution you have earned; you need not be employed on December 31 to receive a Company Matching Contribution.
  • Contributions are posted annually and will generally be posted by the end of the first quarter of the following year.
If you are a full-time or part-time employee who is immediately eligible for the Plan as described under "Eligibility and Enrollment": You are eligible for Company Matching Contributions the first of the month following the month when you have completed at least one full year of employment.
If you are a part-time employee who is scheduled to work fewer than 20 hours per week and who becomes eligible for the Plan: You are eligible for Company Matching Contributions when you become eligible for the Plan as described under Eligibility, on July 1 or January 1 following the date on which you become eligible to be a Plan participant, provided that you have completed at least one full year of employment.
Examples:
Example
If Your Annual Eligible Pay Is…
And Your Annual Contribution Is…
The Company's Matching Contribution Is…
1.
$75,000
6% of your eligible pay in Before-Tax and Roth After-Tax Contributions — $4,500
6% of your eligible pay — $4,500
2.
$75,000
10% of your eligible pay in Before-Tax and Roth After-Tax Contributions — $7,500
6% of your eligible pay — $4,500
3.
$285,000
10% of your eligible pay in Before-Tax and Roth After-Tax Contributions (contributions to the Plan would stop once the contributions totaled $19,000 for the year, due to IRS limits)
$16,800, which is 6% of $280,000
Eligible pay is limited under IRS rules (for 2019, the limit is $280,000); as a result, Company Matching Contributions are limited as well.
4.
$50,000
25% of your eligible pay to the Plan with contributions starting in November. Your contributions are taken in November and December for a total contribution of $2,083.
$2,083, which represents a dollar-for-dollar match on your annual contributions up to 6% for your annual eligible pay
5.
$75,000 for 2019
You are hired by the Company June 1, 2018, as a full-time employee. You become eligible for the Company Matching Contribution July 1, 2019.
6% of your eligible pay for 2019 — $4,500
6% of the eligible pay you earn during the six months of 2019 in which you are eligible for the Company Matching Contribution ($75,000 x (6 ÷ 12) = $37,500). Your Company Matching Contribution for 2019 is 6% of $37,500, or $2,250.
6.
$30,000 for 2019
You are hired by the Company July 5, 2018. You will become eligible for the Company Matching Contribution August 1, 2019.
6% of your eligible pay for 2019 — $1,800
6% of $12,500 or $750. You will receive a Company Matching Contribution that is equal to the lesser of the amount you have contributed to the Plan or $750, the maximum Company Matching Contribution based on your eligible pay earned after you attained a year of service ($30,000 x (5 ÷ 12) = $12,500).