In general, you may save from 1% to 50% — in whole percentages — of your eligible pay. You may save on a Before-Tax basis, a Roth After-Tax basis or a combination of both. However, your combined Before-Tax and Roth After-Tax Contributions may not exceed the lesser of 50% of your eligible pay or the IRS limit on Before-Tax and Roth After-Tax Contributions to the Plan. For 2024, that limit (not including Catch-up Contributions) is $23,000. Your contribution election stays in place from year to year unless you make a change, you are subject to automatic increases, or you elect to have your contributions automatically increased.

Before-Tax Contributions are deducted from your pay before federal — and, in most locations, state and local — income taxes are withheld. Since your taxable income is reduced, you should owe less income tax for the current year. Before-Tax Contributions do not reduce Social Security or Medicare taxes or Social Security benefits.

Taxes are deferred on your contributions and any investment earnings on those contributions for as long as they remain in the Plan. However, you will pay income tax on all of this money when you receive a distribution of your account balance.

Even though your taxable income is reduced when you make Before-Tax Contributions to the Plan, the level of your other pay-related benefits under the Company's plans — such as life insurance benefits under the Citi Life Insurance Plan — is not affected. The value of these benefits continues to be based on your full pay (as defined under those plans) before you contribute to the Plan.

The example below assumes you are a single tax filer taking the standard deduction, earn $40,000 a year and contribute 6% of your eligible pay to the Plan for 2024. It illustrates how Before-Tax Contributions to the Plan provide more spendable income than saving the same amount outside the Plan, using the tax law in effect as of January 1, 2024. Please note that this example does not reflect the impact of state and local taxes.

In this example, if you were eligible, the Company Matching Contribution would add another $2,400 of savings to your Plan account for a total savings of $4,800.

Roth After-Tax Contributions differ from Before-Tax Contributions in the way income tax applies when you contribute and when you take a distribution from the Plan. While your income tax is not reduced when you make Roth After-Tax Contributions, your distribution may be tax-free.

When you make Roth After-Tax Contributions, your federal — and, in most locations, state and local — income tax will be withheld from your pay; then a contribution will be taken from your after-tax pay and made to the Plan. The result is that your take-home pay will be lower than if you made Before-Tax Contributions to the Plan.

However, the advantages of Roth After-Tax Contributions are realized at the time of distribution. When your Roth Contribution Account is paid to you, the dollar amount of your total Roth After-Tax Contributions made to the Plan will not be taxed. Most importantly, when the investment earnings in your Roth Contribution Account are paid to you (or your beneficiary), they will be tax-free, provided that:

For example, if you make your first Roth After-Tax Contribution during 2024, any distribution of investment earnings from your Roth Contribution Account will be tax-free if it is paid during 2029 or later (since 2029 is your fifth taxable year starting after the year of your first Roth After-Tax Contribution (2024)), provided you attain age 59-1/2, become disabled, or die before the distribution is made. Since Roth After-Tax Contributions are made from eligible pay on which you have already paid income tax, you (or your beneficiary) will not owe income tax on the contributions when they are distributed.

Key features of Before-Tax and Roth After-Tax Contributions are summarized in the table below.

The primary advantage of Roth After-Tax Contributions is that the earnings on those amounts will be paid to you tax-free if you satisfy the timing rules on payout.

You may be better off making Roth After-Tax Contributions instead of Before-Tax Contributions if:

If you want to know whether Roth After-Tax Contributions are right for you, contact the Alight Financial Advisors (AFA) Professional Management Program, as described under "Financial Tools to Help You Manage Your Savings" for answers to specific questions about Roth After-Tax Contributions. See "Roth In-Plan Conversions" for information on converting your current non-Roth Plan balances to Roth after-tax amounts.

Tax laws limit how much of your eligible pay you can contribute to the Plan each year. The limit applies, as an aggregate limit, to all contributions from your pay (both Before-Tax Contributions and Roth After-Tax Contributions) that you make to all 401(k) and 403(b) plans to which you contribute during a calendar year. The limit is subject to change each year for inflation in accordance with announcements made by the IRS.

The limit for 2024 is $23,000, unless you also are eligible for Catch-up Contributions, as described below. Once you reach the maximum combined Before-Tax and Roth After-Tax Contributions (and, if applicable, Catch-up Contributions) for the year, your payroll deductions will stop automatically. Payroll deductions will resume automatically in the following year as long as you continue to have a contribution election on file.

If you have contributed to another employer's plan during the current calendar year, including another plan maintained within the Company's controlled group, it is your responsibility to ensure that you do not exceed the IRS's annual contribution limit once you start contributing to the Plan. If you exceed the limit, you may be liable for additional taxes if the excess amount (and earnings) is not distributed to you by April 15 of the immediately following calendar year. If you think you have exceeded the limit for the current plan year, you may request a refund by completing the Citi Retirement Savings Plan 402(g) Refund Request Form and returning it no later than March 15 of the immediately following calendar year. To request a copy of this form, contact the Plan as instructed under "How to Contact the Plan."

Participants who are age 50 or older by the end of each calendar year become eligible for additional contributions, called Catch-up Contributions. Catch-up Contributions are subject to a separate limit ($7,500 for 2024).

If you are eligible to make Catch-up Contributions for 2024, you may contribute as much as $30,500 to the Plan ($23,000 in regular contributions plus $7,500 in Catch-up Contributions). The Catch-up Contribution limit will apply to your Before-Tax and/or Roth After-Tax Contribution election automatically. Accordingly, there is no need for you to have a separate Catch-up Contribution election. You may elect to increase your current contribution rate to ensure you maximize your contribution for the year. If you are eligible to make Catch-up Contributions, your maximum deferral rate under the Plan increases to 99% (subject to annual statutory limits described above).

You can visit the Plan's website accessible through My Total Compensation and Benefits at www.totalcomponline.com or call the Plan as instructed under "How to Contact the Plan" to enroll to increase your contribution rate and maximize your Catch-Up Contributions.

If you have made Catch-up Contributions to another employer's 401(k) or 403(b) plan during the current calendar year, including another plan maintained within the Company's controlled group, it is your responsibility to ensure that you do not exceed the IRS's annual contribution limit on Catch-up Contributions once you start to make Catch-up Contribution to the Plan. If you have contributed to another employer's plan, you should complete a Citi Retirement Savings Plan 402(g) Refund Request Form to notify the Plan how much you have contributed to a prior employer's plan during the current calendar year.

You can change your contribution rate (the percentage of eligible pay you contribute to the Plan), stop your contributions, or start them again at any time.

To make a change, contact the Plan as instructed under "How to Contact the Plan." Your change will become effective as soon as administratively possible.

Note: Generally, whenever the amount of your eligible pay changes, the dollar amount you contribute to the Plan also will change. For example, if your eligible pay increases from $2,000 to $2,100 per pay period, and you contribute 6% of your eligible pay to the Plan, your contribution automatically will increase from $120 to $126 each pay period.

If you receive monthly, quarterly, or annual performance-related cash bonuses and you were automatically enrolled to contribute to the Plan, a contribution deferral will automatically be deducted from your cash bonus at your regular contribution rate.

If you receive an annual discretionary award package composed of a cash bonus, a deferred cash award and a stock award, a contribution will be taken from the immediately payable cash portion of the award package.

However, you may elect a different contribution rate from the immediately payable cash bonus portion of your award that is typically paid at the end of January. The different rate applies only to the award and does not change your contribution election applicable to other eligible pay.

You may roll over before-tax and after-tax amounts and Roth after-tax amounts distributed to you from another employer's qualified plan, a 403(b) plan, a 457(b) plan of a government entity, another qualified retirement vehicle or traditional individual retirement account (IRA) described in Section 408(a) of the Code into the Plan. Before-tax rollover amounts (and their earnings, if any) that are contributed to the Plan will be held in your Rollover Account, after-tax rollover amounts (and their earnings, if any) that are contributed to the Plan will be held in your After-Tax Contribution Account, and Roth after-tax rollover amounts (and their earnings, if any) will be held in your Roth Rollover Account.

These amounts must be rolled over into the Plan within 60 days from the date they are distributed to you. You also may request that these amounts be directly rolled over into the Plan from a prior employer's eligible retirement plan through a direct transfer. At this time, the Plan does not allow rollover contributions from a Roth IRA.

To obtain more information and a Rollover Form, visit the Plan's website or call the Plan as instructed under "How to Contact the Plan."