Citi Benefits Handbook
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 2020, the Company will contribute up to $17,100 (6% of $285,000, the maximum eligible pay allowed for 2020 under IRS rules).
To be eligible for a Company Matching Contribution, you must be eligible for the Plan as described under "Eligibility and Enrollment", 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 (including as a result of a reduction in workforce), 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.