This year, Sandian contributions to retirement accounts reached an all-time high of $6.5 billion, up from $4 billion in 2018. Retirement benefits like enhanced contributions, company matching and a new student loan debt program encourage employees to save and invest in their futures beyond Sandia.
Enhanced contributions
Enhanced contributions are automatic deposits that Sandia makes to 401(k) plan accounts. Nearly 80% of the workforce is eligible for this benefit. The deposits begin at 6% per paycheck for new hires but increase with employees’ years of service.
Company matching
Sandians are eligible to receive a company match of up to 4%. To maximize this match, employees must contribute at least 6% of eligible compensation to their 401(k) account each pay period.
Between the enhanced contribution and match potential, Sandia contributes up to 10% to employee retirement accounts. When employees take advantage of both benefits, their total account balances can grow quickly.
Student loan debt program
Additionally, a new benefit allows employees to count student loan payments as employee contributions that Sandia can match.
For example, if an employee contributes 3% to their 401(k) account and makes monthly student loan payments equal to the other 3%, Sandia will calculate the missed match and add it to the employee’s 401(k) account.
By not having to choose between retirement contributions and paying student loans, this new opportunity encourages staff to start planning for retirement at the dawn of their careers — the best time to start investing.
About 750 employees currently participate in the student loan debt program.
“Each month I only have so much available for savings. I elected to count my student loan payments and now I don’t have to choose between paying my student loan or saving for retirement,” one program participant said.
More information about retirement benefits can be found on the external Human Resources website. Consult the NTESS Savings and Income Plan Summary Plan Description for details about the 401(k) plan.