The McCormick 401(k) Plan is a defined contribution plan. The Plan Administrator is McCormick and the Financial Org Trustee is Wells Fargo.
Eligibility and Contributions
There are no age or service requirements to be eligible for the Plan. In general, most employees are eligible for the plan as long as they are NOT: Union employees, Leased employees, Independent contractors, Individuals under an employment agreement that specifies they are not eligible to participate in the Plan, and Employees of McCormick Global Ingredients Limited and are not a citizen or resident of the U.S.
The Plan has automatic enrollment. Employees will be automatically enrolled at: 2% employee contributions and 1% automatic escalation annually up to 10%.
Other important notes about the Plan:
McCormick contributions are 3% of employee earnings. You become 100% vested in these contributions after 3 years of service or at age 55, whichever comes first. You are allowed to make pre-tax elective deferrals up to 70%. You are allowed to make catch-up contributions starting at age 50. McCormick matching contributions are 100% of first 3% of deferrals and 2/3 of next 3% of deferrals (McCormick contributes $2 for every $3 you contribute). You are immediately 100% vested in these contributions. You can make rollover contributions to the Plan. You may qualify for additional contributions. If you qualify, you may receive: Transition Credits for certain Pension Plan Participants. French's Transitional Contributions. Legacy Profit Sharing contributions made between 12/1/1974 and 11/30/2000.
Distributions and Benefits
You can take an in-service distribution of after-tax contributions at any time. There may be different rules if you participate in the French's After-Tax Plan.
You can also take an in-service distribution of rollover contributions at any time.
You can take an in-service distribution of employer contributions at any time, except if you are part of:
Legacy Profit Sharing (1 withdrawal in any 12 month period).
French's employer contributions subaccount if a Participant for 5 years. If less, you may distribute the amount held in the Plan for 24 months.
On top of these, you can take the following distributions: Hardship distribution, Distribution at severance from employment, Distribution at disability, and Plan loan.
Forms of Distribution
Single lump sum, installment payments, and in-kind stock distributions are available to the following participants: Plan participant, Spouse beneficiary and Non-spouse beneficiary.
There is an automatic involuntary cash-out level at $5,000.
Additional distribution considerations are: Minimum in-service withdrawal is $500. Former participants in the Simply Asia Foods Plan, French's Plan or Zatarain's Plan may withdraw these subaccounts at age 59½. (Zatarain's Plan is limited to 1 withdrawal per Plan Year)
To request a distribution, contact Wells Fargo at 800-728-3123 or visit them online at www.wellsfargo.com
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"You can take an in-service distribution of after-tax contributions at any time." |
Assets, Fees and Funding
A few notes on how you can invest your plan: You are allowed to invest your 401(k) plan in McCormick stock. All accounts can be directed by the participant.
As of April 23, 2020, the value of the plan assets was $687,120,193 and the Annual plan contributions were $34,122,883.
The Plan is insured by a fidelity bond of $10,000,000.
| Plan Administrator McCormick & Company, Incorporated 24 Schilling Road, Suite 1 Hunt Valley, MD 21031 410-771-7301 EIN: 52-0408290 |
Financial Org Trustee - directed Wells Fargo Bank, N.A. 1525 West W.T. Blvd Charlotte, NC 28262 1-800-728-3123 |
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