Healthcare Provider Update: Offers three medical plans through Anthem BCBS, plus dental (Delta Dental), vision, FSAs, HSAs, and voluntary insurance options 10. With ACA premiums projected to rise by 75% for some, Libertys tiered plans and employer contributions provide a more affordable and customizable alternative. Click here to learn more
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What is the 401(k) plan offered by Liberty Energy?
The 401(k) plan at Liberty Energy is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How does Liberty Energy match employee contributions to the 401(k) plan?
Liberty Energy offers a matching contribution of 50% on the first 6% of employee contributions to the 401(k) plan, helping employees maximize their retirement savings.
When can employees at Liberty Energy enroll in the 401(k) plan?
Employees at Liberty Energy can enroll in the 401(k) plan during the initial onboarding process or during the annual open enrollment period.
What types of investment options are available in Liberty Energy's 401(k) plan?
Liberty Energy's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.
Can employees at Liberty Energy take loans against their 401(k) savings?
Yes, Liberty Energy allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.
What is the vesting schedule for Liberty Energy's 401(k) matching contributions?
Liberty Energy follows a three-year vesting schedule for matching contributions, meaning employees fully own the match after three years of service.
How can employees at Liberty Energy access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by Liberty Energy's plan administrator.
What happens to the 401(k) plan if an employee leaves Liberty Energy?
If an employee leaves Liberty Energy, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Liberty Energy plan if they meet the minimum balance requirements.
Are there any fees associated with Liberty Energy's 401(k) plan?
Yes, Liberty Energy's 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
What is the minimum contribution percentage for Liberty Energy's 401(k) plan?
Liberty Energy requires a minimum contribution of 1% of an employee's salary to participate in the 401(k) plan.