401(k) Plan

Financial security is important. Your FirstFleet, Inc. 401(k) Plan provides a valuable tool to help you plan ahead and feel prepared for your future. Social Security will likely be a meaningful part of your
retirement income, but it was never designed to provide enough benefits to achieve a truly “comfortable retirement.” Your 401(k) Plan provides many advantages to your retirement planning process to help you reach your goals.

You’re in Charge!

  • Convenient and regular payroll deferrals deducted from your pay each pay period.
  • You control the investments in your account by selecting from options available under the Plan.
  • You may increase, decrease or eliminate your deferral amounts at any time with changes effective the first of the month.


  • You must be at least age 21 and must have completed 30 days of service with the Company to be eligible to participate in the FirstFleet, Inc. 401(k) Plan.
  • You will be automatically enrolled into the Plan the first of the month following completion of the eligibility requirements.

Automatic Enrollment

  • A newly eligible FirstFleet employee is automatically enrolled in the FirstFleet 401(k) Plan at a 4% deferral rate. Four percent of your pay will be deducted automatically and contributed to the 401(k) Plan following your Plan entry date.
  • If you do not make your own investment elections, your contributions will be invested in the Qualified Default Investment Option (QDIA) for the Plan.
  • If you do not wish to be enrolled automatically in the FirstFleet 401(k) Plan or want to contribute at a different rate than 4%, contact Principal at least 10 days prior to your entry date.
  • You can always change your deferral amount in the future, even if automatically enrolled initially.
  • If your initial Plan entry date was before Jan. 1, 2021, you are not automatically enrolled but may enroll by contacting Principal. (See Contact box.)

Employer Match

  • FirstFleet will match your contributions equal to 25% of your deferrals up to the first 4% of your eligible pay that you defer.

Tax Advantage

  • Your payroll deductions go into the Plan on a pre-tax basis or via after-tax Roth deferrals. Choose what works best for you!
  • Your earnings grow tax-deferred until you begin taking distributions. Roth deferrals and their earnings may be distributed free of tax (if the withdrawals are qualified Roth withdrawals).


  • Your deferrals and earnings are always 100% vested and belong to you even if you leave.
  • Your company matching contributions and earnings are subject to a six-year vesting schedule.

NOTE: See your Summary Plan Description for additional enrollment information, including the Plan’s investment options and when you can make changes.