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.


  • 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 may enter 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.

Summary Plan Description available on FirstFleet’s intranet site or the Principal website.