Plan Highlights - The Vanguard Group
Plan Highlights
Phillips 66 Savings Plan (099066)
This material has been designed to give you a general description of the main features of the
Phillips 66 Savings Plan. For more information, visit
/sites/phillips66/index.html, refer to the Summary Plan Description (SPD), or contact Vanguard.
Provision
Description
Eligibility and
Enrollment
Generally, you are eligible to participate in the plan on the first day you are employed with the
company. You will be automatically enrolled at a default contribution rate of 3% of your eligible
pay on a before-tax basis. Your contributions will automatically be invested in the Vanguard Target
Retirement Trust with the target date closest to the year you will reach age 65. You are immediately
vested in all amounts contributed to your account.
Investments in Target Retirement Trusts are subject to the risks of their underlying funds. The
year in the trust name refers to the approximate year (the target date) when an investor in the
trust would retire and leave the workforce. The trust will gradually shift its emphasis from more
aggressive investments to more conservative ones based on its target date. An investment in a
Target Retirement Trust is not guaranteed at any time, including on or after the target date.
You are also enrolled in the automatic annual increase feature. This feature automatically
increases your before-tax contribution rate by one percentage point each January and continues to
increase your rate each year until you reach 5% of your eligible pay. You can opt out of this annual
increase feature or change your election percentage at any time by contacting Vanguard.
You may access your account in the following ways:
? Online at retirementplans. You must register for online access to manage your
account. To register, go to register. You will need your plan number, which is
099066. If you have an individual account at Vanguard in addition to your plan account, you will
need your individual account number to register. Once registered you will have 24-hour access
to your account, as well as investment and financial planning information. You can also access
Vanguard through HR Express on the Phillips 66 intranet site.
? By phone at 800-523-1188. Get 24-hour access to your account and investment option
information through the interactive VOICE? Network. Or speak with a Vanguard Participant
Services associate for help with transactions and answers to your questions weekdays from
7:30 a.m. to 8 p.m., Central time.
Provision
Description
Beneficiaries
Be sure to name beneficiaries for your plan account. Properly designating beneficiaries ensures that,
when you die, your hard-earned savings are distributed according to your wishes.
After you register for online access, you can designate beneficiaries online as outlined below.
To designate or update your beneficiary information, follow these simple steps:
1. Log on to your account at retirementplans.
2. Click My Profile. (If you have multiple accounts at Vanguard, you may need to select
Employer plans first.)
3. Click Beneficiaries.
Or go to , download
the beneficiary designation form, and return it to Vanguard. You may also call Vanguard Participant
Services at 800-523-1188 to obtain a copy of the form. Associates are available weekdays from
7:30 a.m. to 8 p.m., Central time.
Your Contributions
and IRS Limits
You can choose from the following contribution types:
?
?
?
?
Before-tax contributions.
Roth 401(k) after-tax contributions.
Traditional after-tax contributions.
Any combination of the above.
IRS Limits
The IRS limits your annual before-tax and Roth after-tax contributions. For the current IRS
contribution limits, go to contributionlimits.
If your total before-tax or Roth contributions under Thrift reach the annual IRS limit before the year¡¯s
end, any additional before-tax or Roth contributions will automatically be converted to traditional
after-tax contributions for the remainder of the year. Before-tax and Roth contributions to Thrift
will resume with your first paycheck in January of the next year. Note: If you stop contributions to
your account after reaching the IRS before-tax or Roth limit, you will have to contact Vanguard
the following January to restart them. Your contributions will not resume automatically.
Thrift
Your Contributions
You can contribute from 1% to 75% of eligible pay on a before-tax, Roth after-tax, or traditional
after-tax basis, or any combination, up to the IRS annual limits. Phillips 66 will contribute $1 to your
account for every $1 you contribute each pay period, up to 5% of your eligible pay. The company
matching contributions will be allocated according to your current investment selection.
Employee Catch-up contributions. Starting the year in which you reach age 50, you can make
additional contributions to the plan over and above certain plan or IRS limits. You can make catch-up
contributions on a before-tax or Roth basis, as part of your overall Thrift contribution.
Calculating Your Contribution Percentage
The example below shows how to calculate your Thrift contribution percentage, assuming $80,000
eligible pay and maximizing your before-tax and/or Roth contributions.
Step 1: Determine the amount you wish to contribute:
Under age 50
Age 50 or older
IRS limit on before-tax and Roth contributions
$17,500
$17,500
IRS limit for catch-up contributions
Not applicable
$5,500
Total contributions
$17,500
$23,000
Step 2: Divide your total contribution amount by your annual pay.
2
Under age 50
Age 50 or older
$17,500 / $80,000 = 0.21875
22%
¡ª
$23,000 / $80,000 = 0.2875
¡ª
29%
Provision
Description
Success Share
Company Contribution
As the name implies, Success Share reflects your potential to share in the Company¡¯s success.
Success Share provides a twice-per-year discretionary cash contribution to your Thrift account.
The contribution percentage will be determined by senior management and will be from 0% to 6%
of eligible pay with a target contribution of 2%. Eligible employees must contribute at least 1% of
eligible pay to Thrift in order to be eligible to receive Success Share contributions. Success Share
contributions will be based only on your eligible pay for those pay periods in which you contributed
to Thrift. You can find more information about Success Share online at
.ekit/sites/phillips66/index.html.
Rollovers
You may roll over before-tax, Roth after-tax, and traditional after-tax money from a former
employer¡¯s 401(k) or other eligible plan, as well as before-tax money from an IRA, into the plan at
any time. Contact Vanguard for instructions. Note: If you do not make an investment election for
your rollover contribution, your money will be invested in the Vanguard Target Retirement Trust with
the target date closest to the year you will reach age 65.
Investment Options
You may choose funds from the plan¡¯s current investment options. For brief descriptions of each
investment option, refer to your plan¡¯s funds in the ¡°Invest Your Savings¡± section of the plan¡¯s online
enrollment kit at .
Advice Services
No matter what your retirement investing needs are, Vanguard¡¯s advice, education, and all-in-one
investment options can help. We can even do most of the work for you.
Follow these steps to view your plan¡¯s advice, education, and all-in-one investment options online:
1. Log on to your account at retirementplans.
2. On your homepage, click the Review my performance tab and select Get help planning
for retirement.
3. Select Let Vanguard Help or Do It Yourself and review your options.
Note: If you have multiple accounts at Vanguard, you may need to select Employer plans after you
log on. If you have multiple employer plan accounts, select the plan you¡¯d like to view.
Dividend Distribution
Options for the
Phillips 66
Stock Fund*
Dividends are payments to shareholders and are distributed from current earnings or
accumulated profits.
Dividends received from Phillips 66 stock are automatically reinvested to purchase additional shares
of Phillips 66 stock. The money will remain tax-deferred and help your account grow.
Dividend pass-through: If you wish to receive stock dividends in cash, you may contact Vanguard up
to three days before a dividend payment date to elect a cash distribution. You will receive a check
and the amount of the dividend will be reported on a Form 1099-R. Your election to receive a cash
distribution for dividends, if declared, will continue each quarter unless you revoke your election
at least three business days before any dividend payment date.
Because the Phillips 66 Stock Fund concentrates on a single stock, it is considered riskier than
a diversified stock fund.
3
Provision
Description
Changing Your
Investments or
Contributions
Contact Vanguard online or by phone to make the following changes:
Loans
Although the plan is designed for long-term savings, you can borrow from your account.
? Exchanges. Generally, you may make exchanges into or out of any investment fund at any
time, subject to established trading policies. Please refer to ¡°Important information about
fund restrictions¡± on page 6, the fund prospectus, or the SPD for more information on
exchange policies.
? Investment allocation changes. You can change how new contributions are invested at any
time. Allocation changes are effective immediately.
? Payroll deduction percentage changes. You can change the amount you contribute anytime.
Changes will be reflected in your paycheck as soon as administratively practicable.
Following are some of the loan provisions:
? Minimum amount: $1,000.
? Maximum amount: 50% of your account balance up to $50,000 (or less if you have had an
outstanding plan loan in the past 12 months).
? Maximum outstanding loans: three.
? Repayment: up to 58 months for a general purpose loan; up to 238 months for a loan taken
to purchase a principal residence.
? Application fee:
>> $35 for each loan initiated through retirementplans or the VOICE Network.
>> $85 for each loan initiated through a Vanguard Participant Services associate.
? Maintenance fee: $20 per year.
? Interest rate: prime rate plus 1%.
To request a loan, contact Vanguard online or by phone.
4
Provision
Description
Withdrawals*
You may withdraw money from your account under certain circumstances:
? Anytime¡ªYou can withdraw your traditional after-tax contributions and company contributions.
? Upon reaching age 59? or becoming totally disabled¡ªYou may withdraw all of your
account assets when you reach age 59? or become totally disabled. You must have a physician¡¯s
certification or Social Security Administration determination of total disability.
? Upon termination of employment¡ªYou may withdraw your entire account.
? In the event of a hardship (as defined by the plan)¡ªYou may withdraw before-tax and Roth
contributions as needed to satisfy your hardship.
>> Hardship withdrawals will result in a six-month suspension from making contributions
or receiving company contributions.
>> You must first exhaust other options, including plan loans.
To make a withdrawal, contact Vanguard online or by phone. For more information about the types
of withdrawals available, contact Vanguard or refer to the SPD.
Distributions*
You are eligible to receive your account balance upon retirement, termination of employment,
or total and permanent disability. You may do any of the following:
? Leave it in the plan if your balance is more than $1,000. You must begin taking required minimum
distributions by April 1 following the year you turn age 70?.
? Receive it as a single-sum cash payment.
? Roll it over to another employer¡¯s eligible plan or an IRA.
? Receive it in installments (monthly, quarterly, semiannually, or annually) based on your
life expectancy.
There are important factors to consider when rolling over assets to an IRA or employer-sponsored
plan or leaving assets in an employer retirement plan account. These factors include, but are not
limited to, investment options in each type of account, fees and expenses, available services,
potential withdrawal penalties, protection from creditors and legal judgments, required minimum
distributions, and tax consequences of rolling over employer stock to an IRA.
*Tax implications: You will be responsible for paying any federal, state, local, or foreign taxes on a distribution or withdrawal from pre-tax accounts.
A distribution or withdrawal of Roth 401(k) earnings is usually also taxable unless the initial Roth contribution was made more than five years ago and you
are at least age 59?. Early withdrawals may be subject to a 10% federal penalty tax. To the extent required by law, Vanguard will make the appropriate
withholding for tax purposes.
5
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- the vanguard group office locations
- the vanguard group stock symbol
- the vanguard group small business
- the vanguard group complaints
- the vanguard group reviews
- the vanguard group locations
- the vanguard group address
- the vanguard group wire instructions
- the vanguard group forms
- the vanguard group employment verification
- the vanguard group human resources
- the vanguard group stock