Building a healthy financial future is just as important as taking care of your health needs today. Putting money aside for your future is easy with the HBC 401(k) Retirement Savings Plan for U.S. Associates. And with contributions deducted before federal taxes are calculated, there is less impact to your take home pay than you might think.

Some of the advantages of the HBC 401(k) Retirement Savings Plan include:

• Associates are eligible the first of the month after 3 months of service and must be at least 21 years of age.

• Newly hired Associates are automatically enrolled into the Plan at a 3% Pre‐Tax contribution rate following three months of service. Your contributions will automatically increase by 1% each year, up to a maximum of 6%.

• Eligible Associates can make Pre-Tax and Roth contributions.
  • Pre-Tax contributions allow eligible Associates to defer income on a Pre-Tax basis. This reduces taxable income as no income tax is taken out at the time of contribution, allowing the investment to grow on a tax-deferred basis. Contributions and earnings are taxed at the time of distribution.
  • Roth contributions allow eligible Associates to defer income on an After-Tax basis. This means contributions will be taxed in the year they are contributed; however, those contributions and any earnings will grow and be distributed tax-free in the future.

• All types of contributions are eligible for matching after you complete one year of service. A year of service is defined as a plan year (January 1 - December 31), during which you are credited with at least 1,000 hours of service.

• The HBC company match is discretionary and determined on an annual basis.

• You are always 100% vested in contributions you make to the 401(k) plan. You become 100% vested in HBC company matching contributions after completing three years of service. A year of service is defined as a plan year during which you are credited with at least 1,000 hours of service.

• The annual contribution limit for 2024 is $23,000. Associates who are age 50+ can make an additional $7,500 catch-up contribution.