401(k) Retirement

If eligible, you can set up automatic 401(k) deductions from your paycheck each pay period at any time.

• Contribute between 1% and 75% of your eligible pay (up to the IRS annual limits).
• Change your per pay period contribution amount(s) whenever you need to.
• Take advantage of the Company-paid 401(k) match.
• Add at least one beneficiary to protect your 401(k) savings and loved ones.

401(k) Contributions: Pre-Tax vs. Roth

There are two ways to contribute money to your 401(k). You can choose one account, or the other, or both.

	Pre-Tax	Roth	Employer Contributions
Source of Funds	Elected contribution taken before taxes from your paycheck.	Elected contribution taken after taxes from your paycheck.	Lennox matches a portion of your eligible pre-tax contributions.
Are contributions taxed when made?	No	Yes	No
Are contributions taxed when distributed?	Yes	No	Yes
Are earnings taxed when distributed?	Yes	No	Yes

401(k) Catch-Up Contributions (Age 50+)

Catch-up contributions allow people age 50 or older to contribute extra funds to their 401(k) Plan. Catch-up amounts may be made on a pre-tax and/or Roth basis up to the annual IRS limit.

NOTE: Catch-up funds are in addition to the annual standard 401(k) limits set by the IRS each year.

As you build your retirement nest egg, Lennox also contributes a Company-paid match to your 401(k) plan – that’s free money towards your future!

Hourly Employees

Company-Paid Match Contribution
Lennox will match a portion of your eligible hourly pay on a per pay period basis as soon as you start contributing to your 401(k). To confirm if you qualify, call Fidelity at (866) 783-5225.

Salaried Employees

Company-Paid Base Contribution
After your first year of service at Lennox, eligible employees will automatically receive a Company-paid 3% base contribution to their 401(k) on a per pay period basis. To learn more, call Fidelity at (866) 783-5225.

Company-Paid Match Contribution
Once you set up and begin contributing to your 401(k), Lennox will automatically match 50% of your qualified contribution dollars (up to 6% of your eligible pay) on a per pay period basis.

Maximize the Match! Use Lennox’s 401(k) Maximizer Tool (Salaried) to model your annual contributions.

NOTE: If you reach the annual IRS 401(k) contribution limits early in the year, you will miss out on the Company-paid match. Match contributions and any associated earnings are not taxable until withdrawal.

Each year, you can combine pre-tax and Roth contributions up to the IRS 401(k) contribution limits.

401(k) Annual Contribution Limit*	2025
Employee Contribution (age 49 or younger by year-end)	$23,500
Additional Catch-Up Contribution (only for those age 50+ by year-end)	$7,500
Current Year’s 401(k) Contribution Deadline: December 31, 2025

*The maximum 401(k) contribution limits varies year-to-year. Visit irs.gov for the latest information.

Are you on track to max out your regular pre-tax and Roth 401(k) contributions this year?

Salaried employees can further increase their retirement savings by contributing 1% – 5% of their eligible pay as after-tax 401(k) contributions.

After-Tax vs. Roth 401(k) Contributions

Like a Roth 401(k), your after-tax 401(k) contributions…

• Are taken out of your paycheck after your income is taxed.
• Are non-deductible and voluntary.
• Are eligible for qualified tax-free and penalty-free withdrawals at any time.
• Can be invested for tax-deferred growth (any future earnings will be taxed upon distribution).

Unlike a Roth 401(k), your after-tax 401(k) contributions…

• Grow earnings that are considered pre-tax, so any money you earn will be taxed upon distribution.
• Are not subject to a specific annual limit, but your combined employee + employer 401(k) contributions must not exceed the annual IRS limits.
• Do not qualify for the Company-match (this only applies to regular pre-tax and Roth 401(k)s).

Keep in mind, if you convert your after-tax 401(k) to a Roth, your earnings will not be taxed upon distribution.

Tax Benefits of a Roth In-Plan Conversion

A Roth in-plan conversion will allow your after-tax 401(k) funds to grow tax-free and be distributed tax-free (if certain requirements are met).

• A Roth in-plan conversion can be requested when your after-tax 401(k) funds are deposited.
• You must actively enable automatic on-going Roth in-plan conversions as a separate action to cover all future after-tax contributions.
• After-tax contribution earnings that are not converted to Roth will be taxed upon distribution.

Ready to set-up an after-tax 401(k)? Call Fidelity at (800) 835-3361 (Monday – Friday, 7:30am – 7pm CST).

You don’t need to be an expert to invest your retirement savings.

Fidelity will automatically invest your 401(k) contributions in the default target date fund. There will be no change in your investments until you choose to move them to other investments available to you. Learn more about Fidelity’s 401(k) investment approaches by visiting the Investments and Performance page.

Explore Fidelity’s Personalized Retirement Decision Guide to build your own journey and create a long-term retirement income plan that lasts a lifetime.

Fidelity 1-on-1 Financial Guidance

Fidelity advisors can assist you with your 401(k) investments if your financial situation is complex or you prefer a more personalized approach. Call (877) 902-0007 to schedule a free consultation.

Vesting refers to ownership of accrued contributions and earnings in the plan.

Your employee 401(k) contributions are always 100% vested, meaning you have immediately full ownership.

For information about the vesting schedule of Lennox’s Company-paid match contributions, please contact Fidelity at (866) 783-5225.

Keeping your beneficiary list up-to-date allows you to be confident that your loved ones will receive the assets you intend them to receive. Learn more about the importance of naming beneficiaries.

Changes can be made at any time, and it only takes a few minutes to review.

Steps For Adding A Beneficiary

You’ll need to assign at least one beneficiary for your Fidelity 401(k) account(s). Remember to tell your family members or friends if you’ve selected them as a beneficiary.

To add, change, or remove beneficiaries:

• Log into your Fidelity NetBenefits Beneficiary Designation page.
  OR
• Call Fidelity directly at (866) 783-5225, and have the following information ready:
  • Beneficiary type (e.g., spouse, non-spouse, trust, entity)
  • Full name
  • Date of birth
  • Social security number (optional)

If you’re thinking about financial planning for the first time, it can seem overwhelming, and no matter how far in advance you prepare, there is always something new to learn.

• Lennox’s Financial Wellness page can help stay on top of your financial to-do list.
• If you’re looking for tips to plan for retirement, visit Fidelity’s Saving For Retirement page.
• Check Fidelity’s On-Demand Webinars for expert insights on topics such as:
  • Basics of Managing Your Money
  • Making a Plan for Retirement Income
  • Making Sense of Medicare
  • Building Your Bridge to Medicare