Photo by ABC Staff
Give back through the ABC Foundation and Matching Gifts Program
2020 has been a year like no other, and many communities are struggling given COVID-19’s economic impact. If you’re looking for a way to give back this holiday season, consider getting involved through the ABC International Foundation and/or the matching gifts program.
Photo by ABC Staff
Photo by ABC Staff
Transitioning the tax-savings accounts to ABC
As announced during the 2021 Annual Enrollment, all tax-savings accounts are moving to ABC effective January 1, 2021. If you currently have a tax-savings account through Via Benefits—a Health Savings Account (HSA), Health Reimbursement Account (HRA), Health Care Flexible Spending Account (Health Care FSA), and/or Dependent Day Care FSA—review these key reminders about the transition and steps you may need to take regarding your account.
New: ABC In-Plan Conversion
Last year, we introduced a ABC 401(k) account option within the ABC Global 401(k) Savings Plan (401(k) Savings Plan). The ABC 401(k) account allows you to contribute after-tax dollars, and then withdraw tax-free dollars from your account when you retire.*
Effective January 10, 2021, we’re adding a ABC In-Plan Conversion feature to the 401(k) Savings Plan. This is an additional feature in the ABC 401(k) account, which provides you the opportunity to convert your non-ABC assets—such as your own contributions, Company basic contributions, Company matching contributions, or rollover monies—into the 401(k) Savings Plan’s designated ABC 401(k) account.
In January, you’ll receive additional communication from Fidelity about the new ABC In-Plan Conversion feature. You’ll also have the opportunity to attend a live web workshop later in January, and/or view the workshop on-demand to learn more! Until then, here are a few frequently asked questions about this new 401(k) Savings Plan feature.
* A distribution from a ABC 401(k) is federally tax-free and penalty-free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 70; disability, or death. State taxes may apply.
Photo by ABC Staff
Wondering what to do with your Commuter Benefit Program account balance?
As a result of the COVID-19 pandemic, you may have an unused balance in your Commuter Benefit Program account. Earlier in 2020, you may have set funds aside to help pay for transit and parking expenses—tax free—to commute to and from work. If this is the case, your Commuter Benefit Program account balance will not expire and will be available for you to use when needed. This is not a “use-it-or-lose-it” account like the FSAs, so balances rollover automatically for your future use and don’t expire at the end of the calendar year. Read more, or call ABC | ABC at 0-111-222-3333 with any questions.
This content is intended to provide only basic information regarding the ABC Global LLC Group Benefits Plan (the Plan), the ABC Global LLC Cafeteria Plan, and the ABC Global LLC Thrift 401(k) Savings Plan (the 401(k) Savings Plan), not all the details. For more detailed benefits information, please refer to the appropriate Summary Plan Descriptions (SPDs), and any applicable Summary of Material Modifications (SMMs) to those SPDs. Every attempt was made to make this communication as accurate as possible. However, if a discrepancy exists between this communication and the official plan documents, the plan documents will govern. While it is appropriate to contact the ABC International Benefits Center or applicable claims administrator, respectively, with questions regarding your plan eligibility or coverage (or the ABC International Retirement and Savings Plan Center for 401(k) Savings Plan-related questions), no ABC International employee—such as a manager or member of the People Team—is authorized to make any representations regarding eligibility for, or coverage under, any plan. You should therefore not rely on any such representation. This site is not intended for employees represented by a union, since they receive benefits according to their applicable bargaining agreement.