401(k) Savings Plan

401(k) Savings Plan

Overview

Masonite is committed to supporting your financial well-being — today and tomorrow. The Masonite 401(k) Plans help our employees meet one of life’s most important goals — financial security at retirement. The Plans offer an easy, tax-advantaged way to save for your future financial needs.

 

Key advantages

Masonite 401(k) & Retirement video


Masonite 401(k) & Retirement video (Spanish version)

 

  • Company match
  • Current income tax savings
  • Tax-deferred investment growth
  • Wide range of investment options
  • Convenient payroll deductions

 

Manage your account

Visit Charles Schwab or call 1.800.724.7526 to enroll or manage your plan account:

  • Enroll in the plan.
  • Check your balance.
  • Change your contribution rate.
  • Manage your investments.
  • Update your beneficiary.
  • Use planning tools and calculators.
  • Access forms and documents.
  • Schwab MoneyWise®

 

 

Your Contributions

Masonite 401(k) Plans allow you to make pre-tax contributions, catch-up contributions, and/or Roth contributions (non-union 401(k) Plan only).
Contacts

 Website
Charles Schwab
 Phone
1.800.724.7526



Documents

Masonite Plan Guide
Masonite Saving Plan Union SPD
My Retirement Progress Quick Video
Program landing page
Appointment Scheduler
Financial Concierge Employee Brochure
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  • What's the difference?

    Pre-tax vs. Roth after-tax contributions

    Pre-Tax Contributions Roth After-Tax Contributions
    • The money goes into your plan account before taxes are deducted, so you keep more of your take-home pay.
    • Since you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).
    • The money goes into your plan account after taxes are withheld.
    • In exchange for paying taxes now, both your contributions AND any associated earnings can be withdrawn tax-free in retirement, provided you meet two requirements:
      • At least five years have elapsed since your first Roth contribution.
      • You are at least 59½ or the withdrawal follows death or total disability.
    Keep in mind that company contributions are made on a before-tax basis, no matter which contribution type(s) you select.

  • Catch up!
    It’s not too late to make up for lost time. If you’ll be 50 or older this year, take advantage of the opportunity to contribute up to an additional $6,500 in 2020.

Company Contributions

To help you reach your retirement planning goals, Masonite provides a company match on your contributions of up to 5% of your pay.

 

Here’s how the company match works:

 

Note: If you have questions about the Company Match, log on to the Charles Schwab website, or call 1.800.724.7526. Employees in the non-union 401(k) plan can refer to the Masonite Savings (MAS) Plan Highlights. Union employees can refer to the MAU (union) Summary Plan Descriptions.

 

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  • Meet the match!
    Are you making your money work as hard as you do? Try to contribute at least 5% to take full advantage of the match — otherwise, you’re saying “No, thanks” to free money!

Vesting

Employees in the non-union 401(k) plan become fully vested in company contributions after completing three months of service with Masonite. Union employees should refer to the Plan’s Summary Plan Description (SPD), log on to the Charles Schwab website, or call 1.800.724.7526.

 

Enrolling

Employees are immediately eligible to enroll in the 401(k) Plans. Contributions will be deducted once you meet the service eligibility requirements, which is three months for non-union employees. Union employees should refer to the Plan’s Summary Plan Description (SPD), log on to the Charles Schwab website, or call 1.800.724.7526 if you have questions about your service eligibility.

For existing employees, contributions will begin as soon as possible, based on when you elected to contribute and your payroll cycle.

 

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  • What if I don’t enroll?

    For new hires, if you do not actively enroll, you will be automatically enrolled in the plan on the 1 year anniversary of your hire date. You will be automatically enrolled at a contribution rate of 3%. This means 3% of your eligible compensation will be deducted from your paycheck on a pre-tax basis and contributed to your Plan account, unless you designate a different contribution percentage or elect not to participate (“opt out”) by calling 1.800.724.7526 or logging in to Charles Schwab.

     

    Upon enrollment, you will also be elected to participate in the automatic increase program, which increases your contribution percentage by 1% each year, unless you elect to opt out.

     

    Note: Automatic enrollment and automatic increase program applies to only to the non-union 401(k) plan.

  • Have you named a beneficiary?
    It's important to designate a beneficiary to receive the value of your 401(k) account in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up-to-date. Visit the Charles Schwab website or call 1.800.724.7526 to add or change a beneficiary.
Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 1.800.724.7526 for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully. Investing involves risk, including the risk of loss.