It's important for you to know that...

• New and rehired employees are automatically enrolled 45 days from their date of eligibility.
• 3% of your pay will automatically be deducted on a pre-tax basis unless you elect to not participate.
• Refer to your plans Summary Plan Description (SPD) for additional information regarding auto-enrollment.

You can...

• Begin your contributions sooner than the auto-enrollment date.
• To begin contributing log into your account through Fidelity's Net Benefits at www.401k.com then click on New Registration or Call Fidelity toll free @ 1-800-256-401k to speak with a Fidelity Representative.
• How much can you contribute?
  • Hourly Thrift - Between 1% - 30% up to the IRS Annual Limits.
  • Salaried RASP - Between 3% - 50% up to the IRS Annual Limits.
  • CLICK HERE for more information regarding IRS Annual Limits
• Increase your contribution percent.
• Decline enrollment in the CITGO Savings Plan by logging into your 401(k) account on Fidelity’s website: www.401k.com  or by calling Fidelity toll free at 1-800-256-4015 and electing 0% as your contribution percent.
• The IRS limits the amount that can be contributed to any 401(k) savings plan.

You can save on a:

• Tax-deferred basis (before taxes are withheld from your paycheck – also called Pre-tax) and
• On an after-tax basis (after taxes are withheld from your paycheck)
• If you are at least age 50 or will turn age 50 by the end of the current year, then you are also eligible for Tax-deferred Catch-up contributions.
• Refer to your Plan’s Summary Plan Description for information regarding the minimum and maximum contribution percents.

Company Match Contribution

• CITGO provides a generous $2 matching contribution for every $1 you contribute up to 3% of your eligible compensation, subject to legal limitations.
• The CITGO match will begin after you have completed 12 months of service provided you are contributing to your 401k account. Remember, if you do not take full advantage of the Company Match that is available to you, you are essentially leaving “free” money on the table.
• Refer to your Plan’s Summary Plan Description for additional information.

Company Basic Contribution

If you are a CITGO Salaried employee that has completed 12 months of service you are eligible to receive the Company Basic Contribution of 3% based on your eligible compensation whether you contribute to your 401k account or not.

Vesting

You are immediately 100% vested in your contributions. Company vesting requirements are as follows:

• Hourly Thrift Plan – You must complete 3 years of service to be 100% vested. If you terminate employment prior to completing three years of service then you will be 0% vested in your Company contributions. Additionally, you will be considered 100% vested in your Company contributions provided you meet any of the following requirements:
  • You reach age 65 while in employment.
  • You retire direct from employment at age 55 or older.
  • You are determined to be totally and permanently disabled by the Benefits Plan Committee.
  • You are legally established to be mentally incompetent while in employment.
  • You die while in employment.
     
• Salaried Retirement and Savings Plan (RASP) – You are 100% vested upon completing one year of service.

Loans

Your Savings plan account is intended for your future retirement; however, you are eligible to borrow from your account for any reason. The plan allows for one outstanding loan at a time. The minimum loan amount is $1,000 and the maximum is up to 50% of your vested account balance not to exceed $50,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. You may model and or initiate a loan online at www.401k.com or call Fidelity Investments at 1-800-256-401k. Refer to your Summary Plan Description for additional information.

Withdrawals

Withdrawals are generally permitted when you terminate your employment, retire, reach age 59 ½ while in active employment, become permanently disabled, or have severe financial hardship as defined by the Plan. Other types of withdrawals may be available with restrictions. To initiate a withdrawal you must contact Fidelity Investments at 1-800-256-401k. Refer to your Summary Plan Description (SPD) for additional information.

Investment Options

The CITGO Savings Plan offers approximately 14 investment funds plus 11 Fidelity Freedom Funds and two different investment style approaches to help you reach your savings goals:

• You may select your own investment options and manage your investment portfolio, or
• You may select a Fidelity Freedom Fund. If you do not select any investment options your contributions will be automatically defaulted into the Fidelity Freedom Funds. These funds are designed to provide a diverse asset allocation which includes a broad spectrum of funds. The Freedom Funds are referred to as Life Cycle Funds which are based on your date of birth and a retirement date range. Included are a variety of asset allocation mutual funds. Your contributions are primarily invested in domestic equity funds, international equity funds, investment grade fixed income funds, high yield fixed income funds and in short-term mutual funds. The mix of underlying Fidelity mutual funds will gradually become more conservative over time as you draw closer to retirement age.
• For additional fund information please visit Fidelity’s website at www.401k.com  or refer to your plan’s Summary Plan Descriptions (SPD)