Benefit Connections    FAQ
About 401(k) Savings Plans

  When am I eligible to contribute to the Plan?

  • Hourly employees - After you complete one year of service you are eligible to begin contributing.
  • Salaried employees - On your date of hire you are eligible to begin contributing.

  How do I enroll in the Plan or access my account?

  • Log on to Fidelity at www.401k.com . OR
  • Call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  When is my enrollment effective?

Once you become eligible, you may elect a contribution percentage through your Fidelity account to initiate your enrollment. Your election will start your pay deductions within two pay periods after the date of your election.

  What happens if I do not enroll in the plan?

You will be automatically enrolled in the Plan 45 days from your eligibility date at a contribution rate of 3% of your pre-tax basic eligible earnings. Your contributions will be invested in a Target Date/Life Cycle Fund based on your date of birth assuming a retirement age of 65.

  Can I cancel or stop automatic enrollment?

Yes. You can change your contribution to 0% by logging on to Fidelity at www.401k.com or calling the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  How much can I contribute?

  • Hourly Thrift Plan - You may elect to contribute between 1% and 30% of your eligible pay on a pre-tax and after tax basis combined up to the annual IRS dollar limits.
  • Salaried RASP Plan - You may elect to contribute between 3% and 50% of your eligible pay on a pre-tax and after tax basis combined up to the annual IRS dollar limits.
  • Hourly Thrift Plan or Salaried RASP Plan - If you are age 50 or older during the Plan Year, you may also elect to make pre-tax Catch-Up contributions. These pre-tax contributions are in addition to the IRS annual maximum limit for regular pre-tax contributions and these contributions DO NOT reduce the maximum amount of regular pre-tax contributions than can be made by participants on an annual basis. You can contribute on a pre-tax basis between 1% and 20% of your eligible pay up to the annual IRS dollar limit for Catch-Up. Catch-Up contributions are not eligible for Company Matching.

  What is a deferral percentage?

This is the pre-tax, after-tax, or catch-up contribution percentage you elect to have deducted from your pay.

  What are pre-tax (before-tax) deferrals?

The pre-tax contribution percentage you elected per pay period is deducted from your gross pay before any federal and state withholding taxes are calculated, thus, saving you tax dollars. Your contribution dollars are then called pre-tax or before-tax dollars. You will not pay any withholding taxes on these dollars until you take a distribution or withdrawal from your 401(k) account.

  What are after-tax contributions?

After applicable federal and state withholding taxes are deducted on your total gross pay then your contribution percentage is calculated and deducted from pay. The benefit of after-tax contributions is that the contributions are not taxed at the time of a distribution or withdrawal; however, any earnings on your after-tax contributions are subject to withholding taxes.

  How do I change my 401(k) payroll deduction (contribution percentage)?

  • Log on to Fidelity at www.401k.com. Once you are logged in, click on the Quick Links drop down box, select Contribution Amount, and select Contribution Amount again.
  • Call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  How often can I change my contribution percentage?

You can change your contribution percentage as often as you like. Your change will be effective within two pay periods after the date the change is made.

  Does the Company contribute to my account?

  • Hourly employees – You are eligible for the Company Matching contribution if you are participating in the Thrift Plan and are contributing on a pre-tax basis to your 401(k) account. Catch-up and after-tax contributions are excluded from the Company Matching contribution.
  • Salaried employees – Once you have satisfied the 1 year eligibility requirement, the Company contributes 3% to your 401(k) account whether you contribute or not. This contribution is called the Company Basic contribution. In order to receive the Company Matching contribution, you must be contributing on a pre-tax basis to your 401(k) account. Catch-up and after-tax contributions are excluded from the Company Matching contribution.

  How much does the Company contribute to my account?

  • Hourly employees – If you are contributing to the Thrift Plan, the Company will match $2 to every $1 you contribute on a pre-tax basis up to 3% of your eligible compensation. This means if you contribute 3% you will receive the maximum Company Match contribution of 6%. Catch-up and after-tax contributions are excluded from the Company Matching contribution.
  • Salaried employees - If you have satisfied the 1 year eligibility requirement, the Company will contribute the Company Basic contribution of 3% of your eligible pay to your 401(k) account whether you contribute or not. In addition, the Company will match $2 to every $1 you contribute on a pre-tax basis up to 3% of your eligible compensation. This means if you contribute 3% you will receive the maximum Company Match contribution of 6%, in addition to the 3% Company Basic contribution. Catch-up and after-tax contributions are excluded from the Company Matching contribution.

  When are Company contributions deposited into my account?

Your company contributions are usually deposited within 2 days following your pay day.

  When am I vested?

You are always 100% vested in your contributions. You are 100% vested in the Company contributions when you complete 1 year of employment service with CITGO.

  Can I rollover my 401(k) account from my previous employer?

You are permitted to roll over eligible pre-tax contributions from another 401(k) plan, 403(b) plan, governmental 457(b) retirement plan, eligible pre-tax contributions from a conduit Individual Retirement Account (rollover IRA), and certain non-conduit Individual Retirement Accounts (traditional IRAs, Simplified Employee Pension plans and “SIMPLE” IRA distributions made more than two years from the date you first participated in the SIMPLE IRA). A conduit IRA contains only money rolled over from an employer-sponsored retirement plan that has not been mixed with regular IRA contributions. Contact the Fidelity Retirement Line at 1-800-256-4015 to speak with a representative to complete this transaction. You should also consult a professional tax adviser or consultant.

  Can I take a loan from my account?

Each 401(k) plan allows two outstanding loans. The minimum loan amount is $1,000 and the maximum amount is 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. For more information on loans, or to initiate a loan, log on to Fidelity at www.401k.com or call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  Can I take withdrawals from my account as an active employee?

The Plans offer various types of withdrawals for active employees: After-tax, Rollover, Non-Hardship, Hardship, Complete, Partial and Installment. For more information on withdrawals, or to initiate a withdrawal, log on to Fidelity at www.401k.com or call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  What is a default investment options?

If you do not make an investment election, contributions will be automatically defaulted into one of the Plan's age based lifecycle or Target-Date Funds based on your date of birth assuming a retirement age of 65. These funds offer a diverse blend of stocks, bonds and short-term investments within a single fund. The asset allocation will gradually become more conservative over time as you draw closer to retirement age.

  What are my investment options?

The CITGO 401(k) Savings Plans offer a wide variety of investment options that represent several asset classes and investment styles to help you reach your savings goals. For a complete description of the Plans' investment options, including their performance and fees, and/or for a prospectus for any of the mutual funds available in the Plans, log on to Fidelity at www.401k.com or call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  How do I obtain additional investment option and account information?

For a complete description of the Plans' investment options, including their performance and fees, and/or for a prospectus for any of the mutual funds available in the Plans, log on to Fidelity at www.401k.com or call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.

  How do I change my investment options?

  • Log on to Fidelity at www.401k.com. Once you are logged in, click on the Quick Links drop down box and select Change Investments.
  • Call the Fidelity Retirement Line at 1-800-256-4015, Monday through Friday from 8:30 a.m. to 11:00 p.m., Eastern Standard Time to speak with a Fidelity representative. The automated voice response system is available 24 hours a day, 7 days a week.