Benefit Connections    401(K) Savings
CITGO Petroleum Corporation Employees’ 401(k) Savings Plans
Learn about: Enrollment, Employee Pre-tax, After-tax and Catch-up Contributions, Company Contributions, Vesting Requirements, Loans, Withdrawals, and Investment Options.

  • You can enroll in the Plan immediately after your date of eligibility, and you are encouraged to do so.
  • The Plan has an automatic enrollment feature:
    • If you are a new hire or rehire, 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, and your contributions will be invested in a Target Date/Life Cycle Fund based on your date of birth assuming a retirement age of 65.
    • If you wish to contribute to the Plan before you are automatically enrolled, log on to NetBenefits at or call the Savings Line at 1-800-256-4015 to make a contribution election.
    • If you do not wish to contribute to the Plan, you must change your contribution rate to 0% within the first 45 days from your date of eligibility.
    • Refer to the Summary Plan Description (SPD) for additional information regarding auto enrollment.
  • How much you can contribute:
    • Hourly Thrift - Between 1% - 30% of your basic earnings up to the IRS Annual Limits.
    • Salaried RASP - Between 3% - 50% of your basic earnings up to the IRS Annual Limits.
    • If you are at least age 50, or will turn age 50 by the end of the current year, then you are also eligible to make tax-deferred catch-up contributions. You may elect from 1% - 20% of your basic earnings as a catch-up contribution, up to the IRS Annual Limits.
    • The IRS limits the amount that can be contributed to any 401(k) savings plan. click here for more information regarding IRS Annual Limits.
  • Tax-deferred basis (before taxes are withheld from your paycheck – also called Pre-tax)
  • After-tax basis (after taxes are withheld from your paycheck)
  • CITGO offers a generous matching contribution! The Company matches $2 for every $1 you contribute on a pre-tax basis, 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 on a pre-tax basis to your 401(k) 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 (SPD) for additional information.
  • 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 401(k) account or not.
  • You are immediately 100% vested in your contributions. You are 100% vested in company contributions upon completing one year of service.
  • 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 two outstanding loans 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 or by calling Fidelity’s Savings Line at 1-800-256-4015. Refer to the Summary Plan Description (SPD) for additional information.

Please read the attached flyer for facts to know and consider before you take out a Plan loan.

Additional rules and procedures governing Plan loans can be found in the Summary of Loan Rules.

  • Withdrawals are generally permitted when you terminate your employment, retire, reach age 59 ½ while in active employment, become permanently disabled, or have a severe financial hardship as defined by the Plan. Other types of withdrawals may be available with restrictions. You may initiate a withdrawal online at or by contacting a Fidelity Customer Service Representative at 1-800-256-4015. Refer to the Summary Plan Description (SPD) for additional information.

There are a number of tax implications and certain Plan considerations you should take into account before taking a withdrawal from the Plan. Refer to the Summary Plan Description (SPD) and the Notices below for more information.

The CITGO Savings Plans offer a wide variety of investment options that represent several asset classes and investment styles to help you reach your savings goals.

  • Investment fees are generally lower than average retail fees.
  • You can actively make your own investment decisions, or you can take a more hands-off approach by choosing a Target Date/Life Cycle Fund.
  • For a complete description of the Plan’s investment options, including their performance and fees, and/or for a prospectus for any of the mutual funds available in the Plans, please visit Fidelity’s NetBenefits website at, or contact the Savings Line at 1-800-256-4015.
  • The funds offered in the Plans are subject to change. You will receive advance notice of any changes within the investment lineup.