401(k) and Roth 401(k) –Merrill Lynch
New associates are part of an automatic enrollment and automatic increase program where participation in the Plan begins automatically, the first of the month after 45 days of hire. This automatic enrollment feature is designed to make it easier for you to save and invest for the future. Click here for more information, including the rollover contribution form.
How does automatic enrollment work?
- Unless you choose not to participate, FranklinCovey will deduct 3% of your eligible compensation each paycheck and direct those deductions to your 401(k) Plan account approx 45 days after your date of hire.
- You may choose to increase or decrease your contribution rate at any time. You can do this by going to www.benefits.ml.com or by calling 800-228-4015.
- Your contributions will be invested initially in the Goal Manager Moderate Portfolio Model.
- The Moderate Portfolio Model is designed for participants who seek a balance between risk and reward. This model seeks moderate growth. However, you may choose to invest your contributions in any of the investment options available in the FranklinCovey 401(k) Plan.
How does automatic increase work?
- Under automatic increase, the contribution rate for participating employees is increased by 1% each January.
- You may choose not to take part in the automatic increase feature.
- You may choose to change your annual increase amount at any time. You may also choose a different increase amount or a different frequency for automatic increases.
- The automatic increase feature will not raise your contribution rate to more than 10% of eligible compensation.
Does FranklinCovey match my contribution?
- FranklinCovey matches 100% of your first 1% contribution; and 50% of your next 2-5% contribution. You are fully vested after 5 years with a 20% vesting each year
Employee Stock Purchase Plan (ESPP) – Equiniti Solutions
You may allocate 1-15% of your income up to $25,000 to purchase stock through payroll deduction. Stock is purchased at a 15% discount of average selling price on the last trading day of the fiscal quarter. FranklinCovey pays the ESPP administration and commission fees. You can enroll at the beginning of any fiscal quarter as long as enrollment is received prior to the start of the fiscal quarter. To enroll in the ESPP, complete this ESPP enrollment form. Please be aware of tax implications with the ESPP which are outlined here. For instructions on how to access your stock, please click here. Please note that although you are not taxed when you acquire ESPP shares, compensation income results whenever you dispose of them. This is regardless of how long you hold them or in what manner you dispose of them. Click here for additional details.