Alexander & Baldwin, Inc. offers you a retirement and investment program to help make your retirement years financially secure. These Plans, along with your own personal savings, can help you build for the future. Specifically, the income you receive at retirement comes from three major sources, the...
A&B Retirement Plan for Salaried Employees ("Retirement Plan")
This Plan pays you a benefit when you retire from A&B (or any of its participating companies*); the actual benefit amount you receive is based on the terms of the Retirement Plan in effect at the time you became eligible but is generally based on your earnings and other factors. A&B pays the full cost of the Retirement Plan.
Individual Deferred Compensation Plan ("IDC Plan")
This Plan (also referred to as a 401(k) plan) offers special tax advantages when you contribute pre-tax payroll deductions to your personal account. In addition, A&B provides you with a Company matching contribution if you meet the eligibility requirements described below. Your contributions, including the Company matching contributions, are invested according to your instructions in one or more available funds.
Profit Sharing Retirement Plan ("PSR Plan")
This Plan lets eligible employees share in A&B's financial success. The Company may contribute annually a share of its pre-tax earnings to the PSR accounts of plan participants. Contributions are made if the Company meets pre-determined profit targets for the previous year.
* Participating companies are listed under Plan Sponsor. Matson employees are also eligible to participate as described under the Retirement Plan of Employees of Matson.
When combined with Social Security and personal savings, the A&B retirement income program can help you achieve your financial goals for retirement.
This section of your Handbook explains who is eligible for the program and when your participation in each of the three Plans begins. It also includes details on each plan.
Back to TopAll salaried non-bargaining U.S. employees (as well as employees working in U.S. territories or possessions) are eligible to participate in these Plans. Note that...
Participation in the Retirement and PSR Plans is automatic, but
To participate in the IDC Plan, you must enroll and make contributions to your IDC Account. You may enroll in the IDC Plan at any time. You will be eligible to receive Company matching contributions as of the first day of the month coincident with or following the date on which you complete one year of eligibility service.
For information regarding the types of individuals who may perform services for A&B but are not eligible to participate in these benefits, refer to Who Is Not Eligible.
Back to TopOnce you become an eligible employee, you begin participating in the Plans as follows: Under the...
Retirement Plan, you automatically become a plan participant on the first day of the month coincident with or following the date on which you complete one year of service.
IDC Plan, you may enroll in the IDC Plan at any time.* You will be eligible to receive Company matching contributions as of the first day of the month coincident with or following the date on which you complete one year of eligibility service.
PSR Plan, you will be eligible to receive PSR contributions as of the first day of the month coincident with or following the date on which you complete one year of eligibility service.**
* If you are a non-resident alien, you may not participate in the IDC Plan unless your A&B salary is subject to U.S. income taxes.
** For details on "eligibility service" as it pertains to the Company matching contribution and the PSR Plan, refer to the information below, as well as the specific PSR plan description
You earn a year of eligibility service when you work at least 1,000 hours in your first 12 consecutive months of employment. Hours for which you are paid but don't actually work—such as for vacation, sick leave, an approved leave of absence, etc.—do count toward the 1,000 hours. However, you will not be credited with more than 501 hours of service for any single continuous period during which you do not perform any services for the Company.
If you do not complete 1,000 hours of service during the first 12 months of your employment, you will become a participant of the PSR Plan on the January 1 following the first calendar year in which you do complete 1,000 hours of service.You will also become eligible to begin receiving a Company matching contribution under the IDC Plan on that date.
Back to TopYou will no longer actively participate in these Plans if you...
Have a change in job classification that makes you ineligible,
End your employment with A&B, or
Die.