SABIC is proud to support employees with a comprehensive benefits program that promotes retirement security with smart, sustainable investments. To continue our strong commitment, we are making some changes to the retirement program. These changes will allow for a simplified, market-competitive retirement program that gives you more control to manage to your retirement savings goals.
Starting January 1, 2020, all employees will participate in a consistent company match and contribution arrangement in the SABIC U.S. Employee Retirement Savings Plan (the âRetirement Savings Planâ). This contribution structure includes a 50% company match on your contributions, up to the first 8% you contribute, along with an automatic 5% contribution from SABIC that is made regardless of your participation level. In addition, for those employees eligible for the SABIC Innovative Plastics Pension Plan (the âPension Planâ), benefits would no longer accrue in that plan after December 31, 2019 â this is commonly known as a âplan freeze.â
If you were hired on or after January 1, 2014, you are already eligible for this contribution structure in the Retirement Savings Plan. Therefore these changes would not affect you.
Explore this website to learn more about the changes and the resources available to you.
Retirement Program Change Highlights