Sysco

Sysco offers a generous 401(k) plan with automatic and matching contributions to help you build your retirement savings.

You can change your 401(k) contribution percentage or investment allocations at any time. To access your account through Fidelity, go to NetBenefits.com or call Fidelity at 1-800-635-4015.

Eligibility

All non-union colleagues of Sysco Corporation and its participating subsidiaries are eligible to participate. Colleagues whose collective bargaining agreements provide for participation in the plan are also eligible to participate at such times as those set forth in their applicable collective bargaining agreements.

Note: While this information about the 401(k) plan applies to the majority of Sysco colleagues, eligibility may vary due to grandfathered benefits, or collective bargaining agreements.

Your Contributions

You make contributions to the 401(k) through convenient payroll deductions. You choose how much to save, from 1% to 50% of total eligible pay, up to the Internal Revenue Service (IRS) limits.

The IRS limits the combination of your before-tax contributions to $23,000 in 2024. The 2025 limit is $23,500. This includes any before-tax contributions you made to another employer plan within the same year. You can change your contribution rate at any time.

Roth Contributions

You can make pre-tax and Roth contributions to the 401(k) through convenient payroll deductions. Unlike traditional pre-tax 401(k) contributions, Roth elections are taxed at the time you make the contribution. Your tax or financial advisor can provide additional details on these options. 

You can contribute from 1% to 50% of total eligible pay in combined pre-tax and Roth contributions, up to the IRS limits.

Employee Catch-Up Contributions

2024 Catch-Up Contributions

If you are age 50 or over on January 1, 2024, or will be turning age 50 in 2024, you’re eligible to make additional pre-tax contributions (unmatched) into your 401(k) up to a maximum of $7,500 in 2024.

2025 Catch-Up Contributions

If you are age 50 or over on January 1, 2025, or will be turning age 50 in 2025, you’re eligible to make additional pre-tax contributions (unmatched) into your 401(k) up to a maximum of $7,500 in 2025.

If you are age 60-63 on January 1, 2025, or will be turning age 60, 61, 62, or 63 in 2025, you’re eligible to make additional pre-tax contributions (unmatched) into your 401(k) up to a maximum of $11,250 in 2025.

Company Contributions

There are two types of company contributions:

1. Automatic – On the first of the month coincident with or following 60 days of employment, Sysco automatically contributes an amount equal to 3% of your eligible pay to your 401(k) account every pay period.
2. Matching – In addition to the automatic contributions, Sysco makes employer-matching contributions annually to encourage you to contribute to your retirement savings plan. The Company contributes 50 cents for every dollar you contribute to the plan up to 6% of your eligible pay. If you aren’t contributing at least 6% of your pay, you are leaving money on the table!

Vesting

Vesting refers to the portion of your account that you "own." See page 2 of the Participant Guide found when you log into NetBenefits.com.

Automatic Enrollment and AIP

As an eligible colleague, you’re automatically enrolled in the 401(k) on the first of the month coincident with or following 60 days of employment at a contribution rate of 3% of eligible pay. As part of automatic enrollment, you’re also enrolled in the automatic annual increase program (AIP), which increases your contribution by 1% each year until you reach 6%.

• If you want to change the automatic contribution elections before they begin, visit NetBenefits.com or call Fidelity at 1-800-635-4015 before 60 days of employment and make your own choices.
• If you don’t actively enroll and choose investment funds for your account, Sysco’s contributions will be invested in the Vanguard Target Retirement Fund that’s closest to your projected retirement date (based on your age).

If you wish to contribute to the Plan before you are automatically enrolled or to opt out of automatic enrollment, log in to NetBenefits.com or call Fidelity at 1-800-635-4015. Note that you’ll need to sign up for AIP if you choose to actively enroll. To do so, log in to NetBenefits.com and click Contribution Amount.

Investment Options

The 401(k) plan offers you a variety of investment options. You should research the risk and return objectives of each option, along with fees and expenses. Learn about all of your options on NetBenefits.com. Or, you can call Fidelity at 1-800-635-4015 to get expert assistance.

Naming a Beneficiary

When you become a participant, make sure you elect a beneficiary for your 401(k). A beneficiary is the person you choose to receive your 401(k) Plan benefit in the event of your death. To designate a beneficiary, visit NetBenefits.com or call Fidelity at 1-800-635-4015.

Manage Your 401(k)

You can learn about all of your options, find forms and manage your account online at NetBenefits.com. Or you can call Fidelity at 1-800-635-4015 to make changes or get expert assistance.

Sysco 401(k) Plan Enhancement

When you need to take a loan or withdrawal from your 401(k) plan, it can take days or even weeks to access your funds due to waiting periods. In an effort to support our colleagues impacted by coronavirus, we’ve partnered with Fidelity to make Electronic Funds Transfer (EFT) and eCertified Hardships available, so you can access your funds quickly.

Electronic Funds Transfer (EFT) – Starting today, we have eliminated the 10-day waiting period for EFTs. Now, when a participant enters their banking information in NetBenefits, they no longer have a 10-day waiting period to receive funds. EFTs are immediately available for any loans or withdrawals that are $50,000 or less. In addition to eliminating wait times, this will also reduce cost to the participant.

eCertified Hardships – If you need to make a hardship withdrawal, you may be able to initiate a withdrawal in as little at 48 hours through eCertification. You can speak with a representative or initiate a qualifying hardship withdrawal anytime on NetBenefits.

To learn more about accessing your retirement funds for coronavirus-related relief, call Fidelity at 1-800-635-4015 or visit the Fidelity website. Review the rest of the content on this page to learn more about the Sysco 401(k) Plan.

Protect Your 401(k) Account

Here are six simple steps you can take to protect your accounts.

1. Create unique usernames and passwords. Avoid using your name or email address as a username; if your provider (for example, Microsoft) uses your email address, be sure to enable two-factor authentication. Don't reuse passwords, and avoid weak, commonly used passwords like 123456. Consider using pass phrases like "I LOVE ice cream!" instead.
2. Enable two-factor authentication (2FA) when available, particularly with your financial, email, phone, and social media accounts. 2FA acts as an extra hurdle for fraudsters, even if they find out your username and password.
3. Provide your current mobile phone number and email address to Fidelity and other institutions you do business with so that you can be contacted in real time in case of fraud or high-risk transactions.
4. Watch out for scams. Fraudsters will sometimes reach out pretending to be IT or security personnel to request remote access to computers or request a one-time passcode. If you are faced with a scam, stop all communication immediately. Never give an unverified individual remote access to your computer.
5. Enable the auto-update feature for your operating system and apps. Install antivirus software on all computing devices.
6. Periodically review your credit and freeze it to prevent credit fraud. Check for any suspicious activity, including profile changes or transaction attempts, and review alerts you may receive. Temporarily unfreeze it when you need to apply for credit.

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