After-tax ROTH contribution - refers to contributions you make to the Spectrum Investment Savings Plan after federal, state and Social Security taxes have been deducted from your paycheck.
Compensation - generally equal to your total compensation including your base pay, bonus, and overtime.
Defined contribution - a retirement plan that provides for an individual account for each participant, and company match contributions based on the company's profitability.
Matching contribution - A Cooper contribution credited to your Spectrum Investment Savings Plan in addition to the contributions you make on a per pay basis. Cooper match is equal to 100% of the first 1% and 50% of the next 5% of pay you contribute to the plan, up to the maximum company match of 3.5%.
Pre-tax contribution or PDQ - rrefers to contributions you make to the Spectrum Investment Savings Plan before taxes (federal, state, and Social Security taxes) are deducted from your paycheck.
Vesting - your right or ownership to a benefit and the non-forfeitable portion of a participant's account attributable to employer contributions. You must have two years of continuous credited service to become vested in the employer matching contributions. Participants are always 100% vesting in their own contributions.
