The Spectrum Investment Savings Plan (the "plan") is a defined contribution plan, commonly referred to as a 401(k) plan. Your retirement benefit plan intends to qualify as an ERISA 404(c) plan. The Plan provides you with the opportunity to contribute towards your personal retirement goals. Cooper has partnered with Principal Financial Group (Principal) to provide services as the trustee, administrator and record keeper for the plan.
The plan is available to full-time and eligible part-time salaried and non-bargained Cooper employees in the United States.
Through payroll deduction, you can make pre-tax or Roth after-tax contributions from your eligible pay. By choosing from the investment options within the plan, you decide where to invest your contributions. You may increase or decrease the amount of your contributions as often as each pay period. Changes can be directed through automated voice response by calling 800-547-7754 or online at www.principal.com. All Internal Revenue Service deferral limitations apply.
Cooper may match part of the pay you contribute to the plan through salary deferral. 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%. For example, an employee contributing 6% per pay would receive a stated match of 3.5%. You must be deferring contributions per pay to receive a match. Eligible match would also apply to catch-up contributions for those participants age 50 and over up to the maximum total match.
The plan includes a loan provision and withdraw provisions for certain financial hardships. For details regarding these provisions please contact Principal Financial Group at 800-547-7754 or access your account on the website at www.principal.com for more information.
Employees are always 100% vested in the contributions they make. Full time participants will become vested in the company's matching contribution after two years of service. The vesting for part-time employees is based on years of service in which 1,000 or more hours are worked during each 12 month period.
For a complete list of investment opportunities and descriptions, please visit the Principal Financial Group web site at www.principal.com. Questions may also be addressed by contacting the Client Contact Center at 1-800-547-7754.
