Your future starts with the choices you make today. Solventum offers retirement programs to help you save, plan ahead and build long-term financial security.
The Solventum 401(k) Voluntary Investment Plan (VIP) makes it easy and tax-effective to start building your retirement income.
Automatic enrollment: You’re eligible to participate right away. If you do not manually enroll, as a new hire, you are automatically enrolled after 45 days at a 7% contribution rate in the target date fund closest to your expected retirement age.
If you want to make changes or opt out, you can do that anytime.
If you are age 50 or older, you may be able to make additional after-tax 401(k) contributions above the annual IRS contribution limit. Company matching contributions do not apply to catch-up contributions.
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Depending on when you were hired, you may be eligible for the ERIP, Solventum’s pension plan. To learn about your pension benefit, run benefit estimates or initiate your pension benefit, contact the Solventum Benefits Center at Solventumbenefits.ehr.com or 877-333-0018.
Based on your hire date, you may participate in one of the retirement benefit arrangements explained below. Please note that hire date is just one of several factors for pension plan eligibility. These other factors may preclude you from having a pension benefit which means you would be classified as a Portfolio III employee:
|
Solventum-funded retirement benefits |
|||
|---|---|---|---|
|
Employment criteria |
Classification |
VIP match formula |
Plus 2nd retirement benefit component |
|
Hired before 1/1/2001 |
Portfolio I |
45% of the first 5% deferred |
Pension eligible |
|
Hired between 1/1/2001 and 12/31/2008, or those that chose to transition from Port I to Port II |
Portfolio II |
60% of the first 5% deferred |
Pension eligible |
|
Hired or rehired on/after 1/1/2009 |
Portfolio III |
100% of the first 5% deferred |
Retirement Income Account (RIA) 3% of pay to the VIP 401(k) funded by Solventum |
Via Benefits is designed for retirees that accrued a Retiree Medical Savings Account benefit. Representatives at the Solventum Benefits Center can assist with understanding the RMSA credits you may have been accruing while employed with Solventum.
The Health Insurance Resource Guide and Medicare website are great places to understand what medical insurance and other benefits are available to you once you’ve retired from Solventum. Determining the right coverage for you can also be explored by calling the Marketplace licensed benefit advisors at Via Benefits.
Each vendor website will have the Summary Plan Descriptions, along with other required notices, for the associated plans detailing how they operate.
