The Savings Plan

The Savings Plan helps you save for retirement through your own pre-tax, after-tax, Roth 401(k) and/or catch-up contributions combined with Lubrizol's matching contributions.

You may contribute up to 75% of your eligible compensation on a before-tax or after-tax basis. The amount you contribute to your traditional 401(k) and Roth 401(k) individually, or on a combined basis, may not exceed the maximum contribution allowable under IRS 401(k) rules - $18,500 in 2018. 

The company makes matching contributions to your account $1 for $1 of your before-tax, after-tax and/or Roth 401(k) contributions. Matching contributions are based on up to the first 6% of your eligible compensation.

You are automatically 100% vested in your own and company matching contributions.

You may change your investment choices and your savings deferral amount at any time. If the change is done prior to 4:00 p.m. it will be reflected at the start of the next business day. With few restrictions, balances accumulated in these funds may be transferred between funds as often as every stock market business day.

Newly hired employees will automatically be enrolled in the plan within 30 days of hire at 3% of eligible compensation on a before-tax basis.  New hires may choose to opt-out of auto-enrollment at any time or elect higher levels of contribution at anytime.

Catch-up Contributions: If you turn at least age 50 during the year, you may elect to make additional before-tax and/or Roth 401(k) contributions of up to $6,000.  You may contribute this amount only if you meet one of the following conditions:

  • You elect for the full plan year to make combined before-tax and Roth 401(k) contributions at 75% of your eligible compensation; or
  • You contribute $18,500 for the 2018 plan year. 

Visit the plan website https://lzs401k.voya.com/.