Whether you’re early in your career, getting ready to retire, or anywhere in between, Teva offers many ways to help you save and invest. The more carefully you plan and save today, the more fulfilling and financially secure your future can be tomorrow. Teva Wealth Coordinators powered by Fidelity can help you make wise personal finance decisions. Start with Fidelity’s Financial Wellness Checkup.
Teva 401(k) Savings Plan
The Teva 401(k) Savings Plan allows you to save and invest pre-tax and post-tax dollars for retirement and a healthy financial future. Review the Easy Ways to Save for Retirement in Your 401(k) Guide for comprehensive details about all of your 401(k) contribution options.
What to know
- You can contribute between 1% and 75% of your pre-tax, 401(k)-eligible earnings, up to the annual IRS limit ($23,000 in 2024; $23,500 in 2025).
- You can increase or decrease your contribution throughout the year.
- You can also set up separate contribution amounts from any bonuses or sales commissions; this can be a different election amount than your standard payroll contributions.
- If you’re age 50 or older in 2024 or 2025, “catch-up” contributions allow you to contribute an additional $7,500 above the IRS limit.
- If you do not enroll during your first 45 days of hire, you will automatically be enrolled at a 4% pre-tax deferral.
- Enroll, change your elections and/or choose how to invest your savings by contacting Fidelity.
- Teva will match your contributions dollar-for-dollar up to 6%.
- Teva also provides an automatic annual lump-sum contribution of 3.75% of your salary — even if you don’t contribute. To be eligible, you must be employed at the end of the plan year and have worked at least 1,000 hours that year.
- For new hires, matching contributions will vest following three, 12-month periods of continuous service.
- Lump-sum contributions will also vest following three, 12-month periods of continuous service.
- Earnings on Roth contributions grow tax free, and you do not pay taxes when you take a qualified distribution*.
- You can set up separate contribution amounts from any bonuses or sales commissions; this can be a different election amount than your standard payroll contributions.
- Enroll, change your elections and/or choose how to invest your savings by contacting Fidelity.
*A qualified distribution is tax free if taken at least five years after the year of your first Roth contribution and you have reached age 59 ½, if you have become totally disabled, or if you die. If your distribution is not qualified, any withdrawal from your account will be partially taxable. These rules apply to Roth distributions only from employer-sponsored retirement plans. Additional plan distribution rules apply.
- You can contribute up to 25% of your after-tax, 401(k)-eligible earnings (bonus not included), up to the annual combined IRS limit for all employer and employee contributions ($69,000 in 2024; $70,000 in 2025).
- You can increase or decrease your contribution throughout the year.
- If you’re age 50 or older in 2024 or 2025, “catch-up” contributions allow you to contribute an additional $7,500 above the combined IRS limit for all employer and employee contributions ($76,500 total in 2024; $77,500 total in 2025).
- After-tax contributions are not eligible for matching contributions from Teva.
- Enroll, change your elections and/or choose how to invest your savings by contacting Fidelity.