You are eligible for the plan if you’re a U.S.-based and U.S.-paid (excluding Puerto Rico) regular, full-time active employee who has been continuously employed for at least 30 days. As a new hire, you will be automatically enrolled at a 6% contribution rate with a 1% annual auto-increase (up to a maximum contribution of 10%) unless you opt out.

Your Contributions

You can contribute up to 75% of your eligible compensation, up to IRS limits. If you will be age 50 or older in 2020, you can make an additional catch-up contribution of up to $6,000. You must notify the Benefits Department each year if you want to make a catch-up contribution.

You can decide to save in one or a combination of the following ways:

  • Pre-tax 401(k) contributions, which are deducted from your paycheck before federal income taxes are withheld. You pay taxes on these contributions and earnings when you withdraw the money from the plan.
  • Roth after-tax 401(k) contributions, which are deducted from your paycheck after federal income taxes are withheld. You will not pay taxes again on these contributions or on the earnings if you receive the money as a qualified distribution.

Company Matching Contributions

TEAM will contribute $.50 for every $1 you save, up to 6% of your pay. Both your pre-tax and Roth after-tax contributions will be matched. Save at least 6% to take advantage of the matching contribution!

Rollover Contributions

If you have an existing retirement plan account with a prior employer or a rollover IRA, you may transfer or roll over all or some of that account into your TEAM plan. By doing so, you combine your retirement savings in one place and your account can continue to grow.


Vesting means gaining ownership. You are always 100% vested in your contributions, rollover money and any investment earnings in those accounts. You gain ownership of TEAM’s contributions during the time you work for the Company as an eligible employee. (See the chart below.)

You will automatically become 100% vested when you reach retirement age as defined by the Plan, in the event of your death or if you become permanently disabled while still employed at Company.

Years of Service Vested %
Less than 1 0%
1 20%
2 40%
3 60%
4 80%
5 100%

Learn More

For more information, contact Fidelity at 800-835-5097 or visit netbenefits.com. For plan fund information, contact Morgan Stanley at 504-587-9631.