Contribute up to 30% of your eligible compensation each year, up to IRS limits. You can do this in one of three ways:
Pre-tax: Traditional way to contribute to a 401(k). You contribute money from each paycheck before taxes are applied, thereby lowering your taxable income
Roth: Contribute money from your paycheck after taxes are applied. This means you won't pay taxes when you withdraw your money once you reach retirement age
After-tax: Similar to Roth, but not eligible for Amgen's matching contributions
Catch-up: If you're age 50 or older, you can contribute an additional $6,000 per year
Amgen contributes in two different ways, depending on if you also contribute to your account. Contribute at least 5% of your eligible pay to receive the maximum company match.
| Type of Contribution|| Amount ||Contingent Upon Your Decision to Contribute|
5% of your eligible compensation each pay period
100% of the first 5% of your eligible compensation that you contribute to the plan
Let it Grow
Your investments need time to grow through compounding interest, which means earning interest on the balance and accumulated interest. Waiting until your later years to try and make up for lost time will make it more difficult to reach your retirement goals. Did you know a penny doubled each day for 30 days would be over $10.7 million by day 31.
Learn where to find more information about the Retirement and Savings Plan by calling the Amgen Benefits Center at 800-97-AMGEN. Representatives are available Monday through Friday 5:30 a.m. to 5:30 p.m. PT, excluding holidays.