Coca-Cola Co., Atlanta, is adding a Roth contribution option to its primary 401(k) plan.
Participants will be able to elect the option beginning Dec. 22, according to a notice of changes to the Coca-Cola Co. 401(k) Plan posted on its website.
The company is also increasing its maximum deferral limit to 75% of eligible compensation for pretax and Roth 401(k) contributions combined, from the current 50% for pretax contributions, the notice said.
In addition, the notice said all company contributions will be 100% vested in the plan for all active employees as of Jan. 1, 2022. The previous policy according to Coca-Cola's most recent 11-K filings was that all company contributions and earnings were vested after two years of service.
According to that most recent 11-K filing, the company matches 100% of participant contributions of the first 1% of eligible compensation and 50% of the next 5% of compensation.
As of Dec. 31, the Coca-Cola Co. 401(k) Plan had $3.8 billion in assets, according to the beverage company's latest 11-K filing. Transamerica Retirement Solutions is the plan's record keeper.
Officials at Coca-Cola could not be immediately reached for further information.
