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The Pfizer 401(k) Savings Plan

The Pfizer 401(k) Savings Plan provides a significant opportunity for you to meet your financial goals in retirement.

  • Pfizer provides an annual contribution regardless of what you contribute.
  • If you contribute to the plan, Pfizer helps you save by adding a matching contribution each quarter.
  • Plus, there are a variety of resources and tools to help you learn about the plan and define your financial goals.

Your Pfizer 401(k) account grows over time with:

  • Your contributions
  • Pfizer contributions
  • Potential gains from the plan’s investment options* that you select.

The Pfizer 401(k) is administered by Fidelity and is the primary retirement program for Pfizer U.S. colleagues.

For information on how much you and Pfizer contributed last year, check out your personalized Total Rewards site on netbenefits.com, clicking on Pfizer Total Rewards at the bottom of the Home page.

* Investments are not guaranteed to increase in value and are subject to market volatility, including decreases to account value.

Your Contributions

The Pfizer 401(k) is a great way to optimize your savings:

  • You can contribute between 1 percent and 30 percent of your eligible pay to the plan each paycheck, and you can change that percent through the year.
  • You can contribute on a before-tax, Roth, and/or after-tax basis. Each option has its pros and cons, so if you’re not sure which is best for you, talk with a Fidelity representative to discuss your options.
  • Certain IRS limits apply to the total amount you can contribute to the plan; if you are projected to reach those limits in any given year, you will be eligible for the Pfizer Supplemental Savings Plan and will receive an enrollment email.
  • You are also eligible to make catch-up contributions if you are age 50 or older.

Your Investment Options

Check out how you can invest your Pfizer Savings Plan contributions, including your Retirement Savings Contribution and Pfizer’s matching contributions.

Pfizer Contributions

Pfizer makes two types of contributions to the 401(k) Savings Plan — the annual Retirement Savings Contribution and the matching contribution.

Retirement Savings Contribution

When you become eligible for the plan, you are automatically eligible for Pfizer’s “kicker,” the Retirement Savings Contribution, which is in addition to the matching contribution.

  • The Retirement Savings Contribution is equal to between 5 percent and 9 percent of your eligible pay each year, regardless of whether you contribute.
  • The amount is based on your eligible Savings Plan pay and points (age + service); see the chart below.
  • You must be actively employed on the last business day of the plan year to be eligible, with the contribution made the following February.
  • The Retirement Savings Contribution balance you accumulate is vested after three years; once vested it’s yours to keep.

Matching Contribution

When you contribute, you are automatically eligible for the Pfizer match.

  • If you contribute at least 6 percent of your eligible pay, you will receive the full Pfizer match of 4.5% of eligible pay each quarter.
  • Pfizer matches 100 percent of the first 3 percent you contribute and 50 percent of the next 3 percent.
  • The match is calculated each paycheck and contributed to your account at the end of each quarter; matching contributions are vested as soon as they are made.
  • You must be active on the last day of the quarter to receive the Pfizer matching contribution for that quarter.

Need help deciding how much to contribute?

To access additional resources, go to netbenefits.com and click Tools from the Menu tab.

Get the most from Pfizer!

To maximize the Pfizer matching contribution, contribute at least 6 percent of your eligible pay.

2024 IRC 401(k) Plan Limits

The 2024 Internal Revenue Code (IRC)  limits applicable to the Pfizer 401(k) are as follows:

Before-tax/Roth: $23,000
Catch-up (before-tax/Roth): $7,500
Compensation limit: $345,000
Total contributions limit: $69,000

You may want to review your elections to see if you would like to make any changes for 2024. Remember that if you are age 50 or older, you may make catch-up contributions (before-tax and/or Roth) up to the $7,500 IRC limit.

Calculating the Retirement Savings Contribution

Automatically receive a contribution equal to between 5% and 9% of eligible pay from Pfizer each year.
Automatically receive a contribution equal to between 5% and 9% of eligible pay from Pfizer each year.
Points (Age + Service as of January 1 or Hire Date)
Retirement Savings Contribution Percentage
(Based on Your Savings Plan Eligible Pay)
Under 35
5%
35–44
6%
45–54
7%
55–64
8%
65 or more
9%
Vesting: Retirement Savings Contributions are 100% vested after 3 years of service.
Vesting: Retirement Savings Contributions are 100% vested after 3 years of service.

Plan Investment Options

The plan includes investment options that range from conservative to aggressive, making it easy to diversify your portfolio. Watch these videos to help you get started, or go to netbenefits.com for details.

Annual Auto Increase

We know there’s a lot on your mind, so if you get busy and haven’t changed your contribution election in a while, consider signing up for the annual auto increase feature — it will automatically increase your contribution rate by 1% each year.

You’ll still be able to change your elections at any time, and you’ll be surprised by how much a 1% increase can help your account grow over time!