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Retirement Planning

Q. 
How do I sign up for the Retiree medical/dental coverage?
A. 
You must complete the Other-than-COBRA Continuation of Coverage form (see the Resources section) within two (2) weeks from the date of retirement.   Completed forms must be returned to the HealthSmart third party administrator to request coverage continuation. Contact information for HealthSmart can be found on the continuation of coverage form.
Q. 
If I have questions regarding my retirement distribution options in the Shaw 401(k) Plan, what steps should I follow?
A. 
Contact Principal Financial Group at 1-800-547-7754 to discuss your distribution options. Distribution options are also detailed on the Retiree Interim Statement of Benefits and the Shaw 401(k) Plan Summary Plan Description (SPD).
Q. 
What happens if I am Medicare eligible when I retire?
A. 
You may continue medical/dental coverage for your covered dependents in accordance with Plan provisions until their full retirement age, based on IRS guidelines or until they are eligible for Medicare.
Q. 
What is the earliest age can I qualify for the Shaw retiree medical/dental coverage?
A. 
If you are at least age sixty-two (62) but under age sixty-five (65) and have at least five (5) years of continuous Company service, you may continue medical/dental coverage for yourself and your covered dependents when you retire until you become Medicare eligible (or the maximum period of time covered by COBRA, whichever is greater). You will be required to pay the premiums for this coverage.
Q. 
What is the Retiree Interim Statement of Benefits?
A. 
This statement is available through Corporate Benefits and details your current retirement plan holdings and available distribution choices.   The Interim Statement of Benefits is not a guarantee of your distribution amounts but rather a snapshot of estimated benefits as you approach your retirement date. Contact your HR Manager if you would like this statement prepared for you.

401(k)

Q. 
When am I eligible to enroll and receive the Shaw matching contribution?
A. 
All regular full and part-time associates are automatically enrolled in the Plan the first of the month following 3 months of company service.  Associates are enrolled at a contribution rate of 6% of pay to be directed to the Principal Trust Target Date Fund based on normal retirement age (65). Upon enrollment, associates are eligible to receive the Shaw matching contribution of 50% up to 6%, or $.50 on every dollar contributed, up to 6% of pay. If an associate chooses to roll over retirement funds from another qualified plan, the eligibility requirements for enrollment and matching contributions are waived.  Please note:  rollovers from an IRA are not allowed.  Associates who roll funds into the Plan will be enrolled and will receive the employer matching contribution the month following the date their rollover is received by Principal.
Q. 
How can I roll over retirement funds from a previous employer's retirement plan?
A. 
Call Principal Financial Group at 1-800-547-7754.  Retirement specialists are available Monday - Friday from 8 a.m. - 10 p.m. ET.  You may also find the required forms and other information by logging into your account at www.principal.com.  The Principal rollover form is also located on the MyBenefits website in the Forms Section.
Q. 
Can I elect to make other contributions or investment elections?
A. 
Yes. To choose a contribution amount other than 6% or an investment fund other than the default option, log into your account at www.principal.com or call Principal Client Services at 1-800-547-7754.  Associates may contribute between 1% and 25% of their gross income up to the Internal Revenue Service annual maximum ($18,000 for 2015; indexed each year).  If you do not want to participate in the Plan, indicate 0% when asked to choose a contribution amount.
Q. 
When and how do I make withdrawals from my 401(k) account?
A. 
The 401(k) is intended to be savings for use in your retirement. Because of this, the IRS has very strict guidelines about when and how you may withdraw your money. You are generally expected to leave the money in some type of tax-deferred investment (a 401(k) or IRA) until you retire. However, In-Service and Hardship Withdrawals are allowed under certain circumstances. Early withdrawal of these retirement funds usually results in taxes and penalties. Please see the 401(k) summary plan description (SPD) in the Resources Section on the MyBenefits website for more details.
Q. 
What does “vested” mean?
A. 
Vesting is the process of becoming eligible to take company matching funds with you if you leave the company. You are always fully vested in your own contributions plus earnings. After you have been with the company for three (3) years (from date of hire), your employer match account will be 100% vested.
Q. 
What happens to my money if I leave the company?
A. 
If you leave the Company, there are several options for handling your 401(k) account: (1) You may rollover your account to another employer's 401(k) Plan. If you choose to do this, your new employer should be able to give you the necessary forms; (2) You may rollover your account to another type of tax-deferred account (like an IRA) at a financial institution; (3) You may choose to take a cash payout from the Plan. Please be advised that cash distributions involve taxes and penalties that must be paid to the government; or (4) You may qualify to leave your money in the Shaw 401(k) Plan for a specific period of time. Contact Principal Financial Group for further information regarding your distribution options.
Q. 
Can I choose my beneficiary?
A. 
Beneficiary designations are stored online at the Shaw 401(k) Plan website. Simply visit www.principal.com/beneficiary to designate a beneficiary for your account.  If you are married and you wish to designate someone other than your spouse as your beneficiary, spousal consent will be required.