Synopsys 401(k) Plan
Plan/Group Number 37715
(800) 835-5095
Contact
Fidelity
Fidelity
What You Need To Know
We understand that financial security and freedom are important to you. The Synopsys 401(k) Plan is one of the many important ways the Company supports your financial wellbeing.
What’s in It for You
- Free money from Synopsys! Synopsys matches $0.40 for every $1 you contribute, up to a maximum of $3,000 per year. You must contribute at least $7,500 on a pretax and/or Roth 401(k) basis each year to receive the full $3,000 match.
- Flexible savings opportunities through pretax, Roth, or after-tax contributions from your salary and/or any variable pay you receive, such as commissions or bonuses
- Investment options, online tools and resources, and expert advice to help you worry less about getting the most from your savings
- Access to retirement investment professionals who can help set you on the path to reach your savings goals
- Fixed recordkeeping fee of $60 per year (just $15 per quarter)
How to Enroll
You can enroll in the 401(k) Plan, administered by Fidelity, the Friday after your hire date. If you were hired on a Thursday or Friday, you’ll have to wait until the following Friday. Just log in to Fidelity, or call (800) 835-5095 to:
- Select your contributions. Contribute as much as you can to take advantage of the company match from Synopsys. If you’re age 50 or older, you can contribute an additional amount as a catch-up contribution.
- Designate your beneficiary. This person will take ownership of your account upon your death. In the absence of a beneficiary designation, your 401(k) balance will default to your spouse if you’re married or to the estate if you’re single.
- Set aside all or part of commissions and bonuses. The plan lets you earmark money beyond your regular biweekly paycheck contributions, such as commission or bonuses, to build your savings faster.
- Make sure you don’t overcontribute. If you contributed to another employer’s 401(k) plan in the same year you joined Synopsys, be sure to monitor your contributions to ensure you don’t exceed the annual IRS contribution limits.
If you haven’t taken action after 60 days from your date of hire, you’ll be auto-enrolled in the 401(k) Plan at a 10% pretax savings rate, and your contributions will be invested in an age-appropriate target date fund. Auto-enrollment does not apply if you’re a rehire.
If you have a balance in a former employer’s retirement plan: Consider consolidating your accounts by moving your money into the Synopsys 401(k) Plan. It’ll save you the headache of monitoring multiple investment accounts — plus make it easier to manage and diversify your investments. To learn more, visit Fidelity, or speak with a Fidelity representative by calling (800) 835-5095.
Ways to Save
The 401(k) Plan offers you different ways to save, depending on your financial circumstances.
Pretax Contributions
Pretax Contributions
Your 401(k) contributions are deducted from your paycheck before federal and state taxes are withheld in applicable states. Your contribution reduces your taxable income, so less comes out of your paycheck in taxes today. Your pretax 401(k) Plan contributions, the Synopsys matching contributions, and any investment earnings are not taxed until you withdraw the money from your account.
You can make contributions on a pretax or Roth basis, or a combination of the two, up to the annual IRS limits below.
| 2024 Limits | If you’re age 49 or younger | If you’re age 50 or older |
|---|---|---|
| Pretax Contributions | $23,000* | $23,000* |
| Catch-Up Contributions | N/A | $7,500* |
* Including any Roth contributions
Roth Contributions
Roth Contributions
Unlike pretax contributions, Roth contributions are deducted from your paycheck after taxes are withheld. But when you’re eligible to withdraw your money, you don’t pay taxes on your contributions or any investment earnings (if you meet the five-year qualification period). The Synopsys matching contributions are subject to ordinary income tax when you withdraw the money from your account.
You can make contributions on a Roth or pretax basis, or a combination of the two, up to the annual IRS limits below.
| 2024 Limits | If you’re age 49 or younger | If you’re age 50 or older |
|---|---|---|
| Roth Contributions | $23,000* | $23,000* |
| Catch-Up Pretax Contributions | N/A | $7,500* |
* Including any pretax contributions
After-Tax Contributions
After-Tax Contributions
In addition to pretax and Roth contribution options, Synopsys allows you to save up to $43,000 on an after-tax basis. Your contributions are deducted from your paycheck after taxes and other deductions are withheld. After-tax contributions aren’t eligible for Synopsys matching contributions. But you can withdraw your after-tax contributions at any time, paying taxes only on any investment earnings. Or you can convert your after-tax contributions to Roth savings within the Synopsys 401(k) Plan to save even more.
In-Plan Conversion
In-Plan Conversion
Converting all or some of your pretax or after-tax savings into Roth savings within the Synopsys 401(k) Plan can help you prepare today for taxes after retirement. Here’s why: You pay federal income tax in the year of conversion, but that’s it. You won’t pay taxes on the investment earnings when you withdraw funds later. To initiate a Roth in-plan conversion, you must call Fidelity at (800) 835-5095.
Matching Contributions
For every $1 you contribute to your 401(k) savings account, Synopsys will contribute $0.40, up to a maximum of $3,000 per year. To receive the full match, contribute at least $7,500 on a pretax and/or Roth basis each year. Just to give you an idea of what you stand to lose if you’re not saving in the 401(k) Plan:
- If you contribute $0, you’re throwing away $3,000.
- If you contribute $2,000, you’re throwing away $2,200.
- If you contribute $4,000, you’re throwing away $1,400.
- If you contribute $7,500, you’re throwing away $0.
Maximize Your Money
Get the most out of your Synopsys 401(k) Plan, and learn how to build for your future. Whether you’re managing your day-to-day expenses, paying down debt, or trying to reach specific financial goals, you can log in to Fidelity Financial Wellness Central to access helpful resources, like the Fidelity financial wellness checkup tool. You can also call (800) 835-5095 to talk to a Fidelity representative (Monday–Friday, 8:30 a.m.–8:30 p.m. ET).
Learn More
Explore ways to make the most of your 401(k) Plan by watching these videos: