Defined Contribution Plan
The Barnes Group Retirement Contribution Plan is a component of our 401(k) plan that provides eligible employees with an employer contribution deposited to their 401(K) savings account intended to help provide additional foundation for your retirement.
This plan replaced the company’s Defined Benefit Pension Plan for certain eligible employees hired (or acquired) on or after December 31, 2012.
Eligible employees of Barnes Group hired or rehired on or after December 31, 2012, include those who are designated by the company as an Industrial U.S. salaried employee or a Corporate Office U.S. salaried employee. Additional eligible employees under the plan include the following, as of the effective dates set forth below:
- Synventive Molding Solutions, Inc. (January 1, 2014)
- Manner USA, Inc. (Plan years starting on or after December 31, 2014)
- Priamus Systems Technologies, LLC (January 1, 2017)
- Foboha US, Inc. (Plan years starting on or after December 31, 2016)
- Gammaflux Controls, Inc. (Plan years starting on or after December 31, 2017)
Eligible employees are not required to be participants in the company’s 401(k) savings plan in order to be eligible for the Retirement Contribution Plan. Barnes Group will contribute an amount equal to 4% of the employee’s eligible compensation each plan year to those who meet the plan’s eligibility requirements.
In all cases, allocation of the retirement contribution for a plan year will be made only for each eligible employee who remains employed as of the last day of the plan year (or who terminated employment during the plan year by reason of retirement on or after reaching age 55, disability, or death).
Contributions will generally be made no later than March 31 of the following plan year and will be invested in each participant’s current investment elections.
The vesting schedule for the retirement contributions made to the plan is as follows:
- 0% before 1 year of vesting service;
- 20% on or after 1 year of vesting service, but less than 2 years;
- 40% on or after 2 years of vesting service, but less than 3 years;
- 60% on or after 3 years of vesting service, but less than 4 years;
- 80% on or after 4 years of vesting service, but less than 5 years;
- 100% on or after 5 or more years of vesting service