Profit Sharing
The Barnes Group Profit Sharing program is a component of our 401(k) plan that provides eligible employees with a profit-based employer contribution deposited to their 401(k) Savings account intended to help provide additional foundation for retirement.
The Profit Sharing Plan was closed and frozen on December 30, 2022.
Employees of divisions of Barnes who were eligible for profit sharing contributions from the Company may invest their profit sharing contributions through the provisions of the Retirement Savings Plan. Divisions formerly participating in the profit sharing features of the savings plan included the Windsor Airmotive (East Granby, Connecticut and West Chester, Ohio); Windsor, Connecticut; Lansing, Michigan; Ogden, Utah; Phoenix, Arizona and West Chester, Ohio.
The plan was closed on December 30, 2022. The final Company contributions to the Profit Sharing Plan for eligible divisions and participants will be made in Q1, 2023 for the 2022 plan year.
Beginning December 31, 2022 individuals and divisions formerly eligible for profit sharing allocations became eligible for participation under the Company's Defined Contribution Plan.
Profit sharing contributions are invested in accordance with each participant’s investment elections within the Retirement Savings Plan.
The vesting schedule for employees in participating divisions for profit sharing 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.
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