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In this edition of K-C Benefits Buzz, you'll find information on the 2021 Profit Sharing contribution, the importance of designating your beneficiaries, what's in store for tax time, and important Covid-19 support and reminders.
Last year was a challenging one for K-C. Yet your hard work, perseverance, and commitment to providing better care for a better world has resulted in a 2021 profit sharing contribution into your 401(k) & Profit Sharing Plan (PSP) account.
Based on K-C’s 2021 Earnings Per Share (EPS) of $6.18, the profit sharing contribution is 2.3%, totaling $28 million. This means K-C contributed 2.3% of your eligible 2021 earnings into your 401(k) account on February 4 to help grow your retirement savings.
See how much K-C contributed to your 401(k) account by going to K-C & Me and selecting Retirement under Quick Links. You can also log directly into NetBenefits if you know your Fidelity user ID and password. Once you’re on the NetBenefits homepage, click View Summary and select the Transaction History tab.
The profit sharing component of the K-C 401(k) & PSP allows K-C to make an annual profit sharing contribution, at the Company’s discretion, to eligible employees.
The contribution ranges between 0% and 8% of your eligible earnings, with a target of 4%. The contribution depends on K-C’s overall performance against our EPS performance goal. The Board sets our EPS performance goal at the beginning of each year and the Profit Sharing Scale is used to then determine the targeted profit sharing contribution.
The Annual Increase Program is a convenient and automatic way to increase your 401(k) contributions over time, at a rate that’s comfortable for you. You choose when and how much to increase your contribution rate each year, and Fidelity will handle the rest. The best part is that if things change you can update your elections at any time.
Get started by logging into your account on netbenefits.com and selecting Contribution Amount from the Quick Links dropdown menu then Annual Increase Program.
Let’s say Robert is currently contributing 8%, but his goal is to get to 15% over the next few years. This is how he uses the Annual Increase Program to get there.
Note: Information in this section was provided by Kimberly-Clark. Fidelity Investments is not responsible for this content.
Your 401(k), income protection policies (e.g., life insurance), and Health Savings Account (HSA) require you to designate beneficiaries. At least once a year, it’s important to check to see that you have a designated beneficiary and, if so, that the beneficiaries you elected are still current (i.e., major life changes).
Mary had named her husband as her beneficiary for all of her K-C benefits. After Mary’s divorce was finalized, she never updated her beneficiary elections and did not remarry. At the time of her death, Mary’s ex-husband received the sum of all of her benefit assets for which he was previously named the beneficiary. Her children had no legal right to any of the funds because the ex-husband was the designated beneficiary on file.
Carlos was not married and never designated a beneficiary for his 401(k) account with Fidelity. Because of this, at the time of his death, distribution of his 401(k) account passed to his estate. Payment to his heirs was delayed until his estate could be probated in court. In probate, these funds would be subject to other debts from Carlos’s estate. If Carlos had listed a beneficiary, the beneficiary would receive funds directly from the Plan and would not be subject to probate or debts of the estate.
To view/update your beneficiaries for:
|401(k) & PSP||
|Income Protection Benefits
(e.g., Life Insurance)
Note: Beneficiary and paperless elections from UMB Bank did not transition to your new Optum Financial HSA that was opened in January 2022.
*Note: The examples are hypothetical. Plan rules govern distribution of benefit plans and your own circumstances may vary how benefits will actually be distributed.
Below is an overview of the tax-related documents you may receive for 2021 and any required action.
Regardless of your delivery preference for your Form W-2, you can now view an electronic copy of your 2021 Form W-2 on the UKG Pro portal. To access your copy, go to K-C & Me. If you elected to receive a paper Form W-2, these were mailed on January 31.
|Form 1099-SA||Mailed in late January||Shows funds withdrawn from an HSA in 2021; use to complete your tax return.|
|Form 1095||Mailed in early March to employees with a paper delivery election.||
Displays the months of the year that you and your eligible dependents were offered or enrolled in
An electronic version of the 2021 Form 1095 will be accessible on kcbenefitcompass.com by mid-February. If you consented to electronic delivery of your 1095 Form by December 1, 2021, you won't be mailed a printed copy.
|Form 5498-SA||Will mail after the tax filing deadline on or after May 31||Includes information about all HSA contributions made for 2021; for your information only.|
With the recent surge of COVID-19 cases due to the Omicron variant, it’s important to remember the following information about the benefit resources available to you.
At-Home Over-the-Counter (OTC) COVID-19 Test Kits: Below is information on how to access OTC test kits through the federal government and K‑C’s Medical Plan (if enrolled).
Primary Care Provider: Now more than ever, it’s important to have a primary care provider to be your main point of contact for your health care questions and needs. They can also help you manage and screen for any health-related conditions and provide preventive care. Don’t forget, your annual checkups and other preventive care are 100% paid by the Plan — as long as you see an in-network provider. For help finding an in-network primary care provider, contact an Anthem Personalized Health Assistant at 866-873-4010. Representatives are available Monday through Friday, 8 a.m. to 8 p.m. ET.
Benefit Resources: As COVID-19 continues to unfold, the benefit resources below may be helpful to you and your dependents.
Positive COVID-19 Test Results: If you test positive for COVID-19, it’s important that you notify your Team Leader/Time Approver in a timely manner and follow your site’s call-in procedure (if applicable).
This site is provided to help Kimberly-Clark (K-C) employees better understand their benefit plans. It does not guarantee coverage under a plan and does not provide complete descriptions of K-C benefit plans. K-C reserves the right to change these plans at any time. In all cases, the formal Plan Documents will govern.
If you are an organized hourly employee covered by these plans, see your HR representative or other person designated at your unit for information on how your plan(s) may differ from the information on this site. You may also call the Benefits Information Line at 800-551-2333. Empyrean representatives are available Monday through Friday, 9 a.m. to 5 p.m. ET and Fidelity representatives are available Monday through Friday, 8:30 a.m. to 8:30 p.m. ET. From outside the U.S., dial your country’s toll-free AT&T Direct Access number then enter 800-551-2333.