FirstEnergy’s Savings and Pension plans are designed to help employees save and invest while working to help supplement their monthly income during retirement.
401(k) Savings Plan
Our employees are eligible to participate in the FirstEnergy Corp. Savings Plan on their date of hire, and may contribute from
1 percent to 75 percent of their base pay on a before-tax, Roth 401(k), after-tax or a combination basis. The first 4 percent of pay contributed is currently matched by the company with FirstEnergy stock at the rate of 50 cents per dollar.
Employees are eligible to participate in the Pension Plan, funded entirely by the company, on the first day of the month following their date of hire. Employees are vested after completing three years of service in which they worked at least 1,000 hours each year. Benefits are calculated based on an annual pay credit and interest credit.