To help you build a secure financial future, Marathon Petroleum offers the Thrift Plan – a 401(k) Defined Contribution plan that allows your savings to grow tax-deferred. And, the Company provides matching contributions to make your savings grow even faster. All Marathon Petroleum employees are immediately eligible to participate in the plan.
Thrift Plan Overview
You can elect to have your contributions to the Thrift Plan deducted from your paycheck on a pre-tax basis, after-tax basis or as Roth deferral contributions – or as any combination of these three options. If you are age 50 or over, you can make additional “catch-up” contributions up to the annual IRS dollar limit. Your combined pre-tax, after-tax, Roth, and catch-up contribution elections cannot exceed 75% of your gross pay.
We offer a $1.17 to $1.00 Company matching contribution on your pre-tax, after-tax and/or Roth deferral contributions up to an aggregate of 6% of your gross pay. Eligible employees are immediately 100% vested in Company matching contributions, and you are always 100% vested in your own contributions.
You can direct your Thrift Plan account balance into a variety of investment options, including Company stock, mutual funds or a stable value fund. Your Thrift Plan funds grow tax-deferred until you withdraw them, but be aware that 401(k) plans are subject to strict IRS regulations and early withdrawal can result in penalties and taxes.
How Do I Enroll?
As a Marathon Petroleum employee, you are immediately eligible to enroll in the Thrift Plan. You will be able to log in to Fidelity’s website on the Wednesday following your week of hire. You can complete your enrollment at any time after that. You do not need to wait for correspondence from Fidelity to create an account and start your contributions. Fidelity even offers EasyEnroll starter packages to set up your deferral and investment selections.
Need Investment Advice?
Marathon Petroleum wants you to retire with confidence. That’s why we selected Financial Engines, an independent investment adviser, to help with your retirement planning. You have two options: online advice (at no cost to you) or professional management (at Marathon discounted rates).