Frequently Asked Questions
Read these frequently asked questions (FAQs) for more information about the 401(k) plan. You can also call the Trane Technologies Service Center at 1-866-294-7263 to speak with a representative familiar with the 401(k) plan. Benefits representatives are available Monday through Friday (excluding most New York Stock Exchange holidays) from 8:30 a.m. to midnight, Eastern time.
Los representantes de Fidelity pueden ayudarle con el planeamiento de su jubilación. Para hablar con un representante hispanohablante, llame al 1-866-294-7263.
What is the 401(k) plan?
The 401(k) plan is designed to help you save for retirement. Both you and Trane Technologies can contribute to this account. You can make contributions directly from your paycheck, up to 50% of your Eligible Compensation. If you do not enroll when you first become eligible, you may be automatically enrolled at a specified pre-tax contribution rate depending on the design of your union plan. Trane Technologies will match a portion of your Eligible Compensation that you contribute and makes an additional Core contribution as a percentage of your Eligible Compensation, regardless of how much you contribute.
When can I enroll in the 401(k) plan?
You will receive notification that you can enroll when you become eligible for the 401(k) plan based on eligibility requirements described in the bargaining agreement. Depending on the design of your union plan, you may also receive notification that you will be automatically enrolled in the 401(k) plan at a specified pre-tax contribution rate unless you elect a different contribution rate. Your enrollment will be effective upon satisfying the eligibility requirements.
Can I roll over balances from another retirement plan into my 401(k) plan account?
You can roll over eligible pre-tax, after-tax, and Roth contributions from another employer’s qualified retirement plan, as well as eligible pre-tax and Roth contributions from a 403(b) plan or a governmental 457(b) plan. The 401(k) plan also accepts rollovers from certain IRAs. You will be able to invest these rollover amounts in any of the investment options offered through the 401(k) plan.
How much can I contribute?
Through automatic payroll deduction, you may contribute up to 50% of your Eligible Compensation on a pre-tax basis, an after-tax basis, a Roth basis, or a combination of the three, up to the annual IRS limits. Eligible Compensation is generally wages and overtime pay. You can review your Summary Plan Description for more details.
What is the IRS contribution limit?
The IRS limits employee pre-tax and Roth contributions to the 401(k) plan to $23,000 in 2024. If you are age 50 or older in the calendar year, you can make an additional catch-up contribution of $7,500 in 2024. The total amount both you and Trane Technologies can contribute in 2024 is $69,000 ($76,500 if you’re 50 or older). This includes pre-tax, after-tax, Roth and company contributions.
Does Trane Technologies contribute to my account?
Trane Technologies helps your retirement savings grow by matching your contributions—adding even more to your 401(k) plan account. Trane Technologies will match a portion of Eligible Compensation that you contribute (pre-tax, after-tax, and Roth) to your 401(k) plan. In addition to Matching contributions, participants in the 401(k) plan also receive an additional Core contribution as a percentage of their Eligible Compensation. This is a non-matching contribution. If you are eligible to participate in the 401(k) plan, the Core contribution is made to your account regardless of your own contribution level. (Note that a small group of employees may not receive Core contributions under the bargaining agreement applicable to them.)
How do I designate my beneficiary?
Fidelity’s Online Beneficiaries Service, available through Fidelity NetBenefits®, offers a straightforward, convenient process that takes just minutes. Simply log on to NetBenefits® at www.401k.com and click on “Profile” link, then select "Beneficiaries" and follow the online instructions. If you do not have access to the Internet or prefer to complete your beneficiary information by paper form, please contact 1-866-294-7263.
When am I vested?
You are immediately vested in your contributions, as well as any related investment returns. This means that those balances are yours (however, they may be subject to an additional 10% tax if withdrawn prior to age 59½). Depending on your plan, matching contributions and core contributions may not vest until you have completed three years of service. Core contribution balances do not vest until you have completed three years of service. Please refer to your SPD for details. if you stop working at Trane Technologies prior to completing three years of service, your company contribution balances, including any related investment returns, generally may be forfeited.
When can I withdraw my money from my 401(k) plan account?
In general, you can make a withdrawal from the 401(k) plan when you turn age 59½, terminate your employment, retire, become permanently disabled, or have severe financial hardship in accordance with applicable law. If you make a withdrawal that does not meet legal requirements, it will be subject to a 10% additional tax AND subject to ordinary income tax at the time of withdrawal.
The 401(k) plan allows you to take a loan from your account balance without being subject to taxation. In general, you can borrow up to 50% of your vested account balance or up to $50,000, whichever is less. You must repay (generally through after-tax payroll deduction) the money borrowed plus interest over a defined term.
What happens to my account balance if I leave Trane Technologies?
If you leave Trane Technologies for any reason, including retirement, you keep your vested account balances. You can elect to take a distribution or roll over any vested account balances to other qualified retirement savings plans. If you do not elect either of these options:
- If your account balance is $1,000 or less, your vested balance will be distributed to you in a cash lump sum as soon as practicable.
- If your account balance is $7,000 or less but more than $1,000, your vested balance will be transferred to a Fidelity IRA in your name at the direction of Trane Technologies.
- If your account balance is greater than $7,000, vested balances will remain in the 401(k) plan until you elect a distribution. Balances can continue to earn investment returns or losses based on your elections.
What's Next?
Register or Manage Your Account
Register your 401(k) account or make changes to your contribution or investment elections at Fidelity NetBenefits.
Designate Your Beneficiary
With Fidelity’s Online Beneficiaries Service, you can designate your beneficiaries, receive instant online confirmation, and check your beneficiary information virtually any time.
See how >