Whether you’ve been at Transocean for many years or are just starting out, it may be time for a little refresher on your Transocean 401(k), otherwise known as the U.S. Savings Plan. This power-packed savings tool helps you prepare for retirement in three ways:

1. Options to save — Transocean gives you three savings vehicles to help meet retirement goals. Depending on your age and current savings, you can choose one or all of these tools to help prepare for your future needs.

• Pre-Tax Contributions – Save 1% to 50% on a pre-tax basis (up to the IRS-defined annual limit). By making contributions pre-tax, you’ll lower your taxable income now and pay less in income taxes each year. But you will have to pay taxes on these funds when you use them in retirement.
• Roth After-Tax Contributions – Save 1% to 50% on an after-tax basis to a Roth 401(k) account (up to the IRS-defined annual limit). These funds are added after you’ve paid income tax on them. So, they grow and can be spent in the future without having to pay any additional taxes.
• Catch-Up Contributions – If you are at least age 50, you can save an additional 1% to 25% of your eligible base pay on a pre-tax and/or Roth after-tax basis (up to the IRS-defined annual limit).
• Health Savings Account Contributions —If you’re enrolled in one of the Transocean HSA health plans, you can also save dollars in your HSA account to help cover future medical expenses. It’s managed through Fidelity, so you can see these savings right along with your other retirement funds. These dollars aren’t taxed when they go into the account and, when used on medical expenses, they aren’t taxed when you spend them.

2. Matching Dollars —Be sure you’re not leaving money on the table by taking full advantage of the company match. Transocean matches 200% on up to 5% of eligible compensation you contribute to the Savings Plan. That’s free money the company offers to help you grow your savings faster. So, meet the match and don’t miss out.

3. Immediate Vesting —The money you put into your Transocean 401(k) are always yours to keep. What’s even better, you are also immediately vested in the company matching dollars. No waiting years to own your matching dollars.

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‍Learn More

If you want to know more about the retirement savings options available to you as a Transocean employee, contact Fidelity Investments at +1 800 835 5098 or visit Netbenefits.com.

Knowing our biometric screening numbers is a great way to get and stay healthy.  So, in July we’ll be kicking off a little healthy competition for completing the screening process. Whether you work in an office or on a Rig, each employee who completes their screening will be entered into a grand prize drawing. Additional prizes will be awarded for the highest Rig participation. Prizes and start date will be announced in July, so watch THE CURRENT or return to My Journey for more details.