Hanes 401k plan (participants 10/31/24 and prior)

If you saved money into Hanes' 401k plan, your money is yours and your money is safe.

Your deposits into that plan will NOT automatically move into our plan.

If you had a loan against your 401k plan with Hanes, that loan will stay with your "old" Hanes account. You can learn more about how loans are handled by reading below and/or contacting Fidelity.  We will NOT be deducting money from your pay to pay for loans on your Hanes 401k account.

You may be able to rollover your money from that plan into our plan if you want.  This is an option after you're enrolled in our plan, which happens the week after our first payday on 11/15/2024.

Information about what happens when you employment with Hanes ends re: your 401k is pasted below.

If you have questions relating to your "old" Hanes account, please use this contact info for Fidelity or to access your online account:

netbenefits.com

RSP: 800-835-5095

ESPP: 800.544.9354

Retirement Savings Plan (RSP)

When your employment with the Company ends, your vested account balance is payable to you (or, in the event of your death to your designated beneficiary). You may request a partial or total lump sum payment or defer payment to as late as age 72.  Fidelity must receive notice of your separation status from the Company to process your distribution. Due to timing of data transmission, you may not be able to request a distribution for up to 30 days after your separation date.

You may take any of the following three actions with your Fidelity account:

Distribution: You may request a distribution of your vested account balance. If you request a lump sum cash distribution, then the following rules apply to that distribution (except for any after-tax, Roth or Roth rollover contributions included in the distribution.):  (a) 20% of the distribution amount will automatically be withheld for federal income taxes, (b) ordinary income tax applies to the distribution amount in the year you receive the lump sum distribution.

OR

Rollover: You may elect to roll over your vested account balance to a qualified retirement plan or an individual retirement account (IRA) on a tax-free basis if the rollover is completed by the 60^th day after distribution from the RSP. You can also elect a rollover to a Roth IRA; however, you will be taxed immediately on your distribution.

OR

Fidelity Account:

• You have the option to delay the payment of your vested account balance up to age 72.
• If you defer, you will be able to access your account and make changes to your investments through the website: www.netbenefits.com or the toll-free number 1.800.835.5095. No contributions can be made to the RSP from severance pay.
• No new loans are permitted.
• You may request a distribution or receive information on your investment choices by contacting Fidelity by logging on to their website at www.netbenefits.com or toll free 1.800.835.5095 (Fidelity representatives are available Monday through Friday, 8:30 a.m. to midnight Eastern Time, excluding holidays).

Loans: If you have an outstanding loan balance as of your date of separation, you will either need to repay your RSP loan in full within 60 days or contact Fidelity to set up ongoing loan repayments from your bank account. If you do not pay off your loan in full within 60 days or continue making loan installment repayments according to your repayment schedule, the loan will default and the government will consider your outstanding loan balance as a distribution, or withdrawal.