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Your Financial Future:
Thrift (401k) Plan
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- Introduction
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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
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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.
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. You can
also earn the Company match by making qualified student loan payments. Eligible employees are immediately 100% vested in Company matching contributions, and you are always
100% vested in your own contributions. You can also earn the Company match by making qualified student loan payments. The total maximum match available, remains 7% of your
eligible pay. Employees must register with Fidelity to take advantage of this feature.
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?
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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 day 2 of employment. 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.
To enroll:
- Visit netbenefits.com.
- Click on the welcome banner at the top of the page.
- Click on Start Easy Enroll or Start Standard Enrollment and follow the prompts.
- Don’t forget to designate your beneficiary online during your enrollment.
Note: Effective April 8, 2024, if you do not actively enroll for this plan, you will be automatically enrolled in the plan 35 days after your hire date
with a 6% employee contribution.
- Need Investment Advice?
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Marathon Petroleum wants you to retire with confidence. That’s why we have partnered with Fidelity to offer their Personalized Planning & Advice service to help with your
retirement planning. You can find information about this service online at
https://nb.fidelity.com/public/nb/marathonpetroleum/home or by calling Fidelity at
1-866-811-6041.
- More Important Information
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Thrift Plan Details
Other Resources