If you would like to have a one-on-one conversation about how much to save, what types of investments to choose, and how to get and stay on track, you may want to consider visiting a financial planner. A financial planner or advisor can help you establish a clear retirement savings goal, help you decide how much to contribute to the Savings Plan and other investments (like an individual retirement account [IRA]), and help you choose an investment mix that’s right for your personal situation. If you are approaching retirement, a professional can also help you decide when and how to start taking distributions from the plan.

Fidelity has numerous Investor Centers located throughout the U.S. with financial planners available to meet with you to answer any of your investment and financial planning questions, along with assisting you to prepare for your retirement if you desire. Consultations are free and there is no obligation or sales pressure. Contact Fidelity at 1-800-256-4015 or go online to www.fidelity.com and click on “Find an Investor Center” to locate a center near you. If a center is not located within your vicinity you may want to set up a telephone conference call with a financial planner to discuss your financial future.

It's important for you to know . . .

• You can enroll in the Plan immediately after your date of eligibility, and you are encouraged to do so.
   
• The Plan has an automatic enrollment feature:
  • If you are a new hire or rehire, you will be automatically enrolled in the Plan 45 days from your eligibility date at a contribution rate of 3% of your pre-tax basic eligible earnings, and your contributions will be invested in a Target Date/Life Cycle Fund based on your date of birth assuming a retirement age of 65.
  • If you wish to contribute to the Plan before you are automatically enrolled, log on to NetBenefits at www.401k.com or call the Savings Line at 1-800-256-4015 to make a contribution election.
  • If you do not wish to contribute to the Plan, you must change your contribution rate to 0% within the first 45 days from your date of eligibility.
  • Refer to the Summary Plan Description (SPD) for additional information regarding auto enrollment.
     
• How much you can contribute:
  • Hourly Thrift - Between 1% - 30% of your basic earnings up to the IRS Annual Limits.
  • Salaried RASP - Between 3% - 50% of your basic earnings up to the IRS Annual Limits.
  • If you are at least age 50, or will turn age 50 by the end of the current year, then you are also eligible to make tax-deferred catch-up contributions. You may elect from 1% - 20% of your basic earnings as a catch-up contribution, up to the IRS Annual Limits.
  • The IRS limits the amount that can be contributed to any 401(k) savings plan. click here for more information regarding IRS Annual Limits.

You can save on a:

• Tax-deferred basis (before taxes are withheld from your paycheck – also called Pre-tax)
• After-tax basis (after taxes are withheld from your paycheck)

* Company Match Contribution

• CITGO offers a generous matching contribution! The Company matches $2 for every $1 you contribute on a pre-tax basis, up to 3% of your eligible compensation, subject to legal limitations.
• The CITGO match will begin after you have completed 12 months of service provided you are contributing on a pre-tax basis to your 401(k) account. Remember, if you do not take full advantage of the Company Match that is available to you, you are essentially leaving “free” money on the table.
• Refer to your Plan’s Summary Plan Description (SPD) for additional information.

* Company Basic Contribution

• If you are a CITGO Salaried employee that has completed 12 months of service, you are eligible to receive the Company Basic Contribution of 3%, based on your eligible compensation, whether you contribute to your 401(k) account or not.

Vesting

• You are immediately 100% vested in your contributions. You are 100% vested in company contributions upon completing one year of service.

Loans

• Your Savings plan account is intended for your future retirement; however, you are eligible to borrow from your account for any reason. The plan allows for two outstanding loans at a time. The minimum loan amount is $1,000 and the maximum is up to 50% of your vested account balance not to exceed $50,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. You may model and/or initiate a loan online at www.401k.com or by calling Fidelity’s Savings Line at 1-800-256-4015. Refer to the Summary Plan Description (SPD) for additional information.

Please read the attached flyer for facts to know and consider before you take out a Plan loan.

• Know the facts before you borrow from your retirement savings plan account

Additional rules and procedures governing Plan loans can be found in the Summary of Loan Rules.

• RASP - Summary of Loan Rules
• Thrift - Summary of Loan Rules

Withdrawals

• Withdrawals are generally permitted when you terminate your employment, retire, reach age 59 ½ while in active employment, become permanently disabled, or have a severe financial hardship as defined by the Plan. Other types of withdrawals may be available with restrictions. You may initiate a withdrawal online at www.401k.com or by contacting a Fidelity Customer Service Representative at 1-800-256-4015. Refer to the Summary Plan Description (SPD) for additional information.

There are a number of tax implications and certain Plan considerations you should take into account before taking a withdrawal from the Plan. Refer to the Summary Plan Description (SPD) and the Notices below for more information.

• RASP - Participant Distribution Notice and Special Tax Notice
• Thrift - Participant Distribution Notice and Special Tax Notice

Investment Options

The CITGO Savings Plans offer a wide variety of investment options that represent several asset classes and investment styles to help you reach your savings goals.

• Investment fees are generally lower than average retail fees.
• You can actively make your own investment decisions, or you can take a more hands-off approach by choosing a Target Date/Life Cycle Fund.
• For a complete description of the Plan’s investment options, including their performance and fees, and/or for a prospectus for any of the mutual funds available in the Plans, please visit Fidelity’s NetBenefits website at www.401k.com, or contact the Savings Line at 1-800-256-4015.
• The funds offered in the Plans are subject to change. You will receive advance notice of any changes within the investment lineup.

2023 Savings Contribution Limits

Below is the 2023 401(k) Employee Benefit Plan Limits as defined by the IRS.

*You must be at least 50 years old by the end of 2023 to be eligible to make catch-up contributions.

Note: In 2023, the total annual amount of eligible compensation on which your savings plan contributions may be based is $330,000.

  RASP Contribution Worksheet

  CITGO Petroleum Corporation Employees’ Retirement and Savings Plan (RASP)

  Employees’ Thrift Plan Of CITGO Petroleum Corporation