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Participating in the Benefit Plans > When Coverage Begins
When Coverage Begins
Coverage for most benefits begins on your hire date. The following benefit plans are exceptions:
  • Short-term Disability–Coverage begins 90 days after your hire date.
  • 401(k) Plan–Participation is voluntary. You are eligible the first day of the month following your hire date (if you are age 21 or older). If you are hired on the first of the month, you will be eligible to participate in the plan on your hire date. If you are younger than age 21, you will be eligible on the 1st of the month following your 21st birthday. Please allow at least 30 days after your hire date for your personal information to be transmitted to Fidelity Investments.
You may enroll at anytime within 30 days of your hire date. After 30 days, however, you will be enrolled automatically in the Plan at a contribution rate of 3% of your eligible earnings on a pre-tax basis.
If you do not wish to enroll at this time, you must contact Fidelity to change your contribution percent to 0% either by calling Fidelity at 1-800-421-3844 or visiting the website at www.401k.com.
If you opt out, you may enroll at anytime in the future. When you are enrolled automatically, Diageo has selected the Fidelity Freedom Fund as the "default" option in which your contributions will be invested. This Fund will have a target retirement date closest to the year you might retire based on your current age—assuming retirement at age 65.
You may change your investment options or your contribution percent at anytime by contacting Fidelity or going online. Contributions range from 1% to 50% of your eligible pay up to the IRS limit.
  • Cash Balance Plan–Participation is automatic. You are eligible the first day of the month following your hire date (if you are age 21 or older). If you are hired on the first of the month, you will be eligible to participate in the plan on your hire date. If you are younger than age 21, you will be eligible on the 1st of the month following your 21st birthday.
 
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