Knowing your goals for retirement—and what it will take to reach them—is key to creating a strategy that works for you.
SMP provides a very competitive retirement plan through Fidelity Investments, which includes a 401(k) plan and an Employee Stock Ownership Plan (ESOP).
The 401(k) plan helps you set aside your own money for retirement through convenient payroll deductions, and benefit from SMP contributions to your account.
Here are the highlights:
Eligibility
Full-time employees who have completed 30 days of service with SMP are eligible to enter the plan on the first day of the next calendar quarter.
Part-time employees who have completed 1,000 hours of service are eligible to enter the plan on the first day of the next calendar quarter.
When you become eligible, you are automatically enrolled.
Your Contributions
You are automatically enrolled at a pre-tax rate of 6% of your eligible pay. Your contributions will automatically increase by 2% for every year you are contributing less than 12%. However, you can choose to contribute at a different rate.
SMP Contributions
Standard Motor Products makes a 3% 401(k) company contribution based on your compensation, regardless of your contributions. The company will also make an additional profit-sharing contribution based on our performance each year. The contribution is deposited on March 15 of the following year.
New for 2025: Fidelity Goal Booster is Here!
With Fidelity Goal Booster, you can start building an emergency savings fund – automatically, right from your paycheck.
Visit Fidelity.com/emergencysavings or text SAVE to 343898 to get started.
Roth Catch-Up Contribution Requirement
Under the SECURE 2.0 Act, new rules will change how certain employees can make catch-up contributions to their SMP retirement plan. Log into netbenefits.com to view or update your elections.
Higher catch-up limits at age 60 to 63: Beginning in 2026, individuals age 60 to 63 can contribute an additional $11,250 to their retirement accounts.
Roth catch-up rule: If you are turning 50 or older in 2026, your 2025 wages (Box 3 on your W-2) will determine how you can make catch-up contributions.
Roth contributions are made after-tax, but
qualified withdrawals in retirement are tax-free.
Retirement Planning Resources
From a quick financial health check-up to live and on-demand online workshops, Fidelity offers a wide variety of opportunity to learn and prepare for retirement.
If you’re interested in more personalized support, you can meet one-on-one with a Fidelity representative and create a savings strategy that works for you and your goals.
Representatives are available Monday through Friday from 8:30 a.m. to 9:00 p.m. ET at 800-603-4015. View additional resources below and in the Document Library.
Fidelity’s online Planning & Guidance Center in NetBenefits makes it easier to plan for the future you envision.
By answering just a few questions, you’ll be able to:
Want to dig a little deeper?
Use the following resources to understand the basics of Social Security, assess some of your options for claiming your retirement benefits, and determine how to maximize your income.
Get the benefit you deserve
As a free benefit to you, a Fidelity Representative can help you create a Social Security claiming strategy that takes your individual needs and options into account.
Call 888-766-6813 to schedule your appointment with a Fidelity Representative today.
Medicare is a federal government health insurance program for people age 65 and older. People under age 65 with certain disabilities or medical conditions may also qualify.
As you prepare for retirement, understanding how and when to enroll in Medicare is an important part of your overall planning. From knowing what’s covered under each part of Medicare (A, B, C, and D) to determining how it works with your employer coverage, the process can feel complex. But you don’t have to navigate it alone.
Use the resources below to guide your decision-making, stay informed, and get support when you need it:
Steer Your Medicare Journey in the Right Direction
SMP provides multiple ways to plan your transition to Medicare. Brown & Brown offers free Medicare eligibility services to help you navigate the road ahead with confidence. Get personalized guidance and enrollment support today.
Fidelity provides dedicated Medicare advisors. To schedule a time to talk, visit Fidelity.com/MedicareAssistance.
Legal Notice
The general information contained in this summary does not address all requirements of the Plans and complete information is contained in the office Plan documents. If this summary differs from the terms and provisions of the official Plan documents, the official Plan documents will govern and control. The applicable Plan documents govern the determination of your benefit, and no communication, oral or written, shall alter your benefit. Standard Motor Products reserves the right to amend, suspend or terminate its Plans at any time, in whole or in part. Participation in these Plans is not an offer or guarantee of employment. Review these Required Notices for information about your rights and protections, privacy, and more.