PepsiCo provides an additional retirement benefit to eligible hourly employees. This is called the PepsiCo Retirement Contribution, or PRC. The PRC is an important part of your Company-provided retirement benefits.
The PRC is completely funded by PepsiCo and automatically deposited into your PepsiCo Savings Plan account. The PRC made to your account is a percentage of your pay, based on your years of service. The longer you work for PepsiCo, the higher your PRC, which will range from 6% up to a maximum of 8%. The PRC percentage will be determined on a paycheck-by-paycheck basis and will automatically increase as your service increases to the next level.
You will need to make a separate investment election for the PRC. If you don't make an investment election, your contributions will be invested in the Savings Plan's default investment option. You can view your personalized PRC details on NetBenefits. To see your PRC balance and current PRC percentage, log on to netbenefits.com/pepsico and select the Savings Plan, then Summary. Here, you will see your PRC contribution percentage under Contributions. To view your PRC balance, select Show Details in the Sources section.
Generally, if you are an hourly employee hired on or after January 1, 2023, you are eligible for the PRC on your annual eligible earnings2.
Certain union employees may not be eligible. If you are a union employee, please refer to your collective bargaining agreement to determine your eligibility.
You will be vested in your PRC balance once you have three years of service. This means if you were to leave PepsiCo at any point before completing three years of service, you will forfeit the entire amount of the PRC that PepsiCo deposited into your Savings Plan account.
If you are eligible for the PRC, PepsiCo will automatically deposit your PRC into your PepsiCo Savings Plan account. You do not need to contribute to the Savings Plan to receive the PRC
This guide is intended to provide a summary of some of the features of the PepsiCo Savings Plan; however the official plan documents remain the final authority and, in the event of a conflict with this guide, will govern in all cases. While PepsiCo, Inc. (Company) currently intends to continue the Savings Plans and programs described herein, the Company reserves the right to amend, modify or terminate the Savings Plans or programs at any time. Nothing in this guide should be construed as a promise or guarantee of future benefits or any level or amount of benefits, or as a promise or guarantee of employment or future employment for any duration.
2 Annual eligible earnings include your base pay, overtime, commissions and bonus (if eligible). Please refer to the Savings Plan Summary Plan Description, available on NetBenefits (netbenefits.com/pepsico) for a detailed definition of Annual Eligible Pay.
January 2024