Coming soon! The 401(k) Plan moves to Fidelity

Effective January 3, 2023, Sonos has selected Fidelity Investments® to manage the Sonos 401(k) Plan. We're making this change to help improve your experience and to offer better customer service, online tools, and educational resources.

The Sonos 401(k) Plan at Fidelity will offer:

  • The NetBenefits® website and mobile app to easily access and manage your account.
  • Online planning tools, videos, and workshops to help you make decisions for your future. 
  • Help and investment advice from Fidelity's experienced representatives.

The 401(k) Plan with Fidelity offers the same investment options currently in the plan. The employer match and most other provisions won't change as part of this transition. Existing contribution rate(s) and loan repayments will continue throughout the transition.

You may enroll or change your contribution with Empower through December 23, 2022. After this date, there will be a brief blackout period during which no changes can be made. More information will be coming soon with important transition dates and details. Sonos is excited to introduce the 401(k) Plan at Fidelity!

Overview

Sonos is committed to supporting your financial well-being — today and tomorrow. The Sonos 401(k) Plan, administered by Empower Retirement, is a great way to save for the retirement you want.

Make your future financial security a priority and take advantage of the plan’s great features, such as:

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Convenient payroll deductions

A Company match

Current tax savings when you make pre-tax contributions

Tax-free withdrawals in retirement when you make Roth (post-tax) deductions

Tax-deferred investment growth potential

A wide range of investment options

Am I Eligible?

You are immediately eligible upon your date of hire, and you may enroll or change your contribution rate and investment elections at any time. Visit Empower Retirement or call 888.411.4015.

Your Contributions

You may contribute a percentage of your annual earnings to the plan, up to the maximum contribution amount allowed by the Internal Revenue Service (IRS). In 2022, you may contribute up to a maximum of:

  • $20,500 if you are under age 50 (pre-tax, Roth post-tax, or a combination of both).
  • $27,000 if you are age 50 or older, or will be turning 50 in 2022, (which includes an additional $6,500 in catch-up contributions).

Before-Tax vs. Roth After-Tax

The Sonos 401(k) Plan gives you the flexibility to save for retirement in a variety of ways. You can make pre-tax contributions, Roth post-tax contributions, or a combination of the two.

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Pre-Tax Contributions

The money goes into your Plan account before taxes are deducted, so you keep more of your take-home pay.

Because you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).

Roth Post-Tax Contributions

The money goes into your Plan account after taxes are withheld.

In exchange for paying taxes now, both your contributions AND any earnings can be withdrawn tax-free in retirement, provided you meet two requirements for earnings:

  • At least five years have elapsed since your first Roth contribution.
  • You are at least 59½ or the withdrawal follows death or total disability.

Sonos Contributions
Sonos matches 50% of your contributions up to the first 6% of your eligible pay that you contribute to the 401(k).

Learn More and Enroll

You may enroll or change your contribution with Empower through December 23, 2022. To enroll or make a change, visit Empower Retirement online to indicate the percentage of your income you wish to withhold.

To learn more about the plan, call an Empower Retirement customer service representative toll-free at 888.411.4015 between 9:00 a.m. and 10:00 p.m. Eastern time, any business day, or go to Empower Retirement online.

For investment guidance, contact CapTrust Retirement Group at 800.967.9948, between 8:30 a.m. and 5:00 p.m. Pacific time, any business day.

More information is also available at Backstage.

Important!

Visit Empower Retirement to add, confirm, or update your 401(k) account beneficiary information.