401(k) Plan

The Petco 401(k) Plan helps you build financial security for your future.

You become eligible to participate on the first day of the month following 6 months of service during which you worked at least 500 hours. You must be age 21 to participate. When you become eligible, enrollment materials will be mailed to your home.

Your contributions

You may contribute a portion of your pay* (up to the 2022 IRS annual limit of $19,500) to your 401(k) account. If you are 50 years of age or older in 2022, you are eligible to make an additional $6,500 “catch-up” contribution.

Your contributions are not taxed until they are taken out of the plan, which means you have less current taxable income. You may change, stop or start your contributions at any time by contacting Fidelity. You are always 100% vested in your contributions.

You may roll over your account balance from a prior qualified retirement plan to this Plan. Contact Fidelity at 800-835-5095 for information.

* Contributions for highly-compensated partners (as defined by the IRS) may be lower due to IRS testing.

Petco contributions

Hourly and Salaried Partners: Petco matches 100% of the first 1% that you contribute, plus 50% of the next 5%.

Directors and Officers*: Petco matches 100% of the first 1% that you contribute, plus 50% of the next 2%.

*Contributions for highly-compensated partners (as defined by the IRS) may be lower due to IRS testing.

Vesting

You are always 100% vested in employee contributions. Any Petco matching contributions you receive will vest over a three-year period. If you leave Petco before you are fully vested (3 years), you will only retain the percentage of employer matching contributions listed below:

Investments

You can choose from a variety of investment funds to build your portfolio or select a Fidelity Lifecycle Fund which is a blend of stocks, bonds, and short-term investments in a single fund based on the year you plan to retire. You may change your investments at any time on the 401k.com website or by calling Fidelity at 800-835-5095.

Plan distributions

When you leave Petco, you may roll over your vested account balance to an IRA or another employer’s qualified plan, or receive your distribution in cash, subject to applicable taxes.