Phillips 66 Savings Plan

IRS Limits

The IRS limits your annual before-tax and Roth 401(k) after-tax contributions. For the current IRS contribution limits, go to

If your total before-tax or Roth contributions to Thrift reach the annual IRS limit before the year's end, any additional before-tax or Roth contributions will be converted automatically to traditional after-tax contributions for the remainder of the year. Before-tax and Roth contributions to Thrift will resume with your first paycheck in January of the next year. Note: If you stop contributions to your account after reaching the IRS before-tax or Roth limit, you will have to contact Vanguard the following January to restart them. Your contributions will not resume automatically.

Note: If you are considered by the IRS to be a "highly compensated employee" in 2021 (having earned $130,000 or more in 2020), you may need to reduce your total contribution rate, change before-tax contributions to after-tax contributions, or take both steps to comply with IRS rules. You will be notified of any required change to your contribution rate.

Whenever you invest, there's a chance you could lose the money.