Planning Your Financial Future Retirement Savings Program 401(k) Plan
Selective’s 401(k) plan helps employees take charge of their financial future. Unlike many companies’ 401 (k) plans, with Selective there is no waiting period. Employees can start saving right away and begin receiving a portion of the company’s matching contribution immediately. You are free to invest in any of the investment funds offered.
Company Match Benefit
Selective contributes one dollar for every dollar you contribute up to the first 3% of your eligible compensation, and 50 cents of every additional dollar you contribute up to the next 3% of your eligible compensation.
Company Nonelective Contribution
Whether or not you participate in the 401(k) plan, after one year of eligible service Selective makes a nonelective contribution of an amount equal to 4% of your annual eligible compensation into your account.
Immediate 100% on both the company match benefit and company nonelective contributions.
Discounted Employee Stock Purchase Plan
Eligible Selective employees can participate in the Employee Stock Purchase Savings Plan by contributing a portion of their base pay to purchase shares of Selective Insurance Group, Inc. common stock at a discounted price. There are two six month offering periods each year.