The Johnson Controls Senior Executive Deferred Compensation Plan is available to select U.S.-based, highly compensated employees. The Plan is primarily designed to help you save, on a tax deferred basis, for your retirement. You can defer a percentage of your base pay and/or your Johnson Controls annual incentive award.
Following is a summary of how the Senior Executive Deferred Compensation Plan works. For help with enrollment or to ask questions about the Plan, call 1-800-354-7129. Representatives are available Monday through Friday (excluding most New York Stock Exchange holidays) between 7:30 a.m. and 7:30 p.m., Central time.
In general, you can defer as much as the Plan or IRS will allow. You may make pre-tax contributions of up to $23,500 in 2025. If eligible (age 50 or older), you may make extra pre-tax catch-up contributions of up to $31,000 in 2025
IRS deferral limits do not apply. You may defer up to 50% of your base pay and/or up to 95% of your annual incentive award.
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In general, you can take a full or partial distribution of your account balance when you:
In general, you will take a full or partial distribution of your account balance, depending on your election, when you:
Your distributions are subject to federal and state income taxes. If you take a distribution before age 59½, it may also be subject to a 10% penalty for early withdrawal.
Your distributions are subject to federal and state income taxes.
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Your balance in a 401(k) plan account would be paid out to you according to that plan's rules.
Nonqualified plans are not protected from the claims of creditors. In the event of bankruptcy, you would have the same rights as any other general creditor.
You decide how to invest your deferrals. The Senior Executive Deferred Compensation Plan offers a broad range of investment options.
Note that your deferrals are payable from the operating assets from the company, rather than from a trust fund or any other institution. As a result, the compensation you defer is held in a hypothetical account in your name but not actually invested in the options you choose. Rather, your earnings are calculated and credited to your account as if your deferrals were invested in the options. Keep in mind that past performance is not a guarantee of future results.
Fixed Income – Short Term Bond Fund
Fixed Income – US Bond Fund
Sustainable Active US Bond Fund (ESG)
Real Assets Fund
Large Cap Equity – S&P 500 Index Fund
Mid Cap Equity – Value Fund
Mid Cap Equity – Index Fund
Mid Cap Equity – Growth Fund
Small Cap Equity – Value Fund
Small Cap Equity – Index Fund
Small Cap Equity – Growth Fund
International Equity – EAFE Index Fund
International Equity – Growth Fund
International Equity – Value Fund
Sustainable Passive Global Equity Fund (ESG)
Target Retirement Income Fund
Target Retirement 2025 Fund
Target Retirement 2030 Fund
Target Retirement 2035 Fund
Target Retirement 2040 Fund
Target Retirement 2045 Fund
Target Retirement 2050 Fund
Target Retirement 2055 Fund
Target Retirement 2060 Fund
You are required to make a distribution election for each year’s deferrals. You can elect:
If you do not make a distribution election in a given year, your distribution election for that year will be defaulted to a lump sum payment.
Once you have made a distribution election and the enrollment window has closed, you are not permitted to make changes.
Your balance will be distributed as follows:
The plan has two distribution dates; January 15 and July 15. Payment will be made on the distribution date following the six-month anniversary of your separation of service from Johnson Controls.
The plan has two distribution dates; January 15 and July 15. Payments will be made on the distribution date following the six-month anniversary of your separation of service from Johnson Controls. Subsequent installment payments will be made on the anniversary of your initial distribution date.
The annual enrollment window is November 18-December 6, 2024. Be sure to review your enrollment decision(s) with your personal tax advisor or financial planner to assess your overall financial picture.
When you’re ready, Fidelity NetBenefits® makes enrolling easy. Log on to Fidelity NetBenefits with your username and password, select the Senior Executive Deferred Compensation Plan link, and follow the steps below.
If you would like to defer any of the compensation you earn during 2025, you will need to make three elections during this year’s open enrollment window:
If you would like to participate in the Senior Executive Deferred Compensation Plan for the coming Plan year, you must make a deferral election during the annual enrollment window. Deferral elections from the previous Plan year will not carry over.
Once the annual open enrollment window has closed, your deferral percentage is irrevocable for the Plan year; therefore, you may want to consult with your personal tax advisor or financial planner before you enroll in the Senior Executive Deferred Compensation Plan.
The Plan allows you to defer base pay as well as your annual incentive award. These elections are made separately. If you want to participate, you must make a deferral election during your annual enrollment window.
During the annual enrollment window you can enroll to defer:
The Senior Executive Deferred Compensation Plan is a "nonqualified" plan that allows you to defer pre-tax compensation in addition to the amounts you save in the company’s 401(k) plan. Generally, a nonqualified deferred compensation plan is an agreement or promise by an employer to its employees to pay compensation to the employees at some future date. This allows you to reduce your current income tax liability while focusing on tomorrow‘s financial needs.
To keep you from having to pay taxes immediately on the compensation you are deferring, it must remain out of your control. Your deferrals are payable from the operating assets of the company, rather than from a trust fund or any other institution. This means that, in the event of bankruptcy, you would have the same rights as any other general creditor.
To keep you from having to pay taxes immediately on the compensation you are deferring, it must remain out of your control. You direct how your deferrals are invested, but your deferred compensation is held as part of the company’s assets.
Johnson Controls has designed the company’s 401(k) plan and the Senior Executive Deferred Compensation Plan to work together so you have more opportunities to save for the future. The amount you defer into the Plan will reduce the compensation used to calculate your pre-tax 401(k) contributions. In some cases, this can lower your annual 401(k) contributions, and perhaps reduce your annual company matching contributions. To make sure you are taking advantage of all your benefits, we encourage you to ensure you contribute enough to your 401(k) plan to get the full company match which means understanding how deferring portions of your compensation affect your pre-tax 401(k) contributions.
The plan has two distribution dates; January 15 and July 15. Payments will be made on the distribution date following the six month anniversary of your separation of service from Johnson Controls. Payments are made according to your annual distribution elections. If your distribution election is in the form of annual installments, subsequent installments will be made on the anniversary of your initial distribution date.
Your Senior Executive Deferred Compensation Plan account is subject to investment risk and the risk of the company’s bankruptcy.
While nonqualified plans provide many benefits, they are not protected from the claims of creditors. In the event of bankruptcy, you could lose some or all of your deferrals plus any earnings on those deferrals.
Finally, because you decide how your deferrals will be allocated among the investment options available, it’s important to know that investing involves risk. The value of an investment option will fluctuate over time, which could affect your balance when it is distributed.
The Senior Executive Deferred Compensation Plan offers a number of benefits.
For help with enrollment or to ask questions about the Plan, call 1-800-354-7129. Representatives are available Monday through Friday (excluding most New York Stock Exchange holidays) between 7:30 a.m. and 7:30 p.m., Central time.
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The annual enrollment window opens November 18 and closes December 6, 2024.
If you want to defer a percentage of your base salary and/or annual incentive award to the Johnson Controls Senior Executive Deferred Compensation Plan, you must complete your enrollment by 11:00 p.m. Central time, December 6, 2024.
What happens if you take no action? If you do not enroll during this enrollment window, you will not be able to defer any compensation for the coming Plan year.
This website contains general information about Johnson Controls retirement benefits and programs. By using this website, you consent to electronic receipt, and agree to be bound by the terms of use herein.
Your benefits are subject to the terms and conditions of the official plan documents. In the event there is a conflict between the information you read on this website and the official plan documents, the applicable plan documents will control. Johnson Controls reserves the right to amend, modify, suspend or terminate one or more of its plans or programs at any time for any reason to the extent authorized in the plan documents.
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