Frequently Asked Questions
Read these frequently asked questions (FAQs) for more information about the ESP. You can also call the Trane Technologies Service Center at 1-866-294-7263 to speak with a representative familiar with the ESP. Benefits representatives are available Monday through Friday (excluding most New York Stock Exchange holidays) from 8:30 a.m. to midnight, Eastern time.
Los representantes de Fidelity pueden ayudarle con el planeamiento de su jubilación. Para hablar con un representante hispanohablante, llame al 1-866-294-7263.
What is the Employee Savings Plan?
The Employee Savings Plan is a 401(k) plan designed to help you save for retirement. Both you and Trane Technologies can contribute to this account. You can make contributions directly from your paycheck, up to 50% of your Eligible Compensation. If you do not enroll when you first become eligible, you will be automatically enrolled at a 4% pre-tax contribution rate. Trane Technologies will match up to 6% of your Eligible Compensation that you contribute and makes an additional 2% Core contribution, regardless of how much you contribute.
When can I enroll in the Employee Savings Plan?
If you are a regular full- or part-time employee, you are immediately eligible to enroll in the ESP—you can enroll today. If you are a seasonal or temporary employee, you are eligible to enroll after completing six months of service. Approximately 35 days following your eligibility date, if you have taken no action, you will be automatically enrolled in the ESP at a pre-tax contribution rate of 4% of your Eligible Compensation.
Can I roll over balances from another retirement plan into my ESP account?
You can roll over eligible pre-tax, after-tax, and Roth contributions from another employer’s qualified retirement plan, as well as eligible pre-tax or Roth contributions from a 403(b) plan or a governmental 457(b) plan. The ESP also accepts rollovers from certain IRAs. You will be able to invest these rollover amounts in any of the investment options offered through the ESP.
What is the Annual Increase Program?
Each year, plan participants contributing less than 8% on a pre-tax basis will see their contribution rate increase by 1% until they reach 8%, unless they elect otherwise. If you would prefer to elect an annual increase percentage different from the designated 1%, or if you’d prefer not to participate in the Annual Increase Program, please contact Fidelity at 866-294-7263 or log into NetBenefits and indicate your preferences.
How much can I contribute?
Through automatic payroll deduction, you may contribute up to 50% of your Eligible Compensation on a pre-tax basis, an after-tax basis, a Roth basis or a combination of the three, up to the annual IRS limits. Eligible Compensation is generally, salary, wages, overtime pay, and performance-based pay. You can review your Summary Plan Description for more details.
What is the IRS contribution limit?
The IRS limits employee pre-tax and Roth contributions to the ESP to $23,500 in 2025. If you are age 50 or older in the calendar year, you can make an additional catch-up contribution of $7,500 in 2025. The total amount both you and Trane Technologies can contribute in 2025 is $70,000 ($77,500 if you’re 50 or older). This includes pre-tax, after-tax, Roth and company contributions.
Does Trane Technologies contribute to my account?
Trane Technologies helps your retirement savings grow by matching your contributions—adding even more to your ESP account. Trane Technologies will match 100% of the first 6% of Eligible Compensation that you contribute (pre-tax, after-tax, and Roth) to the ESP. In addition to Matching contributions, participants in the ESP also receive an additional Core contribution of 2% of Eligible Compensation. This is a non-matching contribution. If you are eligible to participate in the ESP, the Core contribution is made to your ESP account regardless of your own ESP contribution level.
How do I designate my beneficiary?
Fidelity’s Online Beneficiaries Service, available through Fidelity NetBenefits®, offers a straightforward, convenient process that takes just minutes. Simply log on to NetBenefits® at www.401k.com and click on “Profile” link, then select "Beneficiaries" and follow the online instructions. If you do not have access to the Internet or prefer to complete your beneficiary information by paper form, please contact 1-866-294-7263.
When am I vested?
You are immediately 100% vested in your own contributions to the ESP, the Company’s Matching contributions, and any earnings on those contributions. You are fully vested in the Core contribution, including associated earnings, upon completion of three years of service or upon death, becoming disabled, or reaching age 65 while employed.
When can I withdraw my money from my ESP account?
In general, you can make a withdrawal from the ESP when you turn age 59½, terminate your employment, retire, become permanently disabled, or have severe financial hardship in accordance with applicable law. If you make a withdrawal that does not meet legal requirements, it will be subject to a 10% additional tax AND subject to ordinary income tax at the time of withdrawal.
The ESP allows you to take a loan from your account balance without being subject to taxation. In general, you can borrow up to 50% of your vested account balance or up to $50,000, whichever is less. You must repay (generally through after-tax payroll deduction) the money borrowed plus interest over a defined term and you may only have one outstanding loan at a time.
What happens to my account balance if I leave Trane Technologies?
If you leave Trane Technologies for any reason, including retirement, you keep your vested account balances. You can elect to take a distribution or roll over any vested account balances to other qualified retirement savings plans. If you do not elect either of these options:
- If your account balance is $1,000 or less, your vested balance will be distributed to you in a cash lump sum as soon as practicable.
- If your account balance is $7,000 or less but more than $1,000, your vested balance will be transferred to a Fidelity IRA in your name at the direction of Trane.
- If your account balance is greater than $7,000, vested balances will remain in the ESP until you elect a distribution. Balances can continue to earn investment returns or losses based on your elections.
What Next?
Register or Manage Your Account
Register your ESP account or make changes to your contribution or investment elections at Fidelity NetBenefits®.
Designate Your Beneficiary
With Fidelity’s Online Beneficiaries Service, you can designate your beneficiaries, receive instant online confirmation, and check your beneficiary information virtually any time.
See How >