You can make changes to your contribution amount and types at any time. To do so, simply go to Fidelity NetBenefits, select Contributions, and then click Contribution Amount. Changes generally take effect within one to two pay periods after submission. Any contribution changes confirmed with Fidelity by 5:00PM Pacific time on a Wednesday will be sent to Microsoft on Thursday with an effective date aligned to the earliest possible pay period beginning date.
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Annual review bonuses are considered eligible compensation for the Microsoft 401(k) Plan. For this reason, your 401(k) contribution percentages are deducted from bonus amounts received in addition to your regular compensation.
An easy way to automate your savings to ensure you’re staying on top of your retirement goals is to participate in the Annual Increase Program (AIP). When you sign up for the AIP on Fidelity NetBenefits, you can elect to have your contribution automatically increased every year on August 28 (or a date of your choosing) by a specific percentage.
You can enroll or make a change to your AIP election at any time. To get started, go to Fidelity NetBenefits, select Contribution Amount then select Annual Increase Program. A confirmation page will display that you can print and save for your records. Additionally, Fidelity will send you a confirmation email each year when your increase occurs.
If you exceeded the employee contribution limit of $23,500 (or $31,000 for those age 50 and over) for calendar year 2025 between the Microsoft 401(k) Plan and your prior employer’s plan, you’ll need to request that the excess contributions be withdrawn from one of your plans.
To have the excess contributions removed from your former employer’s plan, contact your former employer’s plan administrator.
To have the excess contributions removed from the Microsoft 401(k) Plan, follow the instructions below.
Important note! If any match-eligible contributions are withdrawn from your Microsoft 401(k) account due to this excess contribution, the associated employer matching contributions will be removed from your account and forfeited.
Fidelity will manage Return of Excess (ROE) requests from Microsoft participants starting in late January 2025 after you’ve received your W2s from your prior employer and Microsoft. Beginning in mid-January, instructions on how to request a 2024 ROE and submit required W2 back-up information will be available on Fidelity NetBenefits under Plan Information and Documents. ROEs can only be requested from the Microsoft Plan between mid-January and April 1 each year. Requests outside this timeframe will not be accepted.
You will not receive an amended Microsoft W-2 when a return of excess contributions is processed, but you may need to include the amount of the excess deferral as taxable income. For questions about the actual processing of the return of excess contributions, contact Fidelity at 888-810-MSFT (6738).
Microsoft does not provide legal or tax advice. If you have tax questions regarding your specific circumstances, it is advised that you contact a tax or financial advisor for further guidance.