The 401(k) Lowdown: Everything You Need to Know
Eligibility
'- Deferrals, Employer Matching, & Profit Sharing: Age 21
- Employer Safe Harbor: Age 21 with 1 year of service (1,000 hours in plan year)
*Exclude Collective Bargaining (union) Employees & Non-Resident Aliens
*Exclude part-time, temporary & Seasonal Employees expected to work less than 1,000 hours in a year
Plan Entry Dates
'- Monthly - Elective Deferrals & Matching
- January 1st and July 1st - Safe Harbor & Additional Nonelective Profit Sharing Contribution
Vesting
'- Safe Harbor - 100% Vested
- Matching & Profit Sharing - 6 Year Graded (1,000 hours in plan year)
Automatic Enrollment Rate
3% Roth
In-Service Distributions
'- Age 59 1/2 - All Contributions
- Hardship - Safe Harbor Reasons - Elective Deferrals, Any Additional Profit Sharing Contributions
Employer Contributions
$0.25 per $1.00 up to 4% Employer Match / 3% Safe Harbor (Maybe) / Discretionary Profit Sharing
Auto-Increase Program
Yes, 1% up to 10%
Loans
Any Purpose (3) - None less than $1,000
You Ask, We Answer: Payroll Streamlined
How do I upload payroll?
How do I delete a duplicate payroll?
How do I change employee status information?
Let’s Stay in Sync:
How We Keep the Conversation Going!
Trustee Review Month
Periodic Check-In Calls
April
Your Plan Advisor
Jim Gasaway
What they can help with:
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Investment questions such as
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Allocation choice​
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Deferral amount
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Investment risk
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Financial plan creation
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Retirement and legacy planning
Phone:
860-777-4015
Email:
