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The 401(k) Lowdown: Everything You Need to Know
Eligibility
'- Age 21 & 1 Year of Service (1,000 hours in a plan year)
*Exclude collective bargaining (union) employees and non-resident aliens
Plan Entry Dates
January 1st and July 1st
Vesting
'- Safe Harbor 3%: 100% Vested
- Employer Profit Sharing: 6-year graded (1,000 hours Plan Year)
In-Service Distributions
'- Hardship - Elective Deferrals and Non-Elective
- Age 62 - all contributions
- Qualified Reservist Distribution - Elective Deferrals
- Deemed Severance Distribution - All Contributions
Employer Contributions
3% Safe Harbor
Auto-Increase Program
Yes, 1% up to 10%
Loans
None
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
February
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:
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