top of page
The 401(k) Lowdown: Everything You Need to Know
Eligibility
'- Deferrals: Age 18
- Matching & Nonelective Contributions: 6 months of service (with 500 hours)
*Excluded Employees: Collective Bargaining (union) Employees, Part-Time/Temp/Seasonal Employees
Plan Entry Dates
January 1st & July 1st
Vesting
6-year graded (1,000 hours in a plan year)
Automatic Enrollment Rate
4% Pre-tax
In-Service Distributions
'- Age 59 1/2 - All Contributions
- Hardship - Elective Deferrals, Matching, & Nonelective
Employer Contributions
$0.25 per $1 up to 10% & Discretionary Nonelective Employer Contributions
Auto-Increase Program
Yes, 1% up to 10%
Loans
Hardship (1) - Can do refinancing of current 401(k) loans
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
September
Your Plan Advisor
Jim Gasaway
What they can help with:
-
Investment questions such as
-
Allocation choice​
-
Deferral amount
-
Investment risk
-
-
Financial plan creation
-
Retirement and legacy planning
Phone:
860-777-4015
Email:
bottom of page