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The 401(k) Lowdown: Everything You Need to Know
Eligibility
'- Age 18 & 1 Year of Service (1,000 hours in a plan year)
*Excludes collective bargaining (union) employees and non-resident aliens
Plan Entry Dates
January 1st & July 1st
Vesting
'- Safe Harbor: 100%
- Nonelective: 3 Year Cliff (1,000 hours in plan year)
Automatic Enrollment Rate
3% Roth
In-Service Distributions
'- Age 59 1/2 - All Contributions
- Hardship - Elective Deferrals & Nonelective
Employer Contributions
3% Safe Harbor & Nonelective
Auto-Increase Program
Yes, 1% up to 10%
Loans
Hardship (3) - Refinancing permitted for current 401(k) plans
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
November
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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