The 401(k) Lowdown: Everything You Need to Know
Eligibility
- Deferrals & Matching: Age 18 with 1 month of service (at least 83 HOS in that month)
- Nonelective: Age 18 with 1 year of service (1,000 hours in plan year)
*Excluded Employees: Collective Bargaining (union) Employees, Non-resident Aliens, & Part-time/Temp/Seasonal
Plan Entry Dates
- Deferrals & Match: Monthly
- Non-Elective: January 1st & July 1st
Vesting
6-year graded (1,000 Hours in a Plan Year)
In-Service Distributions
Employer Contributions
Discretionary Match paid at year end
Loans
Auto-Increase Program
Yes, 1% up to 10%
- Age 59 1/2 - All Contributions
- Hardship - Elective Deferrals & Nonelective
- Disability - All Contributions
Any Purpose (3) - None less than $1,000
*Due upon termination of employment (30 days)
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
Monthly Educational Emails
January
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:
Your Employees, Always in the Know!
Market Update Month
April
Enrollment Meeting Month
Bi-Weekly Educational Emails
TBD