The 401(k) Lowdown: Everything You Need to Know
Eligibility
- Deferrals: Age 18 with 60 days of service
- Matching, Safe Harbor, and Nonelective: Age 18 with 1 Year of Service (1,000 hours in plan year)
*Excluded Employees: Collective Bargaining (union) Employees & Non-resident Aliens
Plan Entry Dates
- Deferrals: Monthly
- Matching: January 1st & July 1st
Vesting
- Safe Harbor: 100%
- Matching & Profit Sharing Contribution: 6 Year Graded (1,000 hours in plan year)
Automatic Enrollment Rate
3% Roth
In-Service Distributions
Employer Contributions
$0.25 per $1.00 up to 4% Matching, 3% Safe Harbor (all done at year end)
Loans
Auto-Increase Program
Yes, 1% up to 10%
- Age 62 - All Contributions
- Hardship - Elective Deferrals, Matching, and Nonelective
Hardship (2)
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
N/A - with LVM
Your Plan Advisor
Chuck Prudhomme
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:
Email:
Your Employees, Always in the Know!
Market Update Month
May
Enrollment Meeting Month
Bi-Weekly Educational Emails
TBD