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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)
Plan Entry Dates
January 1st & July 1st
Vesting
- Safe Harbor: 100%
- Profit Sharing Contribution: 6 Year Graded (1,000 hours in plan year)
Automatic Enrollment Rate
3% Roth
In-Service Distributions
Employer Contributions
3% Safe Harbor Nonelective (Maybe) & Discretionary Profit Sharing Contribution
Loans
Auto-Increase Program
Yes, 1% up to 10%
- Age 59 1/2 - All Contributions
- Profit Sharing Contribution can be taken once the contribution has been in the account for 2 years
Any Purpose (1) - $1,000 minimum
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
March
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
June
Enrollment Meeting Month
Bi-Weekly Educational Emails
TBD
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