The 401(k) Lowdown: Everything You Need to Know
Eligibility
'- Age 18 - All Contributions
- 3 months - Elective Deferrals & Matching
- 1 year (1,000) hours) - Safe Harbor & Additional Nonelective Profit Sharing
*Excludes collective bargaining (union) employees and non-resident aliens
Plan Entry Dates
'- Monthly - Elective Deferrals & Matching
- January 1st and July 1st - Safe Harbor & Additional Nonelective Profit Sharing
Vesting
'- 100% vested - Safe Harbor 3% contribution
- 6 Year Graded (1,000 hours in plan year) - Matching & Additional Profit Sharing Nonelective
- 100% vested upon death or disability
Automatic Enrollment Rate
3% Roth
In-Service Distributions
'- Age 59 1/2 - All Contributions
- Hardship - Elective Deferrals, Matching, & Nonelective
Employer Contributions
'- $0.25 per $1.00 up to 4% Match
- Safe Harbor 3% Non-Elective
Auto-Increase Program
Yes, 1% up to 10%
Loans
None
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
August
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:
