15 Things Every Worker Should Know
About Their 401k Plan
When it come to knowing about and understanding their 401k retirement
plans, most workers are in the dark. They have little or no knowledge of
the plan which often impacts their perception of this important benefit.
As a plan sponsor, you can correct this by being sure everyone of your
employees is be able to answer these 15 questions. If they can, they
will have a basic working knowledge of your retirement plan and have
taken the first step towards a better awareness and appreciation of this
significant benefit.
Think they already know the answers? Think again, because they don't.
The Questions
- When can I join the plan?
- Can I transfer money from a previous employer's plan or an IRA?
- How much can I deposit to the plan each pay period?
- Does the company "match" my deposits and if so, what is the
match and when is it deposited to my account?
- Are employer deposits subject to a vesting schedule and if so,
what is it?
- What are the investment options available to me and how do I get
more information about them?
- How often can I reallocate the money in my account between
investment options?
- Can I access my account via the Internet and if so, how?
- How often will I get a statement that reflects the current
status of my account?
- Are loans allowed from the plan?
- Are hardship withdrawals allowed from the plan?
- Does the plan offer any type of educational material or advice
service to help me properly invest my account?
- Does the plan allow me to make catch-up contributions when I'm
age 50 or older?
- What happens to my money if I quit working for this company?
- Who do I contact if I have questions about the plan?
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