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Frequently Asked Questions
What's a mutual fund?
A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. Mutual funds are operated by professional money mangers, who allocate the fund’s assets and attempt to produce capital gains or income for the fund’s investors. A mutual fund’s portfolio is structured and maintained to match the investment objectives stated in its prospectus.
How do I login to my 401(k)?
If you know your company’s 401(k) plan provider please click on the “LOGIN” page on the top right of the website. Find your record keeper and this will redirect precisely to the login screen for your 401(k).
What's a vesting schedule?
The salary deferred by an employee into their 401(k) is always theirs to invest, and to take when they leave the company. In other words, whatever money you put into your 401(k) will always be immediately vested because it’s money you took from your own paycheck.
But the money an employer contributes to your 401(k) may gradually become yours, dependent upon how much time you spend working at the company. This is referred to as the vesting schedule, or the set of rules that outline how much and when an employee is entitled to any employer contributions made to their 401(k).
The vesting schedule determines how many years the employee must work for the company (“years of service”) to own a percentage of the employer’s contribution. An employer will have immediate vesting, cliff vesting, or graded vesting.
What's the difference between pre-tax (traditional) and roth 401(k)?
The basic difference between a traditional and a Roth 401(k) is when you pay the taxes. With a traditional 401(k), you make contributions with pre-tax dollars, so you get a tax break up front, helping to lower your current income tax bill. Your money—both contributions and earnings—grows tax-deferred until you withdraw it. At that time, withdrawals are considered to be ordinary income and you have to pay Uncle Sam his due at your current tax rate; there may be state taxes as well. (With certain exceptions, you’ll also pay a 10 percent penalty if you’re under 59½.)
With a Roth 401(k), it’s basically the reverse. You make your contributions with after-tax dollars, meaning there’s no upfront tax deduction. However, withdrawals of both contributions and earnings are tax-free at age 59½, as long as you’ve held the account for five years.
How often can I change my investments?
Your employer determines how often you can change your 401(k) contribution. Some employers may let you change it only once per year, while others may let you changeit as often as you like. Your company’s 401(k) plan provider can let you know how often you can change your contribution.
How does the Covid legislation impact my 401k?
Please check out the latest IRS guidelines here: https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers