Our company is committed to our employees' future. The sooner you invest in your retirement the better.
401k plans
A 401k plan is a type of retirement savings account that allows you to save money for your future with tax benefits. You can contribute a portion of your income to your 401k plan, and your employer may also match some or all of your contributions. The money in your 401k plan grows over time through investments, such as stocks, bonds, mutual funds, etc.
There are two types of 401k plans: traditional and Roth. In a traditional 401k plan, you contribute money before taxes are taken out of your paycheck, which lowers your taxable income for the year. However, you will have to pay taxes on your withdrawals in retirement. In a Roth 401k plan, you contribute money after taxes are taken out of your paycheck, which means you do not get an immediate tax break. However, you will not have to pay taxes on your withdrawals in retirement, as long as you meet certain rules.
A 401k plan is a great way to save for retirement because it offers several advantages, such as:
- You can save more money than in other types of retirement accounts, such as IRAs.
- You can benefit from compound interest, which means your money grows faster over time.
- You can reduce your tax liability, either now or in the future, depending on the type of 401k plan you choose.
- You can diversify your portfolio by choosing from a variety of investment options.
- You can enjoy employer matching contributions, if offered by your employer.
To make the most of your 401k plan, you should:
- Start saving as early as possible, even if it is a small amount.
- Increase your contributions gradually over time, or whenever you get a raise or a bonus.
- Contribute at least enough to get the full employer match, if available.
- Choose an appropriate asset allocation based on your risk tolerance and time horizon.
- Review and rebalance your portfolio periodically to maintain your desired allocation.
- Avoid taking loans or withdrawals from your 401k plan unless absolutely necessary.
A 401k plan is one of the best tools to help you achieve your retirement goals. By saving consistently and investing wisely, you can build a secure and comfortable future for yourself and your loved ones.
| Filename |
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| Annual Notices |
| 404c Erisa Notice.pdf |
| 2017 401k SAR.pdf |
| 2019 Deferral Limits.pdf |
| ERISA 404 Participant Fee Disclosure 2020.pdf |
| ERISA Privacy Notice.pdf |
| Fee Change Notice.pdf |
| Notice of Fee Change 2020.pdf |
| Notice of Investment Change 2020.pdf |
| Plan Limits for 2020.pdf |
| Principal Privacy Notice 2020.pdf |
| QDIA Notice.pdf |
| Qualified Default Investment Alternative (QDIA) Notice 2020.pdf |
| SMM Notice.pdf |
| Summary Annual Report (SAR) 2020.pdf |
| Summary of Material Modifications (SMM) 2020.pdf |
| Documents |
| There are no files to list. |
| Participant Newsletters |
| 2019 4th Quarter Participant Newsletter.pdf |
| Plan Documents |
| Quick Enrollment Form.pdf |
| SMM eff 1.1.2016.pdf |
| SPD eff 5.1.2015.pdf |
| Retirement Plan Documents |
| There are no files to list. |
Retirement
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