Answers in Retirement Plans

Your personal retirement plans will have to be your primary method of funding your retirement and you should consider all the tools at your disposal to plan for and achieve your retirement goals.
0 votes
You can request a copy of the SPD ( Summary Plan Description ) from the plan administrator. Most likely this is your Union's administrator. It's important to understand your plan since your likely contributing something every pay period. That's what ...(more)
1 vote
Christopher - see this answer to another question by Courtenay Shipley. I wrote a guide on this recently. You might find it helpful: https://www.brightscope.com/financial-planning/advice/guide/10268/Guide-To-Tracking-Down-Old-401K-Accounts/ - See more ...(more)
1 vote
Christopher - The easiest and quickest way is contact the HR Department at HON. At a minimum, they will be able to put you in touch with the current 401(k) plan administrator (the plan may or may not have changed hands since you were there). The plan ...(more)
1 vote
Hi Josue, You will have to ask your plan administrator for a copy of your statement. Her name is Cindy Jalajas and the tax return lists her phone number as 760-737-8513. If you can't reach her speak with your Human Resources department. Hope this ...(more)
2 votes
Another way to check for whether he participated in a 401k, is to check prior years W-2s in box 12, assuming you can get access to these. A couple of other resources: https://www.unclaimedretirementbenefits.com/ - nationwide, secure database listing of ...(more)
1 vote
Hi Mary, Peter is spot-on. Check to make sure the plan is being run in accordance with the provisions in the documents. If they are eligible, then yes, they would end up with the profit sharing contribution and the 3% safe harbor contribution.
5 votes
Peter C. Karp Level 20
Mary, The important word in your question is ineligible. Ineligible family members are treated just like any other ineligible employee in a 401(k) safe harbor plan, they do not get a safe harbor allocation nor are they allowed to participate. You need ...(more)
2 votes
Jim, for perspective, you might expect recordkeeping and administrative costs could be in the neighborhood of 50 bps. On large plans, they could be less. On very small plans, they could be considerably more. Some plans pass on all of its administrative ...(more)
1 vote
Brad, I'm very sorry about your brother...wishing you comfort and peace in your loss. You may have to do a fair bit of "detective work" regarding your brother's financial affairs because unfortunately there's no centralized repository for orphaned 401(k) ...(more)
1 vote
You will have to contact his former employers to verify if he was participating in their company sponsored 401(k) plan. If he worked for large corporations, then the HR and benefits departments are good places to start. For smaller organizations, the ...(more)
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Joe Soto Level 14
Hi Jim, That's a great question. Fees can be a tricky thing when it comes to 401(k) plans. Paying more is not always a bad thing if you are getting great service. So be sure to understand not only what your paying but what your paying for. Also, some ...(more)
1 vote
You need to call the insurance company that is making payments to you, or with whom you have the money invested. That's the surest way to get the facts on what your liquidity/cash out options may be on the annuity you have. Can't tell from your question ...(more)
2 votes
If you are receiving fixed term or lifetime payments from an annuity, sorry to say there is no easy way to cash out. You would need to get an offer from a third party to buy your future annuity payments (you can find these operators online) - but you ...(more)
2 votes
James, Unfortunately you have not provided enough information for us to answer your question specifically. For example, is the Annuity inside a tax deferred account such as a retirement plan or an IRA or is it outside. If it is inside a company retirement ...(more)
2 votes
Earliest age allowed I've seen is age 55. Keep in mind that if you roll money out of your plan into an IRA prior to age 59 1/2 you will be subject to slightly different IRA distribution rules from that point on. That means no more loan access, no more ...(more)
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