Home  >  Financial Articles and Q&A  >  First group inc 401k matching contribution i have a...

First group inc 401k matching contribution i have a 401k account with a company named First Transit In., parent company First Group America Inc., how do i find out the answer to how much they are matching my account? their front office didnt know?

Mar 25, 2013 by scott in  |  Flag
2 Answers  |  2 Followers
Follow Question
4 votes

I would start in the Human Resources/Benefits Department. This department would be able to answer your question or send you a Summary Plan Description of the 401k Benefit. Inside the SPD may list the employer match. Sometimes plans will have discretionary match that they change from year to year. Regardless if this employer has a match or not; saving for your retirement is still important. Find a great online calculator or advisor to help you figure out how much you should be saving today so you can retire tomorrow. If you don't have an employer match, it might mean you should be saving a little more. Happy Retirement Planning!

Comment   |  Flag   |  Mar 25, 2013 from Lehi, UT

1|600 characters needed characters left
2 votes

Scott, it is in what is called a Summary Plan Description. Employees at HR wear many different hats, and the person you spoke to was likely not aware.

Call HR back. Ask for a Summary Plan Description of your 401(k). If they still don’t know what you are asking for, ask for the phone number of the plan administrator; this number should also be on your statement. Each plan has an third party administrator, who independently administers all the rules of the plan.

Better yet, even if they do provide you with a Summary Plan Description, call the plan administrator. They will guide you to access to the online portal, which will give you all the current information on your account.

Comment   |  Flag   |  Mar 25, 2013 from Delray Beach, FL

1|600 characters needed characters left