Most Commonly Asked Questions
Frequently asked questions and the answers about your 401(k) plans from
experienced professionals at Retirement Alliance.
Most common question: How do I access my account?
- Contact your Retirement Alliance Pension Administrator for log
in information.
Others questions:
What is a 401(k) Plan?
Code section 401(K) is a section of the Internal Revenue Code which permits
the establishment of a Cash or Deferred Plan. Section 401(k) permits salaries
to be voluntarily reduced and investment opportunities can be created with
potential tax advantages to both employers and employees.
How does the Plan work?
The Plan is an arrangement which permits employees, on an elective basis,
to authorize a portion of their compensation to be withheld and invested for
repayment at a later date on a tax deferred bases. The plan also allows employers
to provide a match or discretionary contribution. These contributions are expensed
just like payroll and can be used to reduce corporate tax liability, while
providing a benefit to employees.
How long does it take for a fund to fund transfer
to go through?
On average, 1 to 3 business days.
Can I increase or decrease my contribution to the plan?
You can change your contribution, however there are specified times in which
these changes can be made. Refer to the Summary Plan Description, available
on-line under Forms or see your Sponsor.
If I no longer want to participate in my plan,
what are my options?
You can stop making contributions immediately.
Under what circumstances can I take my money out?
Distributions are allowed under th following conditions: termination of employment,
disability, attainment of normal retirement age, death and plan termination.
How can I tell if my plan allows loans?
You can check for loan proceedures under the forms section on-line. If your
plan has a loan provision, you will need to get a Loan
Application (available
via our Web Site). Return the application to your Plan Sponsor. Upon approval,
the Sponsor will sign and send the form to our office for processing.
How long will it take to process my loan?
7- 10 business days after receipt of the signed application.
I have recently been terminated. How do I take my
money out of the plan? What do I need to do?
You will need an Application for Benefits form
(available via our Web Site). After you fill out
the form, send it back to your former employer. They
will complete their portion and forward it to our office.Your distribution
will be processed within 7-10 business days, plus 7-10 business days for check
processing. Special circumstances may apply, see your PlanSponsor.
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