Contribution Change
How to view employee contribution rates?
TBA CUST PANEL - DC INQ - ELECTIONS - CONTRIBUTIONS RATE
AND/OR
SAVINGS AT GLANCE - Contributions RATE INQUIRY
WHAT IS A 30 DAY RESTRICTION?
30 restriction on investments changes within the plan excluding two.
WHAT IS A LOAN?
WHEN ARE REGULAR WITHDRAWALS USED?
ACTIVE employees
WHAT IS THE CATCH UP LIMIT FOR 2023?
7,500
What are the 3 components of BEFORE TAX?
Base, Bonus, Commission/Incentive
WHAT INVESTMENT FUNDS DOES THE 30 DAY RESTRICTION NOT INCLUDE?
Target Portfolios and BR GOV SHORT TERM
WHAT ARE TWO TYPES OF LOANS
WHAT IS NONTAXABLE CONTRIBUTION?
After tax dollars pulled into the plan that has already been taxed for the employee.
HOW DO WE VIEW RMD?
TBA CUST ACCOUNT - DC INQ - PLAN INQ - MIN DISTRI INQUIRY
What is the min to contribute to be eligible for company match?
4% or 5% based on eligible pay.
WHAT IS A POOLED FUND TRANSFER?
WHAT IS THE DURATION FOR A PRIMARY RESIDENCE LOAN?
60- 180 months
5-15 years
WHEN IS ROLLOVER NONTAXABLE AMOUNTS USED?
When rolling over roth or after tax dollars.
WHAT IS THE DURATION FOR A GENERAL PURPOSE LOAN?
1-5 years
12-60 months
WHAT IS THE 415 LIMIT? WHAT IS THE 402G LIMIT? (explanation and 2023 number)
415 Limit is the annual contributions to the plan in a current year. 66,000 for 2023
402g Limit is the contributions to the Pretax and Roth dollars towards 22,500 combined for 2023
WHAT IS A FUND REALLOCATION?
REALLOCATION THE MIX OF INVESTMENTS CURRENT AND/OR FUTURE
WHAT IS NEEDED TO PROCESS HARDSHIP WITHDRAWAL?
REASON FOR HARDSHIP, AMOUNT OF HARDSHIP, DURATION of HARSHIP, gross up or no.
WHEN PROCESSING A ROLLOVER WHAT NEEDS TO BE CHOSEN WITHIN THE EVENT TO MAKE IT A ROLLOVER?
ROLLOVER ELECTIONS>
TBA CUST ACCOUNT - PERSONAL INFORMATION - PAY DEFINITIONS
DATE RANGE - 12-31-2022
WHAT IS THE MATCH AN HCE WILL RECEIVE FOR 2023 in JAN 2024 IF CONTRIBUTE THE MAX TO OUR PLAN?
13,200
WHAT DOES AN INVESTMENT CHANGE DO?
UPDATES FUTURE INVESTMENT STRATEGY
WHAT IS THE DIFFERENCE OF A DEFAULT LOAN VS A FORECLOSED LOAN?
ACtive employees loan defaults until seperation
Foreclosed loan is a termed employee loan being taxed and taking from the plan.
WHAT IS A CONVERSION?
Before tax or roth converted to roth 401k plan in service conversion.
WHAT IS THE AFTER TAX LIMIT FOR 2023 THAT HCE CAN CONTRIBUTE? (Dollar amount and how calculated)
29,700
330k * 9%