401k Eligibility
How many hours of service must an employee have before they can self defer?
What is 1 hour?
What type of withdrawals are allowed while still employed?
What is In-service Withdrawal for employees aged 59 1/2 or older or Hardship Withdrawals needed to meet an immediate financial need or emergency ?
You have credit card debt with a high interest rate and is more than your savings account.
Not contribute. Although you are allowed to contribute, it may be better to pay off high interest credt card debt first.
After you have opened your bills, you should record the _________ on a calendar to remember when they must be paid.
What is a due date?
When does and employee become eligible for an employer contribution?
After completing 1,000 hours of service during a calendar year and in active status at 12/31.
My vehicle broke down and I need money for repairs.
Am I eligible to receive a hardship withdrawal?
No
I have enough savings to cover current and unexpected bills,
Contribute if you so desire.
The maximum employee contribution during 2018 is?
What is $18,500?
I'm purchasing a principal residence and I need money for down payment / closing costs.
Am I eligible to receive a hardship withdrawal?
Yes.
This form shows how much money you made and how much you paid in taxes from the previous year.
What is a W-2 form?
What happens when an employee reaches age 50?
What is eligibility for a catch-up contribution of $6,000
Do all of the following financial needs qualify for a hardship withdrawal?
1) Tuition and related educational costs
2) Burial or funeral expenses
3) Credit card debt
No - credit card debt is not an allowable financial need.
I'm behind in my rent or property taxes.
Not contribute. Although you are allowed to contribute, you should examine the benefit of using your funds to prevent potential foreclosure/eviction.
Are employees required to self-defer in order to receive the employer contribution?
What is no?
The IRS assesses a _____% penalty for hardship withdrawals.
10% of the amount withdrawn?