Eligibility and More
You must have this type of identification number in order to be eligible for a 401K plan.
Social Security Number (SSN)
Traditional 401(k) contributions are ___ - tax contributions.
Pre-tax
What is the maximum percentage of dollar for dollar company match?
4%
What is the maximum percentage of regular pay an employee can elect for 401(k) deduction?
50%
What is the website where employees can make contribution elections or changes to their 401(k) plan?
An employee can change their contribution amount at any time by doing what?
Contacting Fidelity or utilizing their website.
What is the default percentage election an employee is placed in through 401(k) auto-enroll?
4% pre-tax
If an employee makes a 2% election into the 401(k) plan (pre-tax). What percentage will the company match.
401(k) beneficiaries are elected and stored where?
Fidelity
Where can an employee view their 401(k) elections?
Workday>view benefits
Fidelity - Phone or 401k.com
An employee is automatically enrolled in the 401(k) plan ___ days following their hire date.
30
Roth contributions are ___ - tax contributions.
After-tax
What is the vesting schedule for regular matching company contributions to the 401(k) plan? (hint, this is for contributions up to 4%)
100% vested day one.
These changes may take 1-2 pay periods before appearing on an employee's paycheck.
401(k) election changes
This process allows an employee to borrow money from their 401(k) under certain circumstances.
401(k) loan
All of these are examples of changes the employee must make directly with who?
Fidelity
What is the 2021 401(k) contribution limit? This is the limit of Pre-Tax/Roth money an employee can contribute to a 401(k) plan.
$19,500
This percentage is a non-elective company contribution and an employee does not have to contribute to the US Roche 401(k) plan to receive it.
6% non-elective contribution
At what age are employees eligible for a 401(k) or Roth catch up contribution?
50. At age 50 or turning age 50 in the calendar year.
If an employee wants to contribute money from their bonus into a 401(k) plan. Is this election the same or different from their regular contribution? Do they need to take action?
Yes, bonus contributions are not auto-enroll. An employee must make an election at Fidelity.
Elections are sent and loaded into Workday how many times a week?
Once, every weekend.
$6,500
What is the vesting schedule for the 6% non-elective company contribution?
Under 3 years of service - 0%
3 years or more - 100%
What is the default retirement fund employees are placed in if they do not make their own investment elections?
Roche Target Date Fund e.g. 2030, 2040, 2050, etc.
True or False. A catch-up election percentage applies to both eligible salary (regular) contributions and bonus?
True