IRA
What are the two different type of IRAs and 401ks?
Roth and Traditional
What type of Retirement Plans did employers use before 401ks became the normal?
Defined Benefit Plans (Pensions)
What is the main benefit of a Defined Benefit Plan?
Pension, Guaranteed Income for Life
What is Morningstar's Mission Statement?
To Empower Investor Success
What floor is Workplace on?
8th Floor
What are the Contribution Limits for IRAs? (No Catch-Up Contributions)
$6,000
What are the Contribution Limits for 401ks? (No Catch-Up Contributions)
22,500
What is the process called when you transfer funds from one Retirement Account to another?
Rollover
What % does Morningstar match for our 401k?
75% of every dollar up to 7%
Who is the President of Workplace?
Brock Johnson
At what age do early withdrawals no longer receive a penalty?
59 and 1/2
Who is the Record Keeper for the Morningstar 401k Plan?
Charles Schwab
What are the 3 Key Points to a Successful Retirement Plan?
Contributions, Asset Allocation, Time in the Market
Who is the founder of M* and when did he found the company?
Joe Mansueto and 1984
Who is the leader of the Marketing Team for Workplace?
Jim Miloch
What are the Distributions called that all Retirees must take at the age of 72?
RMDs
What Year was the 401k first used as a Retirement Savings Vehicle?
1978
What Retirement Account is used by State and Municipal Workers?
457 Plan
Who inspired Joe Mansueto to start Morningstar?
Warren Buffet
How many Investment products Workplace uses? Can you name them?
RM5, PTDF, MPA, and RM Classic
What IRA strategy allows High Income Individuals to fund their Roth IRA despite contribution Limits?
Backdoor IRA
What is it called when someone takes money out of their retirement account to meet pressing Financial needs?
Hardship Withdrawal
What was the name of the Act created to set certain standards for 401(k) plan administrators and requires uniform rights for plan participants?
ERISA
What professional sports team does the founder of Morningstar own?
Chicago Fire (Soccer)
When did M* first start to use Managed Accounts?
2002