13 Questions to Ask Your Employer About Its 401(k) Plan
By: Source: AARP Bulletin Today Date Posted: 2002-05-23 14:04:00-04:00
Ask the following questions when evaluating an employer's 401(k) benefit, suggests Dallas Salisbury, President & CEO of the Employee Benefit Research Institute.
1. When can I join the plan?
2. How much can I contribute?
3. Is there a matching contribution—and, if so, how much?
4. What are the plan's investment options?
5. Does the plan involve employer stock—either as an option or required?
6. Is there a loan provision?
7. Is there a hardship withdrawal provision?
8. Can I transfer money from a previous employer's plan?
9. Does the plan offer advice to help me pick the best investments?
10. Does the plan or the employer offer financial planning to evaluate my 401(k) as part of my overall retirement savings?
11. Does the plan allow catch-up contributions?
12. Can I leave funds in the plan and still utilize all the services of the plan when I change jobs or retire?
13. Are annuity options available?
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