Q: How do I contribute to my retirement plan?
A: Contact your payroll administrator or HR department for an enrollment form. You will want to indicate your contribution percentage or dollar amount on this form, and provide it to payroll/HR for processing. More information is available in your Summary Plan Description, which you can request from your employer or from our office.
Q: What is vesting?
A: Most plans require you to meet certain requirements before you are entitled to any employer contributions. The money may have already been deposited to your account. Your vested percentage is calculated upon termination or retirement. Any unvested portion will be forfeited back to the employer at the time of distribution.
Q: What is the most that I can contribute?
A: This amount is limited by federal legislation and is typically adjusted on an annual basis. These announcements are usually made by the IRS in mid-October and can be found here.
NEED MORE HELP?
Contact our office at (206) 625-9644 or contact us through our online form below for answers to all of your retirement planning questions.
Q: How do I choose which investments to use?
A: We recommend you contact the Financial Advisor on your plan for specific guidance on your investment needs. If you do not know who your financial advisor is, you are welcome to contact us so we can provide this for you.
Q: I am no longer employed. What are my options?
A: If you are no longer working for the company who sponsors your retirement plan, you are eligible to withdraw the funds, rollover to another qualified plan, or leave your money in the account. Please note that some plans have a minimum required balance to maintain your account.
Q: How do I close my account?
A: Complete a Distribution Packet and submit a copy to our office via fax, email or mail. We do not require originals for processing and recommend you keep an original copy for your records.
Q: When can I withdraw my money?
A: Normal retirement age is typically 65 years old. If you are not yet 65 years old and wish to take a withdrawal, please contact our office to discuss your withdrawal options.
Q: How long does it take to process a withdrawal?
A: On average, most platforms are able to accommodate processing distributions within approximately 7-10 business days. We make every effort possible to process distributions in a timely manner. If your request is time sensitive, please contact our office to discuss expedited shipping options for your plan.
Q: Can I take a loan against my account?
A: Some plans allow for a loan provision. Each plan has individual plan restrictions on loan minimums, repayment periods, total loans allowed, etc. You will be charged a competitive interest rate which you are repaying to your own account. Review your Summary Plan Description for more details, or contact our office to review your loan eligibility. Apply for a Loan.
Q: Can I take money out for an emergency?
A: Some plans allow for a hardship withdrawal provision for the following reasons: (1) to purchase your primary residence; (2) to prevent foreclosure or eviction from your home; (3) to pay college tuition for yourself or a dependent; (4) to pay for funeral expenses for a dependent; or (5) unreimbursed medical expenses for yourself or your dependents. If your plan has a loan provision, you are required to exhaust your loan options prior to becoming eligible for a hardship withdrawal. You will not be eligible to contribute for 6 months following a hardship withdrawal. If you need more information about a hardship withdrawal or feel you may be eligible, contact our office for further details and an application. Hardship applications may require additional processing time as they are subject to plan approval.