Employee 401(k) Plan Features
401(k) plans are highly flexible, and your ShareBuilder 401k Customer Success Manager will complete a plan design analysis and develop a framework and program tailored specifically to your business. Whether it be a safe harbor, vesting schedules, advanced profit sharing configurations, auto-enrollment, pre-testing or coordinated employee education initiatives, the program will be fully backed by our service team to ensure exceptional delivery every step of the way.
- Mobile and Web Access
- Online enrollment, videos, and retirement calculators
- Roth 401(k) option
- Loans and hardship withdrawals (if enabled)
- Automatic rebalancing
- Online research of investments offered
And there are more. The following provides additional descriptions of common features many companies use.
Mobile and Web Access
You can access your ShareBuilder 401k any way you want online, even via your mobile phone!
Your employees can also review and manage their 401(k) accounts via their mobile devices. Online Education is available for employees and can be accessed via mobile devices as well.
Of course, if there are ever any issues, you can always use your phone to give us a call. We’re always happy to help with online enrollment, selecting investments, and more.
Online enrollment, videos, and retirement calculators
We make enrollment a paperless process! You can complete your plan’s set-up online, and we are here to help if needed.
We also have educational tools to help employees learn about saving for retirement.
This feature allows an employee to make after-tax contributions to a 401(k), up to the current employee contribution limits. Once in retirement, these funds aren’t taxed – even the earnings – during withdrawal. Note, that by regulation, all employer matches are made pre-tax. Employees have the choice to make use of the Roth 401(k) feature.
Employees can make the following type of contributions into the 401(k) plan:
- Contribute all your 401(k) withholding to the Roth, post-tax
- Split any withholding between pre-tax and post-tax 401(k) contributions
- Ignore the Roth option and contribute all your withholding pre-tax
The Roth 401(k) contributions may be best for those who think they’ll be in a higher tax bracket in retirement and can afford a reduction in take-home pay during their working years.
Loans and hardship withdrawals
401(k) loans offer you access to your account funds and can offer peace of mind that in an emergency, you can access your money without a tax penalty. Some considerations to consider include missing out on any compound growth that your investments would otherwise have earned in the market. In addition, the loans are repaid with after-tax dollars and the loan becomes fully due if you separate from your employer.
That being said, our vision is to lead Americans back to saving – and loans are not a savings tool. If you are considering a loan given your personal situation, make sure you consider your company’s soundness and your job security. Check out our Guide to 401(k) Loans to learn more.