401K
YATES LLC 401K
This document is intended to give an overview of the Yates Insurance Agency, Inc. Profit Sharing Plan (“the Plan”) and is not intended to be comprehensive. The dates on which a new employee can enter the Plan are January 1 st and July 1 st following the beginning of employment. The Summary Plan Description (SPD) is enclosed. Here are the SPD highlights. Please refer to the SPD for more details. Types of Deferrals – You can elect to defer into a Traditional 401K (pre-tax, but taxable when it is withdrawn), a ROTH 401K (after tax, but generally not taxable when it is withdrawn), or a combination of the two. Types of Investments – You choose the type of investments you want to make by going to the Empower website. You can change your investments as often as you like (theoretically as often as daily). Changes in Deferral Amounts – The Plan allows changes in deferral amounts at any time. Deferrals changes can be made by going to the Empower website. Loans – You can take loans from your account with a few stipulations: 1. The minimum loan amount is $1,000 2. The maximum loan amount is the lesser of $50,000 or 50% of your vested balance 3. No more than two loans can be outstanding at any one time 4. The loans are repaid by payroll deductions 5. If you terminate with an outstanding balance, it must either be paid back or it becomes a taxable distribution 1. Login to empowermyretirement.com 2. Click register 3. It will ask for your Social Security Number, Zip code, last name, and date of birth. It is safe to supply this information. 1. It will ask a series of questions. If you wish not to answer any or all, they are not required. 2. Follow the prompts to set up user name, password and a means of receiving an access code (generally a text to your cell phone). Please note that you will be automatically enrolled at your entry date at a rate of 3% of your gross pay as Traditional 401K. You can choose more, less or none at all. If you choose a different amount, please let me know via email. To log on to Empower:
This hits only the highlights. The Summary Plan Description may answer some of your questions.
Yates, LLC 2800 Century Parkway NE • Suite 300 • Atlanta, Georgia 30345 (404) 633-4321 • Fax (404) 633-1312
Yates LLC 2024 Benefits Guide |
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