Your Company, Inc 401(k) Savings Plan

 A 401(k) Summary Plan Description (SPD) explains the key details of your 401(k) retirement plan. It outlines eligibility, how to participate, how much employees and employers can contribute, the plan’s vesting schedule, available investment options, and rules for withdrawals and loans.

The Qualified Default Investment Alternative, (QDIA) is a default investment option set by the employer if no option is chosen by you. The QDIA explains the default investment, the employee’s rights to direct their own investments, and how they can change their allocations, 

 A 401(k) Safe Harbor plan means you’re guaranteed to get certain contributions from your employer, no matter what. Either they’ll match a portion of what you put into your 401(k), or they’ll give you a set contribution even if you don’t contribute anything yourself. 

 A 401(k) Summary Annual Report (SAR) is a simple, yearly document that gives you a snapshot of your retirement plan’s financial health. It shows basic information like how much money went into the plan, how much the plan paid out, the value of the plan’s assets, and whether it has enough money to cover future benefits. Think of it like a financial report card for your 401(k). Employers are required to send it out each year so you can see how the plan is doing and feel confident your retirement savings are being properly managed. 

 The 401(k) Annual Fee Notice is a document that explains the fees and expenses associated with your 401(k) account. It tells you about any costs you might pay for things like managing your investments, plan administration, or other services. The notice also shows you how these fees could impact your savings over time. Employers are required to give this notice every year so you have a clear understanding of where your money is going and can make informed decisions about your investments. It’s all about transparency — helping you know exactly what you’re paying and why. 

 A 401(k) Fund Change Notice is a notice that lets you know when the investment options in your 401(k) plan are being updated. This could mean new funds are being added, some funds are being removed, or changes are happening to how certain investments are managed. The notice gives you important details like the effective date of the changes, descriptions of the new or replaced funds, and what will happen to your current investments if helps you stay informed and gives you the chance to review and adjust your investments.