Eligibility, Enrollment & Participant Data Changes
Participants have decisions to make in four key areas:
- For plans with a 401(k) feature, do they want to contribute to the plan? If they do, how much do they want to contribute? (More information on contribution amounts is available in “Submitting Contributions and Loan Repayments” under Contributions.
- For participants in a 401(k) plan, do they want to make pre-tax or Roth 401(k) contributions?
- For participants in a 401(k) plan, profit sharing plan or money purchase pension plan, do they want to make voluntary after-tax contributions if this option is available?
- How do they want to invest employee (if applicable) and/or employer contributions among the investment options offered by the Program?
- Who should they name as beneficiary or beneficiaries?
Participants can make all these decisions by completing an Enrollment Form and Beneficiary Designation Form. Your firm may also have forms that participants can use to establish or change their 401(k) deferral elections.
Once the participant is enrolled, the Advisory Services, powered by Financial EnginesTM, the personalized investment advice service, can help participants decide contribution levels and make investment decisions that will help them achieve their retirement goals. (More information on the Advisory Services can be found in Forms, Tools and Resources.)
Complete Enrollment Form
The participant must complete an Enrollment Form and a Beneficiary Designation Form and submit them to you. Then you complete and approve the forms by signing and dating them. Use a separate form for each plan in which the participant enrolls, or for which a beneficiary designation is completed.
- Employer contributions are made on an employee’s behalf by the firm. This includes profit sharing and pension plan contributions, as well as employer matching, qualified matching (QMAC), qualified non-elective (QNEC), 401(k) safe harbor matching, 401(k) safe harbor non-elective and rollover contributions.
- Employee contributions are made by the employee to the plan, such as 401(k) elective salary deferral, Roth 401(k) elective salary deferral and voluntary after-tax contributions.