Retirement Plans
Building financial security for the future is just as important as protection for today. A 401(k) allows you to reserve money for retirement through pre-tax deductions from your paycheck and tax-deferred earnings.
Whether retirement is a lifetime away or right around the corner, Nextep's retirement plans can help you achieve your retirement goals.
- Excellent support with award-winning assistance
- Plan sponsors have various options when setting up the company's plan parameters
- Option to set automatic deferral increases
- Participants have the option to change elections anytime
Download a printable summary of the plan:
DOWNLOAD
Answers to your questions
Questions? We have answers! Here are your most frequent retirement plan questions.
Q: How and when can I enroll?
A: Check your company's age and eligibility requirements. For more details on the plan and fund performance, contact Nextep's retirement plan experts.
Q: How often can I make changes?
A: You can make changes at anytime to your contribution amount, but it may not be immediately reflected on your paycheck. Administrative updates are done on a weekly basis, so your changes will be made as soon as possible. Fund allocations (how your money is invested) can be changed as frequently as you'd like online.
Q: What is the minimum deferral?
A: You may defer as little as 1% from each paycheck. Because financial emergencies happen, you can change your deferral to 0% at any time. When ready, you may resume deferrals on the first of the following month.
Q: When can I take funds out?
A: Withdrawals may happen at age 59 ½ or older, for loan or hardship, long-term disability or death, or upon termination of employment. Funds withdrawn early are subject to IRS taxation and penalties.
Q: How much do I need?
A: Calculating your retirement needs is a challenging and personal task. Get started here.
For more in-depth financial planning, contact a financial advisor.
Q: What is a Roth 401(k)?
A: A Roth 401(k) works like a traditional plan, except funds are deducted after taxes. Because Roth 401(k) contributions have been taxed, qualified withdrawals at retirement are tax-free.
This calculator from Empower Retirement can help you determine which plan may be best for you.
Elevate by Nextep app = easy street!
The Elevate by Nextep app makes it easy to manage your benefits! Get access anytime, anywhere, on any device.
- Visit benefit carriers with one simple sign-in
- View paycheck deductions
- Complete open enrollment
- Change your retirement withholding and check your balance
- View and present insurance cards at the doctor's office
- Review dependent and deductible info
Download it today to manage benefits on the go, right from your phone!
Questions?
We have answers!
Here's how to get quick, personalized help from Nextep's experts:
- From your Elevate by Nextep account, visit the Help tab.
- Call 888-811-5150.
- Or, click the button below to submit your question to our help desk!
