View the 2022 IRS contribution and compensation limits and how they compare to 2021.
Is there a Slavic 401(k) mobile application?
We currently have a mobile app in development that is scheduled to launch in early 2022.
What online reports are available for employers and sponsors?
There are many different reports for employers and sponsors online. Whether you need asset, audit, contributions, distributions, employer information or participant information reports, we have dozens available to you within the sponsor portal.
What is a safe harbor 401(k) plan?
A safe harbor 401(k) plan provides all eligible plan participants with an employer contribution. In exchange, safe harbor plans allow employers to avoid annual IRS non-discrimination testing, which can be costly for employers. Any 401(k) plan can be set up to include a safe harbor contribution.
How do I know my account information is secure?
The account information and transaction areas use Secure Socket Layer (SSL) encryption to ensure that your account information is not accessible to others. You are also required to use a multifactor authentication personal identification number (PIN) to access your specific account information.
What happens to my 401(k) account balances if I choose to leave or am terminated from the company?
Your distribution options are the same whether you voluntarily leave or are terminated. If your account balance is more than $5,000, you can leave your money in the plan. If you want to take your money with you, your vested account balance can be rolled into another 401(k) plan with your employer or put into an IRA. There are no tax penalties when your 401(k) is rolled over. If you cash out your 401(k), there is a 20% tax and possible 10% penalty. If you have an unpaid loan and request a distribution to yourself, the loan will be deducted from your balance paid out and be subject to a 20% mandatory tax, and possible 10% early withdrawal penalty.
Our old 401(k) plan did not have any fees. Why do we have fees in the new plan?
All 401(k) plans have fees, including your old plan. Usually these fees consist of three parts:
The first two categories of fees are almost always part of the ongoing expenses paid out of the account balances of the plan. Historically, most providers have not completely disclosed these costs to the participants. While it may appear that your old plan had no fees, the fact is they were not disclosed to you. It is common practice for 401(k) plan providers to net fees against investment earnings making them difficult to monitor.
Slavic401k is proud of the fact that we disclose all fees as a line item dollar amount on participant statements and on the website. Your new plan is fully transparent, and in most cases, significantly less in cost compared to your old plan.