What is a 401(k) Plan?

A 401(k) plan is a type of employer sponsored retirement plan which allows you to save for retirement with tax advantages. 

Your employer offers a 401(k) plan to help you save for life beyond your full-time working years. Contributing regularly to a 401(k) can give you the power and confidence to retire with more in your pocket to cover housing, healthcare, vacations, bills, and other expenses upon retirement. 

Why save with a 401(k) Plan?

• Simple & Automatic: Automatic deductions from your paycheck. This makes saving consistent and effortless. 
• Pre-Tax & Post-Tax (Roth) contribution options: Pre-tax contributions are collected before tax and withdrawals at retirement are taxable. Post-tax (Roth) contributions are collected after taxes are collected and withdrawals at retirement are tax-free. 
• Compound Interest: The power of compound interest can dramatically grow your retirement savings.  By   starting early and contributing consistently, your money has more time to grow through reinvesting earnings. 

Eligibility

Eligibility Requirements: 

• Completion of 1 month of service
• 21+ years of age 

Entry Date. Your Entry Date will be the first day of the month coinciding with or next following the date you satisfy the eligibility requirements.

Long-Term Part-Time Employees: Part-time employees who have not entered the plan as a regular participant but who have worked 500 hours of service at least three consecutive years beginning after December 31, 2020, and have attained age 21, will be eligible to enter the plan.

For more detailed eligibility information, please read our group's Summary Plan Description (SPD).

Enrollment

Enrollment Information

For enrollment instructions, please contact ESSG's Employee Benefits Team at 952-767-9519 or benefits@employersolutionsgroup.com