Keep the Course: Preparing For Enrollment

Each Wednesday 401kBasics posts a new article in a weekly series called “Keep the Course”. This series is designed to give the average consumer information on how to keep their 401k plan on track! Your feedback or suggestions on future articles is welcome.

As we approach January 1st, most plans will have an open enrollment period for newly eligible employees. As a newly eligible employee, there is enrollment information and documents that you should make sure your employer provides to you or makes readily available in an electronic format:

  • Beneficiary designation form
  • Application to participate (if applicable)
  • Salary reduction election (if applicable)
  • Investment information, including a description of each option, historical return performance and prospectuses (if applicable)
  • Investment direction form (if applicable)
  • Summary plan description (SPD) and
  • Rollover contribution forms

Prior to enrolling in the plan, be sure to review all of these documents to ensure that you have a good understanding of the provisions of your plan. If you have questions on these documents, direct them to your employer or retirement plan provider.

This site is for entertainment purposes only. 401kBasics and it’s authors are not financial advisors and no information found on this site should be construed as financial advice.

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