|
Q: What are the limits on benefits and compensation?
A: The IRS and DOL require certain annual reporting and filings in order to keep your retirement plan qualified. Additionally, the contributions to retirement plans are limited based on those published annually by the IRS and DOL.
View contribution limits
Q: What are Roth deferrals?
A: Roth deferrals are after-tax salary deferral contributions made available in 2006. Roth deferrals are subject to federal and state income taxes when made, but can be withdrawn tax-free (including earnings) after meeting certain qualification requirements.
For more information about Roth deferrals, check out the IRS website.
Q: What is Polycomp?
A: Polycomp is a third party administrator firm hired by employers to assist in the operation of their retirement plans. Although we prepare distribution paperwork for you, we do not hold any plan assets nor do we provide financial advice.
Q: How do I get my money out of the plan and what is the process?
A: Once you complete and return an Election form, we will process the additional required distribution paperwork. Polycomp is a service provider. We do not process checks or hold trust assets. If your funds are held in a combined employee/employer account (pooled account), your previous employer will be issuing you a check. If your funds are in an account in your name (segregated account, i.e. John Hancock, Nationwide, etc.), the asset holder will be issuing you a check.
Q: What are the tax consequences of my distribution?
A: Check out our special tax notice here.
Q: How long will it take before I get my distribution?
A: Once we receive your completed forms, please allow 3-4 weeks for distribution processing before you receive your distribution check.
Q: Who should I contact for tax advice regarding my distribution?
A: We recommend that you consult with your tax advisor.
Q: What if I am unable to return the Election Forms by the due date? (Not applicable to defined benefit plans)
A: Failure to return completed Election forms by the due date will cause a delay in the payment of your distribution. If your account is in a combined employee/employer account (pooled funds), which are only valued once a year, you may experience a delay of up to 12 months.
|