Retirement Login HSA Login

Not sure?   Contact Us

Issues:

401k savings
retirement
taco
taco tuesday
automatic savings
personal finance
ubiquity retirement savings
401k
compound interest
personal savings
saving
401k loans
andrew meadows
401k fees
401k participation
lisa chui

Regarding Eligibility and Elective Deferrals

Elective Deferrals: Elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit – [contribution_total_employee() ] in 2015 and 2016, or [contribution_total_50_or_older() ] in 2015 and 2016 if age 50 or older. Contribution limits for self-employed individuals: You must make a special computation to…

What if I want to terminate my account?

Per our Agreement for Services, page 3 (part of your sign-up package), we require a 60-day written termination notice before your next annual billing to terminate your Single(k). Without such notice, you will be subject to the $60 termination fee. If you wish to terminate your account, we will send you a termination e-mail. Note:…

What is a “contribution suspension”?

A “contribution suspension” is required after you take a hardship withdrawal from your Single(k) plan. This means you cannot make individual pre-tax or after-tax contributions to the retirement plan for six (6) months. Failure to suspend contributions will result in the contributions being forfeited and re-categorized as ordinary income.

What are the tax consequences of taking a hardship withdrawal?

A hardship withdrawal is a taxable event. The money you take from the plan is taxable in the year in which it is taken. Also, if you are under the age of 59 ½, you will also be subject to a 10% early withdrawal penalty.

What documentation is required?

The amount of your hardship withdrawal is limited to the amount you need to meet the immediate hardship, including taxes and penalties. This is illustrated by your supporting documents. The IRS also restricts the type of money you can withdraw from your Single(k): You may withdraw pre-tax contributions. You may withdraw profit-sharing contributions and the…

If I have a hardship, how much can I withdraw?

The amount of your hardship withdrawal is limited to the amount you need to meet the immediate hardship, including taxes and penalties. This is illustrated by your supporting documents. The IRS also restricts the type of money you can withdraw from your Single(k): You may withdraw pre-tax contributions. You may withdraw profit-sharing contributions and the…