News View all

Managing Your Plan to Minimize Top-Heavy Issues
January 10, 2017

Happy New Year! To start the year off right, we would like to share insights on how you can help your business-owner clients minimize pains associated with top-heavy issues. Because top-heavy required employer contributions to 401(k) plans can create budget challenges and may be a thorn in the side of some business owners, this article discusses creative ways to alleviate related frustrations, satisfy existing clients and gain new relationships along the way.

[+] Learn more

Quarterly Statements

If your plan is on the JULY Retirement Platform, you will receive quarterly account statements within 15 business days after quarter-end to help you stay informed about what’s happening with your plan.  These statements include detailed information about your account activity for the quarter, including:

 

Account Summary

The Account Summary section of the participant statement is intended to give you an overview of your retirement account as of a specific date.  It shows your Account Balance and the Rate of Return for the period covered by the report.

Current Investment Mix

This section shows your Account Balance by Investment Fund.   The pie chart and numeric totals provide an easy to understand overview of  your balances.

Account Overview

The Account Overview section provides you with an overview of the activity in your account for the report period.  It summarizes the increases or decreases in your account by transaction type, including the beginning balance for the period, contributions, investment earnings, withdrawals, and ending balance.

Account Activity

The Account Activity section shows activity in your account by investment and by contribution type (i.e., employee, employer, etc.). 

Investment Performance

The Investment Performance section provides historical investment performance for each investment in the plan, including investments that you have chosen and other options available.

Fees and Expenses

This section provides you with a summary of any fees and expenses charged against your account for the report period.  Fees are categorized by Service Type to help you understand the services being provided.

Important Announcements

In this area, we include announcements to help you understand your options for investing in your retirement plan and to provide you with tips to help you to stay on course.

 

 

View All FAQ

1. Website - What is available on the plan’s website?

Your plan’s website provides detailed information about your account and allows you to make changes. You can get information about your balance, investment options, see past transactions, and see copies of your participant statements. You can also make changes to your account, including transferring money between investments and choosing how future contributions are invested.

Learn more 2. Website – How do I access my plan’s website?

Most retirement platforms provide you a website where you can manage your retirement account.  If your account is on the JULY Retirement Platform go to:

If your retirement plan is on a non-JULY platform such as John Hancock, The Hartford, American Funds, or another provider, contact your Human Resources Department for information on accessing your account.

Learn more
Copyright: © 2011, July Business Services