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Can a participant contribute to an employer retirement plan and an IRA?

Yes a participant can contribute to both their employer’s retirement plan and a personal IRA. However, depending on your income, all or a portion of your IRA contribution may still be taxable in that year.

Will I be charged any fees if I leave my money in my previous employer’s plan?

As each plan can choose whether to charge maintenance fees, you should contact your previous employer’s Plan Representative or you can call Pension Dynamics to obtain that information.  Additionally, if you have a copy of the Summary Plan Description (SPD) and Administrative Policies from your previous plan, you can review it to find out if fees are paid by plan participants.

What are Roth contributions?

Roth contributions are salary reduction contributions made to the plan that are made on an after tax basis (the income and gains that are earned on Roth contributions are not taxed).

What is vesting, and how does it impact me?

Your plan may have a vesting schedule for the employer contributions based on your years of service.  The “vested amount” is the value of your account that is available to you when you leave the company.  The Plan document determines the number of years it takes to be 100% vested.  This information can also be found in your Plan’s SPD.

Where can I set up an IRA?

IRA’s can be set up at almost any bank, or at most brokerage houses (e.g.: Schwab, Fidelity, Vanguard, E-Trade, UBS, etc.)

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