Participation in the SEIU Affiliates’ Supplemental Retirement Savings (401k) Plan affords a convenient way to bolster financial stability during retirement. Deferrals are pre-tax and automatically deducted from your salary. Some employers even provide a match contribution, depending on the terms of their participation in the Plan.
If your affiliated Local or ancillary group participates in the SEIU Affiliates’ Supplemental Retirement Savings (401k) Plan, you are eligible to participate (if you aren’t already).
Want more details? Click on one of the links below or refer to your Summary Plan Description.
Commonly Asked Questions
Eligibility As long as your Employer participates in the Plan, and you are included in the terms of the Participation Agreement, you are eligible to participate in the SEIU Affiliates’ Supplemental Retirement Savings (401k) Plan upon date of hire but contributions cannot begin until the payroll period coinciding with or immediately following the date you are hired as a Covered Employee. You become a participant by enrolling in the Plan. Check with your Human Resources personnel for details. Terms of Enrollment You authorize payroll to deduct anywhere from 1% up to 25% of gross compensation for deferral into the 401k Plan. You may not exceed the annual elective deferral limit [($18,500 for 2018)] unless you are 50 years or older and elect to make the catch-up contribution [(for 2018, up to an additional $6,000)]. Maintaining Eligibility You continue to be a participant in the SEIU Affiliates’ 401k Plan as long as you are:
- employed by a participating SEIU Affiliated Local/Group and are receiving a salary; or
- maintain an account balance over $1,000 after terminating employment.
Eligibility As long as your Employer participates in the Plan, and you are included in the terms of the Participation Agreement, you are eligible to participate in the SEIU Affiliates’ Supplemental Retirement Savings (401k) Plan upon date of hire but contributions cannot begin until the payroll period coinciding with or immediately following the date you are hired as a Covered Employee. You become a participant by enrolling in the Plan. Check with your Human Resources personnel for details. Terms of Enrollment You authorize payroll to deduct anywhere from 1% up to 25% of gross compensation for deferral into the 401k Plan. You may not exceed the annual elective deferral limit [($18,000 for 2017)] unless you are 50 years or older and elect to make the catch-up contribution [(for 2017, up to an additional $6,000)]. Maintaining Eligibility You continue to be a participant in the SEIU Affiliates’ 401k Plan as long as you are:
- employed by a participating SEIU Affiliated Local/Group and are receiving a salary; or
- maintain an account balance over $1,000 after terminating employment.
LOANS: For an $80 application fee, the Plan permits one loan at a time, to be repaid through payroll deduction. If the loan is not paid in full, tax consequences will apply. The loan may be repaid in a lump sum. For further details, access your account or call Prudential. Participants must wait 7 days after paying off a loan before requesting a new loan. There is a QJSA wait period on new loans; the transaction will be processed no sooner than 8 days after the Date Requested. If you terminate employment before your loan has been satisfied, you have the option of making coupon payments so that the loan does not default. Inquire of Prudential for details (1-877-PRU-2100). Under certain circumstances, if you transfer to an affiliated local, you may be able to transfer your outstanding loan balance to the affiliated plan and continue making repayments—as long as the new employer also participates in the SEIU Affiliates’ 401k Plan.
HARDSHIP WITHDRAWALS: While employed, you may make a withdrawal request due to a financial hardship, within plan restrictions. Consult a Prudential specialist by phone (1-877-PRU-2100) or access your account online, for more information. If you receive a hardship distribution, you will be suspended from making before-tax contributions to the plan for a period of 6 months from the date of the hardship distribution.
If I transfer to another affiliated local, what happens to my 401k account? If the affiliated local participates in the SEIU Affiliates’ Supplemental Retirement Savings 401k Plan, you can:
- keep your SEIU Affiliates’ 401k Plan account intact, although you won’t be able to contribute and there will be a $10 quarterly account maintenance fee deducted
- take a lump sum distribution (tax penalties may apply)
- roll over to another retirement plan
- roll over to the new SEIU Affiliates’ 401k Plan subplan, after enrollment in the new subplan.
Check with the affiliated local employer to determine whether or not they participate in the SEIU Affiliates’ 401k Plan. If I transfer to an unaffiliated employer, what happens to my 401k account? You can:
- keep your SEIU Affiliates’ 401k Plan account intact, although you won’t be able to contribute and there will be a $10 quarterly account maintenance fee deducted
- take a lump sum distribution (tax penalties may apply)
- roll over to another retirement plan
For other frequently asked questions, click here.