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A retirement plan that
allows employees in private
companies to make
contributions of pre-tax
dollars to a company pool
that is then invested in
stocks, bonds, or money
markets.
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The employee decides how
much money to enter into
the 401K plan, which
makes the employee
responsible for his or her
own future. Any earnings in
your 401K account grow tax
deferred. Since earnings
are not taxed until they are
withdrawn there are more
real dollars working in your
investments.
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A typical 401K plan
provides the employee with
a number of different
investment options, allowing
them to be as conservative
or as bold with their savings
as they want. Employees
also have the ability to "roll
over" or transfer without
penalty, their savings if they
decide to leave their current
employer for a new job.
Employers may provide
"matching funds," meaning
the employer puts in a
percentage of what the
employee already added to
their 401K plan. A typical
employer will match the
contribution made by the
employee to the 401K plan
up to 6% of their gross
income, assuming the
employee chooses to
contribute that much into
the plan.
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914-276-6000
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800-498-1819
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Click on the link below to
fill out a New York Employee
Benefits Plans contact form.
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Direct Access Group Benefits, Inc.
© 2004, All Rights Reserved
© 2004, All Rights Reserved
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(914) 276-6000
(800) 498-1819 toll free
(914) 401-9319 fax
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189 Route 100
PO Box 590
Somers, New York 10589
Westchester County, NY
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Group Benefits
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Direct Access
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