It is mandatory for a 401(k) provider to give an account holder a 401(k) statement each quarter with the current balance of the account, according to Bankrate. If the 401(k) provider also offers online access, the current balance is also available there.Know More
All employees should try to contribute as much as possible to their 401(k) accounts because it offers the twin benefits of a matching employer contribution and deferred taxes on contributions and earnings. As such, the 401(k) is a great retirement savings tool, as explained by Bloomberg.
To benefit the most from a 401(k) plan, account holders need to monitor its returns periodically. This can be done by looking at the mix of bonds and shares that it invests in. Bonds typically provide a 5 percent rate of return, while shares provide a 10 percent rate of return, as explained by Bankrate.
Another factor that can affect the rate of return on a 401(k) account is the fee paid to the fund manager, according to Kiplinger. One way for employees to maximize the returns on their 401(k) accounts is to find out the amount being paid in the form of fees and then ask the employer to shift to a lower charging fund manager if possible.Learn more about Financial Planning
Find the balance of your employee 401(k) plan by logging into the account online, calling the provider's toll-free number or checking the balance on the last paper statement sent to you, according to D. Laverne O'Neal for The Nest. Many providers offer members the option of accessing their 401(k) online. If this is not available, phoning or faxing the plan's administrator may be an option.Full Answer >
Distributions from 529 plans to pay for college are made to the owner of the account, the student or directly to the educational institution, reports Bankrate. The most efficient method for tax reporting is to write the check in the name of the student.Full Answer >
A person, usually an ex-spouse, making a legal claim to a retirement account uses a qualified domestic relations order, or QDRO, form to initiate the claim in court, as Bankrate explains. The Employee Retirement Income Security Act of 1974 includes QDROs as a means for ex-spouses to claim a portion of pensions, 401(k) plans and other qualified accounts.Full Answer >
Lost or unclaimed 401(k) accounts may be discovered by looking for account paperwork, tax return information and checking unclaimed property lists, as Bankrate suggests. Unclaimed accounts may be difficult to locate, but paperwork and government listings allow retirees or family members of deceased persons to locate balances and contact information.Full Answer >