Planning for retirement starts with the savings opportunities available through your workplace. A Workplace Retirement Plan provides a convenient way to save for the future, with tools, resources, and potential employer contributions that can help you stay on track toward your financial goals.
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Workplace Retirement Plans: Getting Started
- Access your online account. Once you receive your welcome letter, set up your online account using the instructions. Be sure to include a personal email address and your mobile number.
- Select your contribution amount. Running a quick calculation may help you determine how much to start contributing.
- Choose your investments. Our Risk Tolerance Quiz may help you determine a sample asset allocation. The results are color-coded to help you compare with the investments within your account.
- Designate your beneficiaries. Visit the My Profile section of your account to add your beneficiaries.
Click on the image for a video tutorial of these steps.
Workplace Retirement Plan: Videos
Workplace Retirement Plan Calculators
Note: Calculators are intended for illustrative purposes only and do not serve as financial advice.
Workplace Retirement Plans: FAQs
What is a Workplace Retirement Plan?
A Workplace Retirement Plan is an employer-sponsored benefit designed to help you save and invest for retirement. Contributions are typically made directly from your paycheck, making it an easy and convenient way to build savings for the future.
Why should I participate in my retirement plan?
Starting early and contributing consistently can help your retirement savings grow over time. Many plans also offer valuable features such as employer matching contributions and tax advantages.
How much should I contribute?
The right contribution amount depends on your individual financial situation and retirement goals. If your employer offers a matching contribution, consider contributing enough to receive the full match so you don’t leave money on the table.
How are my contributions invested?
If you did not select your own investment(s), your contributions will be invested into a Qualified Default Investment Alternative (QDIA) selected by your Plan Sponsor and Financial Intermediary. Typically, this default investment is a balanced fund or a target date fund. You can review and/or change your investment option at any time by logging into your account and selecting Investments.
What can I do with a Workplace Retirement Plan from a previous job?
You have a few options with a previous Workplace Retirement Plan. You can:
- keep it where it is, as long as the amount is $7,000 or more.
- roll it into an Individual Retirement Account (IRA).
- take a distribution. Note: taxes and early-withdrawal penalties may apply, review your plan documents for additional information.
- roll it into your new employer’s Workplace Retirement Plan. For additional information on this option, visit https://u.bpas.com/consolidate/.
What happens to my retirement account if I leave my job?
Your options will depend on your plan and account balance. In many cases, you may be able to leave your money in the plan, roll it over to another retirement account, transfer it to a new employer’s plan, or take a distribution. Review your plan’s rules and consider consulting a financial professional before making a decision.
Is it ever too late to start saving for retirement?
No! While starting early can provide more time for your savings to grow, contributing at any stage of your career can help improve your retirement readiness. The most important step is to start.
Have more questions? Visit our FAQ page.