Benefits » Retirement » TCP1 401(k)
Los Alamos National Security, LLC (LANS) offers employees in Total Compensation Package (TCP)1 the opportunity to enroll in a tax-deferred 401(k) Savings Plan to supplement the LANS lifetime annuity benefit. A future benefit from this plan is based on participants' voluntary contributions plus investment earnings. Vesting is immediate.
Fidelity Investments is the designated administrator and record keeper of the 401(k) plan, and provide all account services. You may consider consulting a tax advisor or financial planner before enrolling.
The tax-deferred 401(k) plan is described under Section 401(k) of the Internal Revenue Code.
All LANS TCP1 employees, as well as Lab Fellows and Lab Associates
By logging on the Fidelity website, you can:
Click on "Access My Benefits." If you are registered, log on with your User Name and Password. If you are not registered, click on "New User Registration" and follow the instructions to create a password.Questions? Contact Fidelity's Customer Service Desk at 1-800-343-0860.
Contributions may be made only through salary reduction and may only come from income paid through the LANL/LANS payroll system. Contributions
Upon enrollment, you choose a percentage of salary you will contribute through biweekly payroll deductions up to your maximum annual contribution (MAC) amount. (Under this method, contributions change proportionately as your salary changes.)
Your MAC is determined by your age on the last day of each calendar year.
Please note that the MAC for 2008 remained at 2007 levels. Any change to the MAC for 2009 will be noted as soon as published by the IRS.
MAC Limits (By age on December 31, 2007) | |
---|---|
If your age is | Your MAC is |
< 50 years | $16,500 |
> or = 50 years | $22,000 |
Plan Contribution Maximum: the total that can be contributed to your LANS 401(k) Plan from all sources (employee and employer contributions, before and after tax), is $45,500.
Excess contributions? Payroll systems monitor your contributions throughout the year, so generally you will not over contribute to your plan. Although the earnings are subject to ordinary income taxes for the year in which the excess amount is refunded, they are not subject to the penalty taxes on early distribution.
After determining how much to contribute, you should indicate the investment fund(s) or mutual fund(s) in which you want to invest your contribution(s). LANS offers a group of funds to which you may direct your contributions, as well as the Fidelity Freedom Funds. You may view a listing of investment options or contact Fidelity Investment for more information.
The 401(k) plan accepts rollovers of taxable distributions from other qualified plans. Active LANS employees may roll over money into the plans. Some distributed penalties may apply. For more information, contact
The performance history of the Fidelity funds offered by LANS is available on Fidelity's website.
Investment objectives and financial needs change over time, so it's important to remain flexible to modify your investments as needed. You may
You can transfer your money between funds online or by phone:
Fidelity Investments provides daily valuation record keeping which includes:
You can borrow your 401(k) money if you're an active LANS employee with at least $1,000 in the Plan. Because the money is borrowed, rather than withdrawn, it isn't subject to income taxes or early distribution penalties. Money in the LANS Defined Benefit Retirement Plan (your TCP 1 pension benefit) cannot be borrowed against through a loan program. Before requesting a loan, refer to the Fidelity website for details or call Fidelity Customer Service at 1-800-343-0860.
Leave of absence Termination Reappointment |
This is only an overview of the 401(k) Savings Plan.
Questions? Contact the Lab’s Benefits Office at 505-667-1806.