Supervalu 401k Plan
Ever since Congress decided that most Americans needed some added incentive to begin saving for their retirement and signed Section 401 Paragraph (k) of the Tax Reform Act into existence, the 401(k) plan has become one of the most popular retirement plans available.
The Supervalu 401k Plan is one of many 401k plans available to you in your bid to help bolster your savings through your working life and allow you to live comfortably off your nest egg once retirement time rolls around.
The Supervalu 401k Plan just like many of the other 401k plans available to you on the market today offers you the opportunity to leverage free money from your employer, lower your taxable income rate and make sure your earnings and savings accumulate without the need for you to even remember.
What Exactly is a 401k Plan?
The Supervalu 401(k) plan and other plans like it fall into a broad arch of retirement plans that are most commonly referred to as defined contribution plans. These are defined contribution plans because the employee is able to define exactly how much they would like to contribute to them month to month.
Other types of defined contribution plan other than the 401k plan are:
- Profit sharing plans
- Simple IRA’s
- Money purchase plans
From the most basic perspective a 401k plan is a retirement savings plan that will be fully endorsed and sponsored by your employer. What this allows you to do as a worker is save and invest your hard earned dollars that come out of your month to month paycheck before taxes are accounted for. You will not pay tax on the the money that is put into your 401k account until you withdraw it from your account in retirement.
What is the Supervalu 401k Master Trust Plan
The Supervalu 401k Master Trust Plan is a defined contribution plan which shares all of the common elements of a regular defined contribution plan. Depending upon your own individual circumstances and employment contracts you will be able to define how much of your monthly income packet (up to a maximum of 15%) you are willing to contribute.
Features of the Supervalu 401k Master Trust Plan
Get Free Money With The Supervalu Matching Contribution – For those who elect to contribute to the Supervalu 401k Plan, Supervalu will match you dollar for dollar for the first 4% of your eligible pay and then dollar for every second dollar on the next 2% of your pay. Therefore if you contribute 6% of your monthly pay then Supervalu will add another 5%…free!
Additional Savings – Contributors to the Supervalu 401k plan may also be eligible for annual profit sharing contributions of up to 3% of eligible pay. This means that once a year Supervalu will deposit a bonus of up to 3% of all employee contributed pay (so long as it is eligible) into your account at the end of the calendar year.
You Keep Everything – All Supervalu 401(k) contributions are any related earnings and bonus contributions are yours and will always belong to you. You only need to ensure that you have stuck with the plan for two years of service and then any matched contributions are yours.
Access to Your Savings – The overarching theme of the Supervalu 401k plan is for you to save money for your retirement. However the fund also knows that tough times can happen to us all and out of the blue as well. The Supervalu plan givers you unparalleled access to your savings through a comprehensive range of loans and withdrawal facilities.
Where to Find Out More About the Supervalu 401k Plan
The material provided thus far on this website should not be construed as investment advice. As per any investment decision it is prudent to perform your own due diligence as everybody’s financial and working circumstances are unique and will impact on making the correct decision for your own personal circumstances.
Check out our articles and posts to find out much more information about the Supervalu 401k retirements funds. Be sure to take these articles with a grain of salt, as with all things in the financial industry things can change in the blink of an eye, and as mentioned previously you will need to make sure your investments fit your personal circumstances. Be sure to speak to your tax consultant before making any investment decisions.