You may defer up to 50% of pre-tax wages (if you wish to defer more, please contact Human Resources for approval), up to the annual IRS maximum contribution limit. The maximum deferral limit for 2018 is $18,500. Participants who are age 50 or older by the end of the plan year may contribute an additional $6,000, for a total 2018 contribution of $24,500. This is a combined amount based on your Roth 401(k) and your traditional 401(k) contributions. This portion of the plan is subject to IRS regulations and may change in future plan years. Vesting is immediate.
Roth 401(k) contributions are also available to employees. Unlike a traditional pretax 401(k), the Roth 401(k) allows you to contribute after-tax dollars and then withdraw tax-free dollars from your account when you retire.
You can take advantage of free individual counseling with a financial consultant to discuss overall financial needs and retirement planning by calling Fidelity Workplace Planning and Guidance Consultant toll-free number at (800) 642-7131 or by visiting www.fidelity.com/atwork/reservations to search available dates and times at UWMF locations.
All UWMF employees are eligible to participate in the 401(k) plan beginning on the first of the month following one month of employment. Once eligible, UWMF will automatically withhold five percent (5%) of your pre-tax gross wages to be deposited to your UWMF 401(k)/Profit Sharing Plan. You have the option to either accept this automatic enrollment or “opt-out” of the automatic enrollment option by electing a different deferral percentage. No action is needed if you accept the automatic enrollment option. If you wish to opt-out of the automatic enrollment option, you may change your deferral percentage through NetBenefits.
Fidelity Contact Information
Benefits Helpline - (800) 343-0860
Customer Service Representatives can assist you with all of your plan questions: loans, hardship withdrawals, rollovers, distributions, investment elections, etc. Contact a Retirement Service Representative 7am-11pm Central Standard Time Monday through Friday.
NetBenefits website - www.fidelity.com/atwork
Meet in person - Set up personal appointment - www.fidelity.com/atwork/reservations or by calling (800) 642-7131
How do I know how much I’m contributing to my 401(k)?
You can review the amount you’re contributing to your 401(k) by logging into to Employee Self Service. Navigate to Self Service > Benefits > Benefits Summary and review the 401(k) line.
How do I increase/decrease my 401(k) contribution?
Go to Fidelity’s website and login using your username and password. Navigate to ‘Quick Links’ > ‘Contribution Amount’. In the ‘Desired Election,’ enter the percentage that you would like to have withdrawn from your wages. Once your election is entered, click on the ‘Change Contribution Amount.’ You will have the opportunity to Review and Submit your contribution amount.
What does UWMF match for my 401(k) contributions?
UWMF does not provide a match to your 401(k) contributions, but rather contributes to your retirement account through Profit Sharing Contributions for eligible employes.
How do I rollover a 401(k) from a previous employer?
If you have a 401(k) from a previous employer that you wish to rollover to your Fidelity account established through UWMF, you need to contact Fidelity directly at 800-343-0860.
401(k) Plan Highlights
Employees 401(k) Enrollment Guide
Getting Started - Fidelity New Employee Orientation Presentation
UWMF 401k Call-Click-Visit
Six Strategies for Volatile Markets (Fidelity)