Retirement plans are more popular than ever, but even so, people still aren’t confident in their 401(k) plans. Open Choice Retirement is a 401(k) product that gives participants the right tools and retirement education to reach their retirement goals.
A 401(k) is a type of U.S. retirement savings account with annual contribution limits. Employee contributions are deducted from their paychecks and, depending on the plan’s provisions, employers may match those contributions. Employers also have the option to make additional, discretionary, tax-deductible contributions.
Each 401(k) plan is split into four major roles that provide different services to the client and their participants. Open Choice Retirement serves as the point of contact for plan participants and facilitates any of their requests for account maintenance, distributions, and the like.
Participants of our Open Choice Retirement plans go through a simple yet informative enrollment process once they are eligible through their employers. We provide participant education and guidance when selecting the funds that may best meet their personal needs. After enrollment, participants and plan sponsors have 24/7 online access to their plan, as well as access during business hours (8am-5pm EST) to our client services representatives, not an automated line.