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FCNY 401(k) Employer Matched Plan
FCNY 401(k) Employer Matched Plan
All FCNY employees can participate in the 401(k) from their date of hire. To be eligible for the employer match, employees must meet the following criteria:
Work at least 500 hours in the prior six months.
Complete six month of employment.
Contribute at least 5% of compensation in order to receive the Fund's matching contribution of 10%.
Employer contributions are fully vested after two years of employment with FCNY.
FCNY 401(k) Plan- A benefit too good to pass up!
While retirement may be years away, you are eligible to join the Fund’s 401(k) retirement plan, a plan which in today’s world is EXTRAORDINARY. Many employers do not offer a retirement program and if they do, very few contribute a match to the employee’s contribution and even fewer provide a 10 percent match!
Highlights
Employer match: if you contribute 5% of your salary to your retirement account, it will be matched by 10% from the Fund.
Example for an employee earning $50,000:
Employee's 5% contribution per-pay-period = $104.16
FCNY’s match per-pay-period = $208.33
Convenience: Your contribution is automatically deducted from your salary at each pay period. You may change your retirement contribution percentage at any time.
Tax Advantage #1: You only pay income tax when you withdraw money. Your contributions are made on a pre-tax basis, meaning you immediately reduce the salary you pay taxes on.
Tax Advantage #2: All gains on your investments are tax-deferred until you retire.
Investment choices: You have a variety of investment choices with a range of risk and return characteristics. You decide which asset allocation works best for you and you can change this at any time.
Vesting: The contributions that you make are always fully vested. Employer contributions are vested after two years of employment with FCNY.
Online Account Access: You can change allocations and view statements anytime you need them via an interactive website.
Start Saving for your Retirement Now!
Contact TIAA
General questions: (800) 842-2733
Automated Telephone Service: (800) 842-2252 (information about your account)
Telephone Counseling Center: (800) 842-2776 (speak to a consultant)
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