401(k) Retirement

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To help prepare Associates for retirement, participants can make contributions up to 100% of taxable income to a 401(k) Plan. For additional 401(k) information, please refer to a member of Human Resources or Plan documents.

Who is Eligible and When

All Associates, excluding interns and temporary associates, are eligible for enrollment in the 401(k) Plan beginning on Day One of their employment.

Your Contributions

The Plan offers several different contribution options available as a percentage of your salary. The following deferral options are available to our Associates in calendar year 2022:

  • All participants age 21 or older can defer up to a combined total of $20,500 in Traditional (pre-tax) and Roth (post-tax) contributions
  • Participants over age 50 are eligible to defer a “Catch-up” contribution totaling an additional $6,500 in either traditional (pre-tax) or Roth (post-tax) contributions
  • All participants age 21 or older can defer additional compensation in After-tax contributions. After-tax contributions cannot exceed IRS limit of $61,000 after reducing for all other contribution sources.
  • You may contribute, or ‘rollover’, your personal IRA or a distribution that you have received from another qualified plan. These assets can be transferred at anytime.

Investing Your Dollars

Participants may choose from a number of pre-selected funds within the “core” line-up, including a variety of asset classes and one-click, Target Date funds allocated by risk-tolerance and time horizons.

Participants may also choose to open up to two Schwab Personal Choice Retirement Accounts (PCRA), providing access to a larger platform of investing options. Administrative fees for all PCRAs are subsidized, however certain fund transactions may be subject to trading fees.

Discretionary Match

Mariner Wealth Advisors may make Discretionary Matching contributions. Matching contributions will be calculated based on all eligible compensation and the value of participant deferrals in Traditional, Roth and Catch-up plans. After-tax deferrals are not eligible for employer matching.

Roth In-plan Transfer

You have the opportunity to convert some or all of your Traditional and After-tax account balance into 401(k) Roth dollars. Any tax liability created as the result of conversion is due in the year of conversion. Any money converted will share the same tax benefits as the Roth 401(k) contributions as long as distributions from the Roth conversion occur no less than 5 years following the year of the conversion and you are at least age 59 and 1/2 or have become disabled.

Vesting

Your contributions are always 100% vested. Any employer matching or profit-sharing contributions will be subject to the following vesting schedule:

Years of Service*
Vested Percentage
Less than 1 Year
0%
After 1 Year
0%
After 2 Years
0%
After 3 Years
100%

*Years of Service are defined as any Plan Year in which you are credited with at least 1,000 hours of service

Loans and Withdrawals

Loans and Withdrawals are allowed under specific circumstances. You may borrow up to 50% of your vested account balance or $50,000, whichever is less, with a minimum loan amount of $1,000. Refer to 401k Plan documents for more information on both.

Frequently Asked Questions

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I have a current 401k from a previous Employer, how do I roll these funds into the Mariner plan?

After registering with Charles Schwab, you can submit a completed rollover form. The rollover form can be found on the Charles Schwab website or here.

I recently moved, how can I update my address with Charles Schwab?

Your address can be updated directly through ADP (www.workforcenow.adp.com). After logging in you will go to “Myself” –> “My Information” -> “Profile”. From there you can update all personal information, including your address by clicking on the “View More” icon in the Personal information Section.

After you update your address in ADP, it will update with all benefit providers.

Is there an Automatic Contribution Arrangement?

If you choose not to make an election when you first become eligible (either to contribute or opt out), each pay period an amount will be taken from your eligible pay and contributed to your Plan account as shown below:

Contribution Source Deferral Rate: Pre Tax Deferrals 6%

Likewise, if you are contributing less than the Plan’s minimum suggested rate (9%) and choose to not make an election by December 31 each year (either to contribute the minimum or opt out), your contribution level may increase, until it reaches the suggested rate of your eligible pay as shown below:

Contribution Source Annual Increase: Pre Tax Deferrals at 1% until you reach a maximum of 9%

What happens to my 401k if I leave the plan?

If you leave Mariner  for any reason, voluntarily or involuntarily, you may receive the vested balance of your account.

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Do I need to designate a beneficiary?

Beneficiaries should be designated directly through the Charles Schwab online portal. After logging in, you will go to “My Profile” -> “Beneficiaries”. This will allow you to designate a primary and contingent beneficiaries.

I made previous contributions to a former employer's 401k plan, am I still subject to the Annual Limit?

The annual limits are IRS regulated, not Mariner specific. Therefore any previous contribution that was made Year to Date, should be taken into account when determining your contribution rate.

I experienced a recent hardship, can I withdraw from my 401k?

You may be eligible to withdraw part of your account balance if you experience a hardship. Hardship withdrawals are subject to ordinary income tax and may be subject to a 10% federal penalty. Please refer to the New Hire Guide for more information on withdrawal for a Hardship.