UNITE HERE Local 26 401(k) Plan
What is it?
The UNITE HERE Local 26 401(k) Plan offers a pre-tax investment option for many Local 26 members. The 401(k) is managed by Principal Financial Group.
Who is eligible?
Full and part time members from participating employers are eligible.
How do I enroll?
If you are a full time or part time Local 26 member you can contact your Human Resources department for an Enrollment booklet.
What is Auto Enroll?
If you are a new hire, or have been rehired, you will be Auto Enrolled in the UNITE HERE Local 26 401(k) Plan at a 3% contribution rate, 30 days after your date of hire. You will be put in the Moderate-Aggressive Retire View fund.
What if I don’t want to be Auto-Enrolled?
You must contact the Principal Financial Group within 90 days of your Auto-Enrollment to receive a refund from the Auto-Enrollment. If you don’t request a refund within the 90 day window, you will receive the money when you terminate employment.
How do I change my contribution rate?
At an time you can elect to increase, decrease or stop contributions (salary deferral) by calling Principal Financial Group at 800.547.7754
Contribution rates can be between 1% and 80% of your pre-tax earnings, up to an annual limit set by the IRS each year.
When should I expect my 401(k) statement?
Your statements are mailed to you quarterly. If you would like to access your statements or your account information, you can set up online access by going to www.principal.com
If you have not received a statement by mail and you think you should have, please contact the Trust Office to make sure we have your up to date address information at 617.451.0318
Do I receive an employer match?
You had to be contributing in May 2009 or prior to receive an employer match. New 401(k) participants will not receive an employer match.
When can I withdraw my funds from my 401(k) account?
There are three times you are allowed to withdraw funds from your 401(k):
- When you leave employment
- If you are 59 1/2 or older
- For a hardship – click here for Hardship requirements
Will I be taxed when I withdraw my 401(k)?
When you receive a cash distribution form your 401(k), you will be subject to Federal tax and any applicable state tax based on where you live. Federal tax is 20%, and Massachusetts State tax is 5.3%.
There will also be a 10% early withdrawal penalty if you receive a cash distribution prior to attaining age 59 1/2.
If you roll your 401(k) account into another qualified pre-tax retirement account, you will not be taxed until you receive a cash distribution from that account.
What happens to my 401(k) if I die?
If you die before receiving a distribution from your 401(k), your account will be awarded to the beneficiary (or beneficiaries) designated on your Principal 401(k) Beneficiary Designation Form (available in the resources section of this page). It is important you complete and submit a beneficiary form, and update it whenever applicable.
If we have no beneficiary form on file in the event of your death, your 401(k) would be awarded to your spouse if you are married, your children if you are not, and if you have no children it will be awarded to your estate.
How can I get additional information or help with my 401(k)?
You can submit a question about your 401(k) to the Trust Office using the form below, or you can call the Trust Office at 617.451.0318
If you would like assistance in person, it is recommended that you call the Trust Office and schedule an appointment.
UNITE HERE Local 26 401(k) Plan Resources