FAQ
Have questions not answered here? Just ask us!
- Who can use these services?
- Which type of retirement plans do you work with?
- Who makes investment changes in my account?
- How can I deduct your fees from my taxes?
- How can I pay for your services?
- Can you help consolidate old plans from former employers?
- How do I terminate my membership?
- Will my employer be informed that I joined?
- How do I notify you of changes in my personal situation?
- What if I change employers?
- What is the difference between Current and Future allocations in MyGuide?
Who can use these services?
Our services can be used by individuals independenty or as part of a group benefit through an employer. Your account stays right where it is, so it's easy! As long as the retirement plan is employee-sponsored through a current or former employer.
Which type of retirement plans do you work with?
ManageMy401k is designed to work with 401(k), 403(b), TSA, 457 or TSP plans, the Federal Thrift Savings Plan and other deferred asset employee retirement plans. We also advise plans with company stock as an investment option. Not sure what type of plan you have? Contact us and we can take a look at your statement to make certain we can help you.
Who makes investment changes in my account?
It’s up to you! MyAlerts and MyGuide are designed for members who prefer to make their changes on their own. MyManager is an all-inclusive service for people who prefer a professional handle everything and we make the changes for you.
How can I deduct your fees from my taxes?
In order to deduct your management fee on your federal income tax return, you must pay the fee with funds outside of your retirement plan. Additionally, you must claim the amount as an itemized deduction on Schedule A of form 1040. The management fee, along with your other miscellaneous deductions, must exceed 2% of your adjusted gross income (AGI). If the amount meets the 2% requirement, you may claim the amount of the deductions that are above 2% of your AGI.
If you use the standard deduction when you file your income tax return, you will not be able to deduct your management fee. Even if your management fee is not deductible, it still makes sense to pay this fee with dollars outside your retirement plan. Paying fees from your retirement plan reduces your account balance. This in turn reduces the amount of assets that accrue earnings on a tax-deferred basis. Over time, this reduction in the balance can have a significant impact on the overall performance of your retirement account. Besides, using a credit card could provide you frequent flyer miles or even cash back!
How can I pay for your services?
We accept Visa, MasterCard and American Express payments over our secure website. If you prefer not to transact credit card and personal business online, you can pay by check or by phone. Please contact us and we will make arrangements to suit your preference.
Can you help consolidate old plans from former employers?
Yes. You may be eligible to rollover the old retirement plan to your new employer's retirement plan. Consult your current plan administrator to see if this is permitted. If not, ask us how we can help you rollover the old plan(s) to a self-directed IRA.
How do I terminate my membership?
To end your membership for any reason, please contact us and we will terminate your membership and refund fees for months which you have not used the services. We want our clients to be extremely satisfied and if we can improve in any way, we appreciate hearing your comments. Refer to the membership contract you received at sign-up for complete termination information.
Will my employer be informed that I joined?
No. There is no exchange of identifying information between us and your employer. Your employer will not be informed that you are a client of ManageMy401k.com. If your employer engaged us to serve your entire company, we will share statistical data only. Please refer to our privacy policy for complete confidentiality information.
How do I notify you of changes in my personal situation?
All members should notify Member Services of any changes to contact or billing information. MyGuide and MyManager members: should you experience significant changes in your financial position please contact us immediately. Certain situations may warrant a change to your Investor Profile and therefore, your goals and objectives. If you change jobs, contact us prior to making any changes to your plan assets. We can continue to manage your current plan should you choose to leave it with your prior employer’s custodian, roll it into your new employer’s plan, or consolidate your assets into another qualified retirement account.
What if I change employers?
If this occurs, let us know. If you are using your work email address as your primary address for communicating with us, please provide your new email address as soon as possible.
What is the difference between Current and Future allocations in MyGuide?
With MyGuide, one of the considerations in the allocation for your existing balance is capital preservation. If markets get rough, rebalancing a portion of your plan to the safety of money markets or bonds makes good financial sense. The allocation of future deposits may work best if positioned in a more aggressive posture thereby increasing the odds that more shares will accumulate during a temporary downturn.
