benefits
401(K) Plan
Imagine waking up every day knowing you’ve got the freedom to do whatever floats your boat – whether it’s traveling the world or perfecting your pancake recipe. With a 401(k), retirement isn’t just a finish line; it’s a starting point for your next adventure! Diversified’s versatile retirement plan allows you to choose how much you contribute and matches your contributions up to 4%.
Enrollment
Plan Highlights
- You can contribute 1% to 50% of your eligible compensation, up to the maximum IRS limits. Diversified provides matching contributions that are heavily weighted on your very first contribution dollar:
- Diversified matches 200% on the first 1% that you contribute
- Diversified matches 100% on the net 2% that you contribute
- Therefore, if you contribute 3%, Diversified will match you 4%!
- Both deferral nd matching contributions are 100% vested at the time funds are posted to your account.
- You have the option of deferring to both, a pre-tax 401(K) and post-tax Roth 401(K).
- To easily boost your retirement savings, our plan features an Automatic Increase Program, where, your deferral percentage automatically increases by 1% annually. If you joined the plan through automatic enrollment, you’ll automatically be included in the Automatic Increase Program. And remember, you have the freedom to opt out of this option at any time.
- If you are 50 or older, you are automatically enrolled in catch-up contributions.
- Bonus! Depending on hitting our company financial targets, Diversified may make an extra discretionary contribution to your 401(K) ranging between 2-6% annually. This occurs after the close of the previous fiscal year.
A smarter, simpler, more convenient way to plan for your financial wellbeing in retirement.
Investment Strategies
Diversified and Fidelity work together to support your total well-being with options to prepare you for today and tomorrow. You have investment strategies and education at your fingertips to help strengthen and manage your retirement savings.
Target Date Funds
A 401(k) target date fund is a type of investment fund designed to simplify retirement investing by automatically adjusting the asset allocation mix (stocks, bonds, cash, etc.) based on target retirement date.
Here’s how it typically works:
- Target Date: The fund is named after the year of anticipated retirement. For example, if you plan to retire in 2050, you might invest in a “Target Date 2050 Fund.”
- Asset Allocation: Initially, the fund holds a mix of stocks, bonds, and other assets. Typically, these funds have a higher allocation to stocks when the retirement date is far away, aiming for higher growth potential. As the target date approaches, the fund gradually shifts its allocation towards more conservative investments like bonds and cash, aiming to preserve capital and reduce volatility.
- Automatic Rebalancing: The fund manager automatically rebalances the portfolio periodically to maintain the desired asset allocation. This relieves you of the need to manually adjust investments over time.
- Diversification: Target date funds often invest in a diverse range of assets to spread risk. This diversification helps to mitigate the impact of volatility in any single asset class.
- Risk Tolerance: These funds are often designed to suit typical risk tolerance at each stage of the investment horizon. Generally, you become more conservative as retirement nears to protect against market downturns when there’s less time to recover losses.
Target date funds are popular choices for retirement savings because they offer a “set it and forget it” approach, making it easier to manage your portfolio without needing extensive knowledge of investing. However, it’s essential for you to understand the specific asset allocation strategy and fees associated with these funds before investing.
Actively Managed Investing*
Fidelity’s Managed Account solution offers personalized retirement support for employees.
- Personalized Portfolio Management: work with Fidelity to build a personalized portfolio based on your unique situation and Diversified’s fund lineup. Fidelity is a 3(38) fiduciary, responsible for the ongoing management of the portfolio.
- Ongoing Support: engage through multiple channel communications and receive support through a Workplace Planning Consultant.
Watch this short video to learn more about the Fidelity Managed Account experience.
*Fidelity Personalized Planning & Advice refers exclusively to Fidelity Personalized Planning & Advice at Work. This service provides advisory services for a fee.
Free Financial Planning Resources
Your Diversified 401(K) plan provides free access to retirement planning consultants. Fidelity’s Planning Consultants help you:
- Understand your individual situation and priorities
- Decided how much to save and how to invest your savings
- Develop a plan with simple steps you can act on right away
Contact your Planning Consultant at 800-603-4015
Self directed Financial Wellness Checkups are a fun, easy way to see how you are doing financially, and how to get more from your money. Get your financial wellness check up now.
Fidelity’s Plan & Learn Hub is a one-stop shop of tools and other resources to answer your most pressing questions – whether it’s dealing with a life change or reflecting on plans for the future. Log into your Fidelity account at 401K.com and navigate to the Plan and Learn tab.
Did you know...
Having a beneficiary is vital due to changing circumstances, avoiding probate delays, preventing unintended beneficiaries, maximize tax benefits, and to protect your legacy.
Ensure your beneficiaries are current by visiting your Fidelity NetBenefits account.
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Money Saving Tips
Sign up for the Fidelity Smart Money Newsletter – an email communication from Fidelity that provides easy tips to spend less and save more.
Tune into webinars – Diversified has curated a lineup of educational webinars through out the year to provide ongoing financial wellness education.
Visit the Plan & Learn Hub – Fidelity’s Learn Hub provides tools and resources to build confidence in financial decisions around emotional life events beyond just retirement.