Alpine 401 (k) - Retirement Savings Plan for Alpine Employees
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You can enroll and access your Alpine 401 (k) account directly from here: https://sponsorportal.ssnc.cloud/gen-app/home?custno=1ab60e79-6829-4204-9912-3ae5512003e4&plan=16488
or call Nationwide at 1-800-772-2182, (8 a.m. – 11 p.m. ET weekdays, 9 a.m. – 6 p.m. ET Saturday)
Alpine 401 (k)
Have you ever wanted to start saving some money for your retirement? If you have been with Alpine for more than 3 months and have a little bit of money to save from each paycheck, then you can! As your employer, Alpine wants to help you start saving your money. We can do this by offering you the chance to participate in a 401 (k) plan – a savings plan for your retirement.
How does it work?
You decide how much you want to save every month. The amount you save is taken out of your gross salary. Then, taxes are taken from the rest of your gross salary, but not from the part you saved. So, with each paycheck, instead of all the money that used to be taken out for taxes going to the government, part of it is saved for your retirement and you do not have to pay any tax on that until you retire. In other words, you can avoid paying as much tax as before and put some of that tax money into savings!
What can I do with the money I save?
While you are still working, you can:
- Invest the saved money so that it can earn interest for you: Your money can work to make a bit more
money while you are resting!
- Borrow against the saved money: Your savings are an asset, they have a value and you can ask for a
loan using this money as a guarantee to pay your loan back. Successfully repaying a loan against your
401(k) savings can help you build or repair your credit score.
- Reduce your annual tax payments: Depending on how much you earn (below $34,000 for single filer,
$51,000 for head of household or $68,000 for married, filing jointly - all for 2022), you can receive a tax
credit of up to $2,000 ($4,000 when filing jointly), called Retirement Savings Contribution Credit which
leaves you more money to spend or save for yourself! For more info on this credit click the below link:
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Retirement-Savings-Contributions-Credit
Employer Match
In addition, Alpine will match your contribution (starting 1/1/2023) with 25% for each percent invested up to a max. of 2% in total. The matching contribution will be paid annually before March 15 each year. Eligible employees to receive the match will be all employees enrolled in Alpine's 401 (k) plan and employed at the end of the year or having worked more than 500 hours that year. Alpine's matching contribution vests (is yours to keep) after 3 years of working at Alpine (for at least 1,000 h / year). The match will also vest in case of retirement, disability or death.
When you retire, you can withdraw the money to pay for your expenses. While you have to pay some tax on the money you withdraw at that time, this is likely at a lower (retirement) tax rate than what you would have paid before.
Who is going to do all the paperwork and help me figure out how to invest my savings?
Alpine has hired a 401(k) company called, Nationwide, to do all the paperwork and hold on to the money. This is one of the oldest and most secure 401(k) companies in America. To help you figure out how to make the most out of your savings, Alpine has hired Morgan Stanley. The advisers from Morgan Stanley will really help you understand what you can do with your savings.
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