401(k) PLAN
Saving for retirement is an important part of financial planning. Recognizing this, Allied Universal® provides the Allied Universal 401(k) Retirement Savings Plan to allow you to save for retirement on a tax advantaged basis.
401(k) Plan
You are eligible to enroll in the Allied Universal 401(k) Plan the 1st of the month following 60 days of employment with Allied Universal, provided you are at least 18 years of age. You are not eligible to enroll in the 401(k) Plan if you are:
- A non-resident alien with no U.S. earned income,
- A Highly Compensated Employee,
- A resident of Puerto Rico, or
- A member of a Collective Bargaining Agreement that is covered by another retirement plan.
If you are not eligible for the Allied Universal 401(k) Plan due to being classified as a Highly Compensated Employee “HCE” or someone who earned over $130,000 in 2021 or 2022, then we offer the Allied Universal Supplemental Income Plan (SIP) in lieu of participating in the Allied Universal 401(k) Plan.
Key advantages include:
- Current tax savings for your pre-tax contributions
- Tax-deferred investment growth
- Wide range of investment choices with professional management
- Convenient payroll deductions
Manage your account
Visit www.retiresmart.com to enroll or manage your account:
- Enroll in the plan
- Check your balance
- Change your contribution rate
- Manage your investments
- Download beneficiary designation form
- Use planning tools and calculators
- Access forms and documents
Contact Info
Allied Universal 401(k) Plan
Empower Retirement
Phone: 1-800-743-5274
Website: www.retiresmart.com
Documents
Other Retirement Docs
Eligibility
You are eligible to enroll in the 401(k) Plan the 1st of the month following 60 days of employment with Allied Universal, provided you are at least 18 years of age. You may enroll by visiting www.retiresmart.com or calling Empower Retirement at 1-800-743-5274.
You are not eligible to enroll in the 401(k) Plan if you are:
- A non-resident alien with no U.S. earned income,
- A Highly Compensated Employee,
- A resident of Puerto Rico, or
- A member of a Collective Bargaining Agreement that is covered by another retirement.
Before-tax vs. Roth after-tax: What’s the difference?
The Allied Universal 401(k) Plan gives you the flexibility to save for retirement in a variety of ways. You can make pre-tax contributions, Roth post-tax contributions, or a combination of the two.
Before-Tax Contributions
- The money goes into your Plan account before taxes are deducted, so you keep more of your take-home pay.
- Since you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).
Roth After-Tax Contributions
- The money goes into your Plan account after taxes are withheld.
- In exchange for paying taxes now, both your contributions and any associated earnings can be withdrawn tax-free in retirement, provided you meet two requirements:
- At least five years have elapsed since your first Roth contribution.
- You are at least 59½ or the withdrawal follows death or total disability.
Withdrawals
The money in your account is intended as a long-term investment to help you prepare for your financial needs in retirement. However, under certain circumstances, you may be able to access money from your account before reaching retirement age. For more information, visit www.retiresmart.com or call 1-800-743-5274 .
Think before you act
If you’re considering taking a withdrawal from your plan account, be sure to think about the impact it may have on your financial future.
- Taking money from your account now may lead to a smaller savings balance when you retire.
- If you withdraw pre-tax money from your plan account, in addition to paying current taxes on the money, you may have to pay an additional 10% penalty tax if you are younger than age 59½ (or, age 55 if you have retired or left the company).
Have you named a beneficiary?
It’s important to designate a beneficiary to receive the value of your Allied Universal 401(k) Plan account in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up to date. Visit www.retiresmart.com to download the beneficiary designation form.
Tools & Resources
Make the most of your retirement planning by taking advantage of these tools and resources:
- www.retiresmart.com — Access tools and education on your plan website to help you make informed investment decisions.
Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 1-800-743-5274 for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully.