Guest Author - Olga Marquez

The following is a general guide of what you should look for in your 401(k) statement.

Look for your participant information. Make sure name, address and social security numbers are correct.

Time period covered by statement is quarterly, most statements.

Some statements show beneficiary information. Check your designations and make sure they are correct. It’s always important to keep it updated and think about life situations that may arise. Make sure you also have a contingent beneficiary.

Narrative Statements—look at the narratives to check for important updates regarding your account and plan sponsorship. These narratives are usually on first and last pages.

Account Summary is a snapshot of your ending balance on the last day of the quarter. You may also have a breakdown of ending balances by fund selection.

Transaction Details are shown if there has been any activity such as transfer of monies between funds, withdrawals, deposits, etc. Contributions are shown as a breakdown of total contributions and vested amounts. Dividends, or capital gains, are also shown in these sections.

Investment Selections usually show how your contributions are being distributed by funds. This could be in the form of percentages and pie charts.

Loan Summary portions show payments, interest and outstanding balance.

Familiarize yourself with your statements and make sure you make any necessary corrections or adjustments as immediately as they become evident via your Benefit Specialist or by calling the 800# found on your statement to speak to a representative. I recommend using your company representative so the paperwork trail is consistent on all forms.

Feel free to contact me with any general or open enrollment questions regarding your 401(k).