Get the Most From Your 401(k) Plan
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1 401(k) Guide
2 Get the Most From Your 401(k) Plan The Larry H. Miller Associates Retirement Plan and Trust (the Plan ) is a great benefit offered by your company. It s an excellent way to prepare for your financial future while enjoying tax benefits along the way. When you are automatically enrolled in the Plan at a 1% pretax contribution rate, you will enjoy: CONVENIENT PAYROLL DEDUCTIONS Your contributions are deducted from your paychecks automatically and invested in your account. It s an easy and convenient way to invest for your future. TAX ADVANTAGES Depending on the type of contributions you select, you can benefit from certain tax advantages. With pretax contributions, you can defer current income taxes. Any earnings on your contributions are also tax-deferred. With Roth 401(k) contributions, you pay taxes on your contributions now, but any earnings on those contributions are tax-free as long as you take a qualified distribution (see next page). Please consult a tax advisor for more information. MATCHING CONTRIBUTIONS Larry H. Miller will match 50% of the first 6% of eligible pay you contribute to the Plan. That s like getting paid to participate. The money you contribute to your account always belongs to you (adjusted for earnings or losses). The sooner you begin participating, the sooner you can start preparing for your financial future and take advantage of what the Plan offers. So why not set up your contributions today? 401(k) Guide 2
3 Key Features of Your Plan Listed below are some of your Plan s most important features. For details, please visit Benefits OnLine at or call Merrill Lynch at Eligibility Automatic Enrollment Employee Contributions Company Contributions Investment Options And Services Vesting Rollovers Beneficiary Designation Loans In-Service Withdrawals Distributions Tax Information You are eligible to enroll in the Plan if you are at least 21 on the first of the month following 60 days of full-time employment. You will be automatically enrolled in the Plan at a pretax contribution rate of 1% of your eligible pay on the first of the month after 60 days of employment. Your contributions will be invested in the GoalManager Target Date portfolio model with the year in its name closest to the year you will retire, assuming retirement at age 65. See page 7 for more information. If you do not want to participate in the Plan, contact Merrill Lynch prior to your automatic enrollment. You can choose not to participate after you are automatically enrolled, but contributions already made will remain in the Plan. You can contribute up to 50% of your eligible pay on a pretax and/or Roth 401(k) basis, subject to the IRS limits ($18,000 in ). If you are age 50 or older and eligible for catch-up contribution, you may contribute an additional $6,000 in for a total of $24,000. IRS limits may be adjusted in future years. Current limits are available in the Contribution Rates section on Benefits OnLine. Your company will match 50% of the first 6% of your eligible pay that you contribute. Your Plan offers a variety of investment options, as well as GoalManager Target Date and risk-based portfolio models. To learn more, visit Benefits OnLine or call the Retirement & Benefits Contact Center. Your right to your account balance is called vesting. You are always 100% vested in your own contributions and any rollover contributions (each as adjusted for any earnings or losses). Company contributions, adjusted for earnings or losses, vest at 20% each year, fully vesting after 5 years. The Plan may allow you to transfer balances for other employer-sponsored plans. Be sure to consider the advantages and disadvantages of a rollover before initiating one. Online at > 401(k) Plan > Current Elections > Beneficiary Designations/Updates Permitted, subject to certain limits and restrictions. Be sure to consider the advantages and disadvantages of taking a loan before doing so. Available, subject to Plan provisions and/or IRS rules. Due to retirement, termination of employment, total and permanent disability, or death (benefits go to your beneficiary). Pretax and Company Contributions Taxes will be due upon withdrawal. You may also be subject to a 10% additional federal tax if you take a withdrawal before age 59½. Roth 401(k) Contributions Any earnings on Roth 401(k) contributions can generally be withdrawn tax-free if you meet the two requirements for a qualified distribution: 1) At least five years must have elapsed from the year of your initial contribution, and 2) You must have reached age 59 ½ or become disabled or deceased. If you take a non-qualified withdrawal of your Roth 401(k) contributions, any Roth 401(k) investment returns are subject to regular income taxes, plus a possible 10% additional federal tax if withdrawn before age 59 ½. Is Contributing 1% Enough? You may want to consider increasing your contributions from the 1% automatic enrollment rate. Contributing 6% of your eligible pay earns you the full company match. See page 6 to see how much you might have in 30 years at these two contribution rates. Your Plan Offers Tax Benefits Pretax contributions lower your current taxable income and take less out of your take-home pay than after-tax contributions. Roth 401(k) contributions don t lower your current taxable income but offer tax-free withdrawals if you take a qualified distribution (see Tax Information in the table above). See how different contributions affect your takehome pay on Benefits OnLine (details on page 8) (k) Guide
4 How Much Might You Need in Retirement? Merrill Lynch suggests you may need about 90% of your pre-retirement income, after tax, to support yourself in retirement. So if your income before retirement is $30,000 and you are in the 15% tax bracket, you may need about $21,600 in annual income. Given that many retirees can expect to live another 20 to 30 years after retirement, your retirement account could be an important asset in helping you live the retirement you envision. Here are some examples of how much you might have in retirement. You can see the impact of pretax contributions vs. contributing to an after-tax account; what a difference it can make to start sooner rather than later; and what your account might look like if you contribute 6% to receive the full company match rather than staying with the 1% automatic enrollment rate. CONTRIBUTING TO A TAX-DEFERRED ACCOUNT CAN MAKE A DIFFERENCE! The following example shows how 6% monthly contributions to a tax-deferred account could stack up against putting your money in an after-tax account over 30 years (based on a $30,000 annual salary). Taken together with the company match of 6% on the first 50% you contribute, you could have more than $187,000 in your Plan after 30 years. After-Tax Account $187,283 Tax-Deferred Account Tax-Deferred Account With Company Match $87,142 $106,250 $124,855 $52,531 $58,095 $19,864 $20,816 $31, years 20 years 30 years This hypothetical illustration assumes a $30,000 salary, a 6% contribution rate, contributions at the beginning of the month, a 6% annual effective rate of return, and taxes at 15%. For the tax-deferred account, contributions are made before taxes ($ per month) and taxes on both contributions and earnings are deducted at the end of the accumulation period. The tax-deferred example with the company match also assumes a company match of 50% for every dollar contributed up to 6% of eligible compensation. To reflect a fair comparison, the after-tax account assumes contributions are made after taxes are paid (i.e. $ minus $22.50 for taxes = $ contributed each month) and taxes are deducted on an ongoing basis from investment earnings. Changes in tax rates and tax treatment of investment earnings (e.g. lower minimum tax rates on capital gains and dividends) may impact the comparative results. In a taxable account realized capital losses may potentially be used to a set realized capital gains, a set earned income, reduce your taxable income, or a set realized gains in future years. Please consider your personal investment horizon and income tax brackets both current and anticipated when making an investment decision as these may further impact the results of the comparison. Hypothetical results are for illustrative purposes only and are not meant to represent the past or future performance of any specific investment vehicle. Investment return and principal value will fluctuate and when redeemed, the investments may be worth more or less than their original cost. If you take a withdrawal from the tax-deferred account prior to age 59½, you may also be subject to a 10% additional federal tax. 401(k) Guide 4
5 THE SOONER, THE BETTER Your investments have the potential for growth thanks to the power of compounding. Compounding refers to earnings on any earnings, as well as on your original investment. Starting early and contributing more can make a big difference as you can see in the following example which reflects a $48,000 investment. It shows how much you might have at age 65 by investing $100 per month beginning at 25, $ per month at age 35, or $200 per month at age 45. Based on this hypothetical illustration, the investor who starts investing a smaller amount earlier ends up with a larger retirement account than the investor who starts later and contributes more, even though the total investment is the same amount. $ invested monthly $48,000 invested over 40 years $191,696 potential balance at age 65 Starting at age 25 $ invested monthly $48,000 invested over 30 years $130,564 potential balance at age 65 Starting at age 35 $ invested monthly $48,000 invested over 20 years $91,129 potential balance at age 65 Starting at age 45 This hypothetical illustration assumes a 6% annual effective rate of return and pretax contributions made at the beginning of each month. Hypothetical results are for illustrative purposes only and are not meant to represent the past or future performance of any specific investment vehicle. Investment return and principal value will fluctuate and when redeemed, the investments may be worth more or less than their original cost. Taxes are due upon withdrawal. If you take a withdrawal prior to age 59½, you may also be subject to a 10% additional federal tax (k) Guide
6 TAKING FULL ADVANTAGE OF YOUR MATCH MAKES SENSE This chart shows what your potential balance might be after 20 years or more if you stay at your automatic enrollment rate of 1% of your eligible pay or if you choose to increase your contribution rate to 6% to earn the full company match. You can see what a difference a higher contribution rate can make in what you may have in your retirement account. Since you may need about $21,600 per year in retirement if your annual income is $30,000, you may want to consider increasing your contribution rate. Automatic Enrollment Full Company Match Contributing 1% Contributing 6% Monthly Employee Contribution $25 $150 Monthly Company Match $ $75 Potential Balance for 20 Years $17, 087 $102, 520 Potential Balance for 25 Years $25, 484 $152,906 Potential Balance for 30 Years $36, 722 $220, 333 This hypothetical illustration assumes a salary of $30,000, with employee contribution rates of 1% and 6%, and a company match of 50% for every dollar contributed up to 6% of eligible compensation. Contributions are made at the start of the month and calculations reflect a 6% annual effective rate of return. Hypothetical results are for illustrative purposes only and are not meant to represent the past or future performance of any specific investment vehicle. Investment return and principal value will fluctuate and when redeemed, the investments may be worth more or less than their original cost. Taxes are due upon withdrawal. If you take a withdrawal prior to age 59½, you may also be subject to a 10% additional federal tax. 401(k) Guide 6
7 Choose Your Investing Approach The Plan offers three choices for investing your account: 1) GoalManager Risk-Based Portfolio Models, 2) GoalManager Target Date Portfolio Models, or 3) choosing your own mix from the individual investment choices available through the Plan. 1. GOALMANAGER RISK-BASED PORTFOLIO MODELS GOALMANAGER: TARGET DATE VS. RISK BASED If you re not sure how to create a diversified investment portfolio, or don t have the time or knowledge to choose individual investment options, a GoalManager Risk-Based Portfolio Model might be right for you. Each of the five portfolio models offered consists of a different mix of the investment options available through the Plan and is intended for a different level of investment risk and potential return. Each portfolio model is rebalanced on a regular basis to keep it at its original allocation (mix of stocks, bonds, and cash equivalent investments). With a GoalManager Risk-Based Portfolio Model, you can have a diversified investment portfolio with a single investment choice. 1 Here is a summary of the differences between the two GoalManager Portfolio Rebalancing Services. Each offers a mix of the investment options available through your Plan, but the two services focus on different goals in determining the mix of assets in their respective portfolio models. Target Date Age-based investing strategy Asset allocation managed to a specific year Adjusts allocation over time to become more conservative Risk-based Risk-based investing strategy Asset allocation based on the model s risk level Adjusts allocation to align with the model s risk level 2. GOALMANAGER TARGET DATE PORTFOLIO MODELS 2 When retirement is years away, many investors may focus on building their assets over time and then shift (gradually) to preserving the assets they have as they approach age 65. A GoalManager Target Date Portfolio Model is intended to make age-based investing easy. Each Target Date Portfolio Model offers a diversified mix of the investment options available through your Plan. And each is adjusted gradually based on a target retirement date to become more conservative, investing more in bonds and cash and less in stocks as that date approaches. The target date for each portfolio model is the approximate year when an investor plans to start withdrawing the assets from his or her retirement account. If you believe this service is appropriate for you, you would generally pick the year that you think you will retire (or will need to begin withdrawing the money from your account) and select the model with a title closest to that year. The Target Date Portfolio Models are designed for your entire account, which helps ensure that your mix of investments is appropriate for your targeted retirement horizon. GoalManager using Target Date Portfolio Models is the Plan s default investment option. If you do not choose your own investments, your contributions will be invested in the Target Date Portfolio Model with the year in its name closest to the year you will retire, assuming retirement at age YOUR INDIVIDUAL INVESTMENT CHOICES Your Plan offers a variety of investment options. You can create a diversified portfolio appropriate for your goals, tolerance for investment risk, and time horizon (the time remaining before you ll need your money). Your choices include funds from the three main asset classes: stocks, bonds, and cash equivalents. As you review your Plan s choices, you should consider the importance of a well-balanced and diversified investment portfolio. If you have too much of your account in any one investment, or one type of investment, you may be subject to unnecessary risk. TRYING TO PICK YOUR INVESTMENT MIX? Making investment decisions can be a challenge. Get direction from the Risk Assessment and Investment Guide. You can access the guide without logging onto Benefits OnLine and answer the questions to get a sense of your personal risk tolerance at go.ml.com/quiz. 1 Diversification does not ensure protection against loss. 2 GoalManager using Target Date Portfolio Models is a custom solution designed to support gradual shifts in the asset allocation models to become more conservative as the target date approaches. The target date shown in the GoalManager Portfolio Models represents the approximate date when an investor plans to start withdrawing the assets from his or her retirement account. The principal value of the Target Date Portfolio Models is not guaranteed at any time, including at the target date (k) Guide
8 BENEFITS ONLINE QUICK PATHS : FIND IT FAST! It s easy to manage and monitor your account through Benefits OnLine. To get started, visit and click Create Your User ID Now. The table below offers tips for reviewing your account information, performing key tasks, and accessing useful information and resources through the site. If you want to. Enroll in your plan View your investment holdings Calculate take-home pay with new contribution rate Change your contribution rate Review how your account is allocated Review how your contributions are being invested Review the Plan s investment choices and information about each choice Change how your account balance is invested Change how your future contributions will be invested View account statement View account history Check your loan (if available) Learn more about planning for retirement and investing Take this step Click Enroll in Your Plan in the Action Center on the My Accounts page. Click the 401(k) Plan tab at the top of the screen. Click 401(k) Plan > Current Elections, then: Select the Contribution Rates drop-down, then Change Contribution Rates. Enter your salary and payroll frequency. Move the slider to estimate how different contribution rates may affect your take-home pay. Follow the steps under Calculate your take-home pay, then click Continue and follow the instructions to confirm your change. Click 401(k) Plan, then select Current Balance. Click 401(k) Plan > Investments, then: Select the Investment Direction drop-down. Click 401(k) Plan > Investments, then: Click Investment Choices & Performances to see the choices available in the Plan. Click the name of a fund for more information about it. Click 401(k) Plan > Investments, then: Select the Fund Transfer drop-down. Follow the prompts to choose which investment(s) to sell and buy. Click 401(k) Plan > Investments, then: Select the Investment Direction drop-down. Click Change Investments. Click 401(k) Plan > Account Information, then: Select the Statements drop-down. Click 401(k) Plan > Account Information, then: Select the Account History drop-down. Click 401(k) Plan > Loans, then: Select the Outstanding Loans drop-down. Click the Education Center link. ACCESS YOUR ACCOUNT BY PHONE A participant service representative can help with any questions you may have about using Benefits OnLine. Representatives are available Monday through Friday, 8 a.m. to 7 p.m. Eastern on all days the New York Stock Exchange is open. Retirement & Benefits Contact Center: (800) International: Call Collect (609) Telecommunications Device for the Deaf (TDD): Toll-Free (866) (k) Guide 8
9 Online Resources for You Take advantage of these online resources from Merrill Lynch to help with your retirement planning. BENEFITS ONLINE EDUCATION CENTER Make smart, informed financial decisions with the help of articles, videos, calculators, and planning tools. RISK ASSESSMENT AND INVESTMENT GUIDE Take the quiz to get direction on your investment mix. go.ml.com/quiz MYFUTURE Get practical investment guidance and financial tips from this quarterly online newsletter. Contact Information Merrill Lynch Group ID: Participant Service Center: (800) To Reach an Advisor: (800) benefits.ml.com Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.). MLPF&S is a registered broker-dealer, member of SIPC, and a wholly owned subsidiary of BofA Corp. Investment products are not FDIC insured, are not bank guaranteed, and may lose value. Investing in the Plan involves risk, including the possible loss of the principal value invested. lhm.com/benefits This material is only a general outline of the Plan. You are encouraged to read the Summary Plan Description to obtain more detailed information regarding the Plan s operation. This document gives you information you need to make educated decisions about joining the Plan and maintaining a Plan account. If a provision described in this outline differs from the applicable provision of the Plan documents, the Plan documents dictate. Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions (k) Guide
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