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In September 2020, the company also acquired the retirement plan business of MassMutual for $4.4 billion. Empower acquired the heritage SunTrust 401(k) recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets.

In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodical employee contributions come directly out of their paychecks, and may be matched by the employer.

Here are some frequently asked questions about 401(k) plans: 1. Am I eligible to join a 401(k) plan? Typically, you must be at least 21 and have worked for a company for a year to participate in a ...

Changes to 401 (k) Limits in 2022. For tax year 2022, workers can contribute the lesser of 100% of their salaries or $20,500 to a 401 (k) plan. This is an increase of $1,000 from tax year 2021, in ...

The pension administration ensures that an organizational retirement plan neither discriminates against lower-level employees nor becomes an abusive tax shelter. Stress tests include the average benefits test, average deferral percentage, and minimum coverage.