NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

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MultiMillion$
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NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MultiMillion$ »

NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)


North Carolina Fixed Income Fund Fixed Income - Domestic 5%
North Carolina Fixed Income Index Fund Fixed Income - Domestic 6%
North Carolina Large Cap Value Fund Large Cap Stock - Value 5%
North Carolina Large Cap Index Fund Large Cap Stock - Blend 8%
North Carolina Large Cap Growth Fund Large Cap Stock - Growth 5%
North Carolina Small/Mid Cap Value Fund Small Cap Stock - Value 9%
North Carolina Small/Mid Cap Growth Fund Small Cap Stock - Growth 9%
North Carolina Global Equity Fund Global Stock - Blend 24%
North Carolina International Fund International Stock - Blend 12%
North Carolina Inflation Responsive Fund Specialty - Specialty 10%
North Carolina Stable Value Fund Stable Value - Unknown 7%

My employer only matches 5% of my salary in my company 401k. Is that good or should I invest my $600 for monthly investing somewhere else? Thank you.
Last edited by MultiMillion$ on Tue Jan 24, 2017 1:09 pm, edited 1 time in total.
scottyja
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Re: My employer only matches 5% of my salary in my company 401k

Post by scottyja »

That seems pretty standard with other companies I've seen. My company does 4% match on a 5% contribution, but I also have a pension on top of that. Regardless, I would always take advantage of the matching, even if the amount is small - it's not "free money", but it's certainly part of your overall compensation package.
mhalley
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Re: My employer only matches 5% of my salary in my company 401k

Post by mhalley »

5% is better than nothing. The general rule of thumb of investing goes something like this.
1. Invest in 401k up to the match
2. Max out roth IRA
3. Max out 401k
4. Taxable investing.
If you are able to fund an hsa and plan to use it as a stealth ira, then it might be 1a or 2a.
In order to secure a comfortable retirement, you should consider investing 15-20% of income for the future.
Last edited by mhalley on Tue Jan 24, 2017 12:20 pm, edited 1 time in total.
rkhusky
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Re: My employer only matches 5% of my salary in my company 401k

Post by rkhusky »

That sounds about average or maybe better than average. You should definitely contribute enough to get the match. After that, it depends on the quality of your fund choices.
wilked
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Re: My employer only matches 5% of my salary in my company 401k

Post by wilked »

See if you can talk them into lowering your salary 10% and changing the match to 15%
aceoperations
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Re: My employer only matches 5% of my salary in my company 401k

Post by aceoperations »

It's pretty standard. My company matches 6% on 50% of salary up to $6000.
Bungo
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Re: My employer only matches 5% of my salary in my company 401k

Post by Bungo »

5% seems fine. My company matches 6%, but that is the highest of any of my employers during my working career. Many/most offered zero match, especially startups.
adamthesmythe
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Re: My employer only matches 5% of my salary in my company 401k

Post by adamthesmythe »

>That sounds about average or maybe better than average.

Yup.

> Is that good or should I invest my $600 for monthly investing somewhere else?

Does the "somewhere else" offer any free money?
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MultiMillion$
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Re: My employer only matches 5% of my salary in my company 401k

Post by MultiMillion$ »

No. I was wondering about a roth or something. Based on what I'm reading from the responses. 401k first, then roth.
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goingup
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Re: My employer only matches 5% of my salary in my company 401k

Post by goingup »

It's a good match. It's free money.

Try to save at least 15% of your gross salary in your 401K or IRA. Personally, I think the automated payroll savings feature of the 401K, along with the largest contribution limits, make the 401K the best way to accumulate wealth.
PFInterest
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Re: My employer only matches 5% of my salary in my company 401k

Post by PFInterest »

always take the match. the rest then involves marginal tax rates.
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Kenkat
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Re: My employer only matches 5% of my salary in my company 401k

Post by Kenkat »

5% is good, I only get a max of 3% if i contribute 6%. I do have a pension though.

Contribute to the 401k to get the full 5% match, then you can fund an IRA or Roth unless you have a really great 401k with lots of low cost choices in which case it might make sense to invest more there as well.
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CAsage
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Re: My employer only matches 5% of my salary in my company 401k

Post by CAsage »

The company match doubles your money on day one. There is no better deal, anywhere! Take it, then follow the other suggestions above.
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Re: My employer only matches 5% of my salary in my company 401k

Post by Jack FFR1846 »

I would love to have a simple 5% match.

Mine is like this: For the first 4% that I put in, my employer will match 2%. But the match has to be voted on by the board every quarter. So in down quarters, they could match zero. So if they decide to match, the match vests over 5 years. So if I stay here for 5 years, I'll get the full 2% of that first year. In other words, I might get something, but am not expecting much.

My last job was far simpler. High fee 401k with zero match.

At both jobs, I put in the full $24k (over 50)
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The529guy
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Re: My employer only matches 5% of my salary in my company 401k

Post by The529guy »

MultiMillion$ wrote:My employer only matches 5% of my salary in my company 401k. Is that good or should I invest my $600 for monthly investing somewhere else? Thank you.
My employer only matches 0% of my salary in my company 401k. I still contribute like mad.
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nisiprius
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Re: My employer only matches 5% of my salary in my company 401k

Post by nisiprius »

1) A lousy mutual fund with a company match is much better than the best fund in the world with no company match. Take it, up to the match, as long as the vesting rules mean you will keep it.

2) A 5% match is reasonable. I worked for fourteen years for a company that only matched the first 1/2% (!) of salary, and took five years to fully vest it. That was a very stingy match. I also worked for about that long for a company that simply contributed an amount equal to 15% of my salary--above and beyond my salary--to a 403(b) plan. That was very generous.

Calculate the 5% in dollars. That's basically money your company is giving you if you're willing to put an equal amount in the 401(k). The money in the 401(k) is more or less "yours."

3) 5% of your salary is, by most standards, less than you should be saving for retirement. You need something else. Rather than do nothing at all, if the 401(k) plan isn't too bad you could just shrug and contribute more. On the other hand, it is probably a little better to open a Roth IRA account at a brokerage--yes, Vanguard is a good choice but not the only good choice. If you go the 401(k)-and-also-Roth route, be sure to figure out how to make your Roth contributions automatic. Vanguard and I believe just about every fund company or brokerage is happy to arrange to make automatic withdrawals from your checking account.
Last edited by nisiprius on Tue Jan 24, 2017 12:54 pm, edited 2 times in total.
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Gropes & Ray
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Re: My employer only matches 5% of my salary in my company 401k

Post by Gropes & Ray »

Only? Of the 4 jobs I have had since law school, the match has been: 0, 0, 2 then 3.5.
Topic Author
MultiMillion$
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Re: My employer only matches 5% of my salary in my company 401k

Post by MultiMillion$ »

Wow! Pardon me for sounding like I was complaining. It was simply a lack of knowledge.
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David Jay
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Re: My employer only matches 5% of my salary in my company 401k

Post by David Jay »

Multi:

If you will post your 401K fund choices with the expense ratio (ER) of each fund, folks would be glad to comment on whether or not to invest above 5% in your 401K.

Editing your head-post is probably the best way to display that information (rather than putting it down here). Post editing is done with the "pencil" icon in the upper right corner of the post.
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MultiMillion$
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MultiMillion$ »

Don't know if this helps or not.

NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)


North Carolina Fixed Income Fund Fixed Income - Domestic 5%



North Carolina Fixed Income Index Fund Fixed Income - Domestic 6%



North Carolina Large Cap Value Fund Large Cap Stock - Value 5%



North Carolina Large Cap Index Fund Large Cap Stock - Blend 8%



North Carolina Large Cap Growth Fund Large Cap Stock - Growth 5%



North Carolina Small/Mid Cap Value Fund Small Cap Stock - Value 9%



North Carolina Small/Mid Cap Growth Fund Small Cap Stock - Growth 9%



North Carolina Global Equity Fund Global Stock - Blend 24%



North Carolina International Fund International Stock - Blend 12%



North Carolina Inflation Responsive Fund Specialty - Specialty 10%



North Carolina Stable Value Fund Stable Value - Unknown 7%
scottyja
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Re: My employer only matches 5% of my salary in my company 401k

Post by scottyja »

I realize I'm nit-picking, but I don't view this as free-money. It's part of the employee's overall compensation, it's just a portion that the employee can choose not to take advantage of. I don't view it any different from my salary or my health benefits. But I do see the point that it's free in that it's there for the taking, but you have to go out of your way to get it. Splitting hairs, I guess. Either way - it's there and you should use it.
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MultiMillion$
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MultiMillion$ »

Okay, I found them. The ER is under the fund name. Thank you all!

North Carolina Fixed Income Fund NCFIF 1254, 1962
ER 0.20%

North Carolina Fixed Income Index Fund NCFII 1254, 1958
ER 0.05%

Large Cap Stock - Value
North Carolina Large Cap Value Fund NCLCV 1954
ER 0.41%

Large Cap Stock - Blend
North Carolina Large Cap Index Fund NCLCI 1959
ER 0.03%

Large Cap Stock - Growth
North Carolina Large Cap Growth Fund NCLCG 1955
ER 0.46%

Small Cap Stock - Value
North Carolina Small/Mid Cap Value Fund NCSCV 0042, 1957
ER 0.66%

Small Cap Stock - Blend
North Carolina Small/Mid Cap Index Fund NCSCI 0042, 1960
ER 0.04%

Small Cap Stock - Growth
North Carolina Small/Mid Cap Growth Fund NCSCG 0042, 1956
ER 0.71%

Global Stock - Blend
North Carolina Global Equity Fund NCGEF 0141, 1952
ER 0.59%

International Stock - Blend
North Carolina International Fund NCIFF 0141, 1953
ER 0.50%

North Carolina International Index Fund NCIIF 0141, 1961
ER 0.09%

Specialty - Specialty
North Carolina Inflation Responsive Fund NCIRF 1963
ER 0.72%

Stable Value - Unknown
North Carolina Stable Value Fund NCSVF
ER 0.36%
MFD
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MFD »

There's no reason to be in both value and growth funds for the same thing. I would go with a basic 3 or 4 fund approach with:

Large Cap Stock - Blend
North Carolina Large Cap Index Fund NCLCI 1959
ER 0.03%

North Carolina International Index Fund NCIIF 0141, 1961
ER 0.09%

North Carolina Fixed Income Index Fund NCFII 1254, 1958
ER 0.05%

and maybe add this to better approximate a total stock market fund

Small Cap Stock - Blend
North Carolina Small/Mid Cap Index Fund NCSCI 0042, 1960
ER 0.04%

Choose percentages based on your age/risk tolerance and if you think it's worth it to hold international. These look like some really good options for a 401(k).
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MultiMillion$
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MultiMillion$ »

I'm 45 and I'm just starting out. I want to go aggressive for the next 15 years to try to make up for lost time. Thoughts?
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BolderBoy
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by BolderBoy »

MultiMillion$ wrote:Okay, I found them. The ER is under the fund name. Thank you all!

1) North Carolina Fixed Income Index Fund NCFII 1254, 1958 ER 0.05%

2) North Carolina Large Cap Index Fund NCLCI 1959 ER 0.03%

3) North Carolina Small/Mid Cap Index Fund NCSCI 0042, 1960 ER 0.04%

4) North Carolina International Index Fund NCIIF 0141, 1961 ER 0.09%
Among all the funds you listed, are you free to choose which ones you want? If the answer is yes, then consider the ones I've picked above.

#2 + #3 together seem similar to a "total stock market fund". #4 would be international exposure. #1 will probably cover your bond needs.

Next, decide on an asset allocation (stock/bond ratio) that suits you, say 80/20 if you are quite young, moving toward 40/60 as you near retirement. Decide on what amount of international (if any) you want to be part of the total stock portion, then sell what you have and buy (or increase) the holdings in the above.

For example... Say you don't want any international and want a 60/40 AA. Then you'd look at the total value of your portfolio now, and sell anything that isn't #1, #2 or #3. From that pile of new cash, you'd buy enough #1 to represent 40% of the total portfolio value, then use 80% of the remaining cash to buy #2, and whatever cash is left over to buy #3.
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rgs92
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by rgs92 »

That match is superb. As telecom employees where you are usually hired as a contractor, you almost always get no match in your 401K at all, and usually it is in funds from places like Principal with fees that are almost 1% for an index fund.

Use these and you'll be fine:
North Carolina Fixed Income Index Fund NCFII 1254, 1958
ER 0.05%
[put 40% here]

Large Cap Stock - Blend
North Carolina Large Cap Index Fund NCLCI 1959
ER 0.03%
[put 40% here]

Small Cap Stock - Blend
North Carolina Small/Mid Cap Index Fund NCSCI 0042, 1960
ER 0.04%
[put 20% here]

Just do this and never change things.

(I might use some of the international index fund, but it's a bit more expensive and IMHO you don't really need it so I think you can forget it. And it's debatable if you even need to rebalance. Just set it and forget it for the long run. Simplicity and autopilot rules.)
jpelder
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by jpelder »

A question for the OP from a fellow state employee in NC:

1: Do you also qualify for the state pension, and if so, how long have you been working for the state?

-If yes, and you've been working for the state for about 10 years or more, you should have a full pension coming in 20 years (30 years is full credit), and that will replace about 40% of your highest 5 years of salary, so you'd be in pretty good shape even before other savings. Depending on your work area, you may want to look into a "final 5 boost", where you seek promotion for the last 5 years of your employment to get a larger pension payout. If you don't qualify for the pension, just ignore this bit.

The numbers for the large-cap to small-cap ratio everyone is using come from here: https://www.bogleheads.org/wiki/Approxi ... ock_market
We Bogleheads recommend a low-cost, total stock market index fund for your US Stock investing. You can get the same effect by mixing funds like MFD recommends

A note to everyone (perhaps especially mods): OP has another post asking for advice here: viewtopic.php?f=1&t=208489
Might help with context and may even need to be merged
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MultiMillion$
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MultiMillion$ »

Thanks so much everyone!!!! I will check into the state pension thing tomorrow. :o
Gropes & Ray
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by Gropes & Ray »

rgs92 wrote:That match is superb. As telecom employees where you are usually hired as a contractor, you almost always get no match in your 401K at all, and usually it is in funds from places like Principal with fees that are almost 1% for an index fund.
Not to derail the conversation, but if you are a contractor who gets a 401(k), then you are probably an employee and you could sue.
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Tamarind
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by Tamarind »

rgs92 wrote:That match is superb. As telecom employees where you are usually hired as a contractor, you almost always get no match in your 401K at all, and usually it is in funds from places like Principal with fees that are almost 1% for an index fund.

Use these and you'll be fine:
North Carolina Fixed Income Index Fund NCFII 1254, 1958
ER 0.05%
[put 40% here]

Large Cap Stock - Blend
North Carolina Large Cap Index Fund NCLCI 1959
ER 0.03%
[put 40% here]

Small Cap Stock - Blend
North Carolina Small/Mid Cap Index Fund NCSCI 0042, 1960
ER 0.04%
[put 20% here]

Just do this and never change things.

(I might use some of the international index fund, but it's a bit more expensive and IMHO you don't really need it so I think you can forget it. And it's debatable if you even need to rebalance. Just set it and forget it for the long run. Simplicity and autopilot rules.)
+1

This is better than any private sector company I've seen in the tech field in NC. I get 4% in matching funds if I put in 8%. Do this first and stretch if necessary to get the whole 5%. You hopefully can invest more than that though.

The funds suggestion above is a good, simple plan.
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Earl Lemongrab
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by Earl Lemongrab »

Gropes & Ray wrote:
rgs92 wrote:That match is superb. As telecom employees where you are usually hired as a contractor, you almost always get no match in your 401K at all, and usually it is in funds from places like Principal with fees that are almost 1% for an index fund.
Not to derail the conversation, but if you are a contractor who gets a 401(k), then you are probably an employee and you could sue.
Depends on what was meant by "contractor". At MegaCorp, we frequently have contract employees working here. However, they aren't 1099 to the company, but are W2 employees of a contracting company. So MegaCorp provides no benefits to them, but the contracting company can.
rgs92
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by rgs92 »

Gropes & Ray wrote:
rgs92 wrote:That match is superb. As telecom employees where you are usually hired as a contractor, you almost always get no match in your 401K at all, and usually it is in funds from places like Principal with fees that are almost 1% for an index fund.
Not to derail the conversation, but if you are a contractor who gets a 401(k), then you are probably an employee and you could sue.
Wrong. You work for one of the many thousands of small temp agencies (usually far away across the country from you). This small firm who you barely talk to is your official employer and provides your W2 or 1099 and your paycheck, and they give you a 401K. This insulates the megacorps from labor laws, etc. and that's why they do it. The small firm gets a big cut of your wages with each paycheck (like 20 to 30%). That's what professional work is like these days in IT.
The megacorp uses this small firm to hire you in a hands off manner. The megacorp pays the small contracting firm as a "supplier."

The benefits are usually very expensive and almost not worth it. And you get fired often with no notice (like being called at 4pm and told to pack up and leave and you are given no reason; this is common).

But the big companies often will not hire anyone directly unless you are a young recent graduate. It's often your only way to get a job. The vast majority of contractors would rather be direct employees but have no choice. Sometime they will convert a contractor they like to a direct employee, but it is relatively rare in my experience. Many of these contractor end up permanently unemployed in their 50s. This is just how it is these days and the trend is even accelerating in this direction.

This has been going on big-time for at least 25 years, but grew tremendously in the last decade and a half.
Go through all the job sites for IT (and other professions to some degree) and you will see nothing but these little contracting firms hiring. All these firms do is hire you, do your paperwork, and send you a paycheck. This is what being a contractor means these days. You are basically a temporary employee, but temporary can mean years and years.

There are some legal things about not being employed in such a fashion for more than 3 years, but the company will sometimes let you go for a few months so you can start with a clean slate as a workaround.
Gropes & Ray
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by Gropes & Ray »

rgs92 wrote: Wrong.
Not to be pedantic, but the scenario you describe is an employee of a temp agency. The IRS has definitions of independent contractor and employee. You're using "contractor" somewhat more colloquially, and that is fine. I hadn't considered temp agencies.
rgs92
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by rgs92 »

Gropes & Ray wrote:
rgs92 wrote: Wrong.
Not to be pedantic, but the scenario you describe is an employee of a temp agency. The IRS has definitions of independent contractor and employee. You're using "contractor" somewhat more colloquially, and that is fine. I hadn't considered temp agencies.
OK, point taken. Thanks and best to you.
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Earl Lemongrab
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by Earl Lemongrab »

Gropes & Ray wrote:
rgs92 wrote: Wrong.
Not to be pedantic, but the scenario you describe is an employee of a temp agency. The IRS has definitions of independent contractor and employee. You're using "contractor" somewhat more colloquially, and that is fine. I hadn't considered temp agencies.
From the standpoint of the hiring company, these people are contractors. Certainly that's how MegaCorp describes them and treats them. From the standpoint of the contracting company, these are regular employees although I don't believe they get paid unless there is an active contract. I haven't discussed this too much with them, other than to discover that they were W2, so no point in finding out if they were using solo 401(k)s.
rgs92
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by rgs92 »

Yep. The big corporation where they work gives them a badge that says Contractor on it in big letters. They are informally known as Contractors, Temporary Employees, or Consultants interchangeably.
This is actually kind of a big issue since it is becoming a very widespread practice that engulfs huge numbers of people and deserves a thread of its own.
It's actionable since it I think it may be advisable to seek out direct employment when searching for a job. (There may be some circumstances where it is not, but that's why a discussion is appropriate.)
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MultiMillion$
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by MultiMillion$ »

I made the following changes:

North Carolina Fixed Income Index Fund NCFII 1254, 1958
ER 0.05%
[put 40% here]

Large Cap Stock - Blend
North Carolina Large Cap Index Fund NCLCI 1959
ER 0.03%
[put 40% here]

Small Cap Stock - Blend
North Carolina Small/Mid Cap Index Fund NCSCI 0042, 1960
ER 0.04%
[put 20% here]

Where should I transfer the money from existing investment? Or should I just hold on to them?
Gropes & Ray
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Re: NC 401(k) Plan - Brunswick County. Enrolled in Goalmaker investment portfolio (aggressive)

Post by Gropes & Ray »

If you're laid off or fired frequently from the temp agencies, are the 401(k) expenses as meaningful? You can roll the 401(k) over into an IRA each time you separate. It might still be worth using.
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