Question 1

Who chooses which stocks or funds my retirement is invested in?

Test McTesterson · Accepted Answer

Alerus provides a tool to help you choose funds based on 7 different lifestyle choices. You can either use the lifestyle choices tool or manually select individual funds from a wide variety of choices. If you do not make any selections, Alerus will use a default selection for your funds.

Question 2

What is a Roth 401k?

Test McTesterson · Accepted Answer

A Roth 401k is a retirement savings account, offered to you as an employee of BRC. Any contributions you elect to make will be deducted from your paycheck post-tax, which means you will pay Income Tax on those amounts.

Be aware, there are some restrictions and penalties incurred if you withdraw money from your Roth 401k before age 59 ½, such as withdrawing before having the money in your account for 5 years or more.

In all matters relating to your Roth 401k and retirement, it is recommended that you consult with your tax professional.

For more information please visit the IRS website.

Question 3

Where are my 401k retirement funds invested?

Test McTesterson · Accepted Answer

BRC 401k retirement funds are invested through Alerus Retirement & Benefits.

You can log into your account from the BRC website portal.

Question 4

What is a 401k?

jbondeson · Accepted Answer

A 401k retirement plan is a special type of account funded through pre-tax payroll deductions. Your funds in the account can be invested in a number of different stocks, bonds, mutual funds, or other assets, and are not taxed on any capital gains, dividends, or interest until they are withdrawn.

BRC offers or contributes to several types of 401K retirement plans:

You can make Voluntary Traditional 401K or Roth 401K Deductions from your weekly paycheck in either a set weekly amount or a percentage of your income.
BRC may also contribute to your 401k based on your trade proficiency,
If you are on a prevailing wage job there could be an additional 401k contribution.
If you are eligible for profit sharing BRC may make a contribution to your 401k.

In all matters relating to your 401k and retirement, it is recommended that you consult with your tax professional.

For more information please visit the IRS website.