How To Access Your 401k From Dollar General
A 401k is a retirement savings account facility offered by an employer to its employees for the purpose of pensionary benefits employees receive at their retirement. It allows employees to contribute their portion of their salary along with the Employer for a future retirement fund. Dollar General, being the largest retail chain employer, also offers the same to its employees.
Although it’s an employer-contributed benefit for employees, it’s more important to learn how to access and manage your 401k from Dollar General. In the below text, we will discuss the process and other implications.
What is a 401k Plan?
The 401k plan is a Retirement savings account offered by employers on a contributory basis to their employees. It is a tax-beneficiary account mainly focused on helping employees prepare for thier retirement. The Plan is famously known for being named after a U.S. Internal Revenue Code section: the 401(k). It is a defined contribution plan, and the Employer and Employee must match their percentage of contributions in 401k plans.
It was started in the 1980s in United states. Generally, there are two types of 401(k)s: Traditional and Roth. In traditional 401 (k) s, employees’ contributions are pretaxed, reducing taxable income, but final withdrawals at the time of retirement are taxable. In Roth 401(k)s, Employees’ contributions are made with after-tax income, with no tax deducted so far in the contribution year.
On the other side, in the year 2023, American employees contributed an average of 7.1% of their salaries in their 401(k)s, which was more than the overall personal savings rate in the year 2023. However, for employees above 50 years, the 401(k) employee contribution limit for 2023 was $30,000) and for Employees below 50, it was $22,500 (In 2024, those figures are $30,500 and $23,000).
The process flow to Access your 401k from Dollar General
So, now we are clear about the 401(k) Plan. Dollar General can access their 401 (k) through login.voya.com. Voya offers workplace benefits and savings benefits products to Employers. Dollar General provides DOLLAR GENERAL CORP 401(K) SAVINGS AND RETIREMENT PLAN through the Voya platform. Their Plan covers approximately 144,871 Dollar General employees.
Current Employees, as well as Former Employees, can easily access their 401k funds through voya.com, through desktop & mobile apps. Here’s how to go for it:
- Log in to login.voya.com using your assigned username and password.
- Just click on “Accounts” and go with “401k “.
- Here, you can easily view your account balance and make any changes to your Account, email & passwords.
What Happens to My 401k When I left Dollar General?
If you left Dollar General and have a 401k plan managed by Voya, you can still have 04 options with your Plan.
- Leave it with Dollar General & voya ( no more deposit but still managed)
- Convert it into an IRA (Individual Retirement Plan)
- Convert it with a new Employer
- Withdrawal of money ( cost tax penalties)
It is worth noting that even if you leave Dollar General, your 401k account will remain active and continue to be managed by Voya Investments.
How To Access Your 401k From Dollar General Conclusion
The 401k plan is a retirement benefit savings account. Every Dollar General employee is entitled to avail of it through Voya Investments. Both the Employer and the Employee contribute thier some percentage to this Plan. It can be checked and managed through the Voya webpage and mobile application.
