Beagle 401k is a retirement savings plan offered by Beagle Aerospace, Inc. to its eligible employees. It is a 401(k) plan, which means that contributions are made pre-tax, reducing the employee’s current taxable income. The plan offers a variety of investment options, including mutual funds, target-date funds, and individual stocks. Beagle Aerospace, Inc. matches a portion of employee contributions, up to a certain limit. The plan also allows for employee loans and withdrawals under certain conditions.
Beagle 401(k) Fees
Beagle 401(k) plans come with several fees that participants should be aware of.
- Administrative fees: These fees cover the costs of managing the plan, including recordkeeping, participant services, and investment management.
- Investment fees: These fees are charged by investment providers for managing the plan’s investment options.
- Other fees: These fees may include loan origination fees, account closure fees, and withdrawal fees.
It’s important to compare the fees of different Beagle 401(k) plans and choose the one with the lowest fees. High fees can eat into your investment returns over time.
| Fee type | Typical range |
|---|---|
| Administrative fees | 0.25% – 1.00% of plan assets |
| Investment fees | 0.25% – 1.00% of investment balance |
| Loan origination fees | $50 – $100 |
| Account closure fees | $25 – $50 |
| Withdrawal fees | May vary depending on plan provisions |
Beagle 401(k) Investment Options
The Beagle 401(k) plan offers a wide range of investment options to help you save for retirement. These options include:
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- Target-date funds: These funds are designed to automatically adjust your asset allocation as you approach retirement.
- Index funds: These funds track the performance of a specific index, such as the S&P 500, so they provide broad diversification at a low cost.
- Mutual funds: These funds are actively managed by a portfolio manager and offer a variety of investment styles.
- Bonds: These investments provide fixed income and can help to reduce the overall risk of your portfolio.
- Stable value funds: These investments offer a guaranteed rate of return and can help to protect your portfolio from market volatility.
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Beagle 401(k) Investment Options Table
The following table provides a summary of the Beagle 401(k) investment options, including the investment type, risk level, and potential return.
| Investment Type | Risk Level | Potential Return |
|---|---|---|
| Target-date funds | Low to moderate | Moderate to high |
| Index funds | Low to moderate | Moderate |
| Mutual funds | Low to high | Moderate to high |
| Bonds | Low to moderate | Low to moderate |
| Stable value funds | Low | Low |
When choosing an investment option, it is important to consider your investment goals, risk tolerance, and time horizon. You should also consider the fees associated with each option and the performance of the fund over time.
Beagle 401(k) Employer Contributions
Beagle offers a competitive 401(k) plan with employer contributions to help you save for retirement.
Matching Contributions
- Beagle will match 100% of your contributions up to 3% of your base salary.
- This means that if you contribute 3% of your salary, Beagle will contribute an additional 3%.
Safe Harbor Contributions
- In addition to matching contributions, Beagle also makes safe harbor contributions to the plan.
- These contributions are made on behalf of all eligible employees, regardless of whether they contribute to the plan.
- The amount of the safe harbor contribution is equal to 3% of the employee’s base salary.
Vesting Schedule
- Beagle’s 401(k) plan has a three-year vesting schedule.
- This means that you become 100% vested in your employer contributions after three years of service.
- If you leave Beagle before you are fully vested, you will forfeit a portion of your employer contributions.
| Years of Service | Vesting Percentage |
|---|---|
| 0-2 | 0% |
| 3 | 100% |
Beagle 401(k) Savings Plan
Beagle offers a 401(k) savings plan to eligible employees. The plan allows you to contribute a portion of your paycheck to a tax-advantaged retirement account. Beagle will also contribute to your account, making this a great way to save for retirement.
Beagle 401(k) Eligibility Requirements
- You must be a regular employee of Beagle.
- You must have been employed by Beagle for at least one year.
- You must be at least 21 years old.
Beagle 401(k) Contributions
You can contribute up to the IRS limit each year to your Beagle 401(k) account. The limit for 2023 is $22,500 ($30,000 if you are age 50 or older). Beagle will match your contributions up to 50%, up to a maximum of $6,000 per year. This means that if you contribute $6,000 to your Beagle 401(k) account, Beagle will contribute an additional $3,000 to your account.
You can choose to contribute to your Beagle 401(k) account on a pre-tax or post-tax basis. Pre-tax contributions will reduce your current income for tax purposes, while post-tax contributions will not. However, post-tax contributions will be able to grow tax-free until you withdraw them, at which time they will be taxed as income.
Beagle 401(k) Investment Options
The Beagle 401(k) plan offers a variety of investment options, including:
- Target-date funds
- Index funds
- Stock funds
- Bond funds
- Stable value funds
You can choose to invest your money in one or more of these options, depending on your investment goals and risk tolerance.
Beagle 401(k) Loans
You may be eligible to take a loan from your Beagle 401(k) account. Loans are available for a variety of purposes, including:
- Buying a home
- Paying for college
- Consolidating debt
- Covering medical expenses
The maximum loan amount is 50% of your vested account balance, up to a maximum of $50,000. Loans must be repaid within five years, and you will be charged interest on the loan. You can repay the loan through payroll deductions or by making direct payments to the plan.
Beagle 401(k) Withdrawals
You can withdraw money from your Beagle 401(k) account without penalty after you reach age 59½. However, you will pay income tax on the amount you withdraw. You may also be eligible to take a hardship withdrawal from your Beagle 401(k) account before you reach age 59½. However, you will pay income tax and a 10% penalty if you do.
Beagle 401(k) Fees
There are no fees for contributing to or investing in the Beagle 401(k) plan. However, you may pay fees if you take a loan or withdraw money from your account before you reach age 59½.
| Fee | Amount |
|---|---|
| Loan origination fee | $100 |
| Loan interest rate | Prime Rate + 1% |
| Hardship withdrawal penalty | 10% |
Well, there you have it, folks! The mysteries of the Beagle 401k have been unraveled. It’s a great plan that can help you save some serious dough for your retirement. If you’re already enrolled, you’re on the right track! If not, well, what are you waiting for? Get that money working for you! Thanks for reading, and be sure to check back again soon for more financial insights and tips. Until then, keep calm and save on!