American Funds RKDirect 401k 5.0.7

The American Funds RKDirect 401k plan is a retirement savings plan offered by SS&C Technologies, Inc., which allows employees to save for retirement through payroll deductions with access to a variety of investment options.

Generally, eligibility is determined by the employer, but typically employees who are at least 21 years old and have completed a specified period of service may participate.

Participants can choose from a range of investment options including mutual funds, target date funds, and other investment vehicles tailored for retirement savings.

For 2023, employees can contribute up to $22,500. Those aged 50 and over may also make catch-up contributions of an additional $7,500.

Whether there are matching contributions depends on your employer's specific plan design; you should check with your HR department for details.

Many 401k plans allow participants to take out loans against their balance, subject to specific terms and conditions set by the employer's plan.

Contributions to a traditional 401k are made pre-tax, reducing your taxable income, while distributions are taxed as ordinary income during retirement.

You can access your account information online through the American Funds RKDirect portal or by contacting customer service directly.

When you leave your job, you typically have several options: roll over the balance into another retirement account, keep it in the current plan (if allowed), or cash it out (though this may incur penalties).

Yes, participants can usually change their investment choices at any time through the plan's online portal.