LoVasco Financial Wellness Resources
Financial Wellness Resources
An Introduction to Your Plan
The video below is a quick introduction of your plan from your LoVasco Retirement Plan Advisor.
Frequently Asked Questions
It is a tax-advantaged retirement savings plan sponsored by your employer. It allows employees to save and invest a portion of their paycheck before (traditional) or after (Roth) taxes are taken out, which can help you save for retirement. Employers may also make contributions to your account, providing additional savings.
Upon deferring a portion of your paycheck into an employer-sponsored retirement plan, the funds in your account can be invested based on the available options. If you do not make an investment election, a default selection will be made for you. Typically, this will be an asset allocation model that is dynamically risk-adjusted based on your age. This allows you to grow your retirement savings on a tax-deferred basis and choose the level of risk appropriate for you.
Tax-deferred investing allows you to invest and grow your money without paying taxes on the earnings or growth in the account until you withdraw them, typically during retirement.
Upon leaving your employer, multiple options become available to you. If your account balance is $7,000 or more, you can leave your assets in the plan, which will remain invested. Or, you can roll over your vested account balance to another retirement account (IRA, 401(k), 403(b), etc.).
You can contribute as little or as much as you like, as long as it does not exceed the IRS contribution limit of (as of 2025) $23,500 plus a $7,500 catch-up for those 50 and older. We generally recommend contributing 10% to 15% of your paycheck to your retirement savings plan. A higher contribution may be required if you are getting a later start on retirement savings.
For most plans, rollovers can be processed through your plan’s recordkeeping and administration provider over the phone or online.
How to take a distribution will depend on your recordkeeping and administration provider. For most plans, you can take a distribution by calling the recordkeeper for your plan; however, some recordkeepers allow you to do this online or in paper form. Lastly, when and how you can take a distribution is based on IRS laws but is also affected by your employer’s plan provisions.
You can change your contribution amount by logging into your online account, navigating to the contributions tab, and selecting your new contribution percentage. Once you complete this, payroll will be noticed, and it can be updated accordingly.
You can change your investment choices by logging into your online account, navigating to the investments tab, and editing your investment selections.
Attend a live training.
Gain essential knowledge about the rules and regulations governing various retirement accounts, equipping you with strategies to optimize your savings and minimize tax burdens.
November 14, 2024
This webinar is not only focused on helping those close to retirement but can also provide valuable context for younger employees to best position yourself for success.
December 20, 2024
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Michael Orsatti
Financial Wellness Advisor
Retirement Plan Consulting
As a Financial Wellness Advisor on the Retirement Team, Michael offers education and personalized financial advice to retirement plan participants. Upon graduating with a B.S. in Economics, Michael started his career in the banking industry before making a pivot into retirement and investments. Michael is passionate about helping individuals navigate the financial world, finding joy in guiding them through what can often be an intimidating process. His dedication lies in empowering people to achieve long term financial success.
In college Michael ran track and worked as a personal trainer, where he met his now wife, Grace. Outside of work Michael spends most of his time hiking, lifting, playing tennis, and chasing around his two year old girl, Kiara.
