Food Lion 401(k)

The Food Lion 401(k) plan offers employees a simple way to build a financial cushion for their golden years. Whether you recently joined the company or you are an active plan participant, knowing how the Food Lion 401(k) plan works can help you make the most of this benefit.

If you are a Food Lion employee, you will be eligible to enroll in the Food Lion 401(k) plan immediately upon hire, as long as you are 21 or older. You can contribute up to 50% of your eligible pay, subject to the annual IRS limits. Food Lion also offers a competitive dollar-for-dollar match of up to 5% of your eligible pay, after 60 days of service.

Food Lion 401k provider

The Food Lion 401(k) plan, known as the Food Lion LLC Retirement Savings Plan, is with Fidelity Investments. Fidelity is a global financial services company that administers over $15 trillion in customer assets as of 2024.

Through Fidelity, Food Lion employees get access to a wide pool of investment pools, including mutual funds, index funds, etc. Fidelity also offers a user-friendly website and mobile app where associates can view and manage their 401(k) funds, track investment performance, and get help when needed.

Food Lion 401k login

To access your Food Lion 401(k) account, go to NetBenefits, Fidelity’s online portal. You will be required to enter your username and password to log into your 401(k) account. If you have trouble logging in, you can use the “Forgot username or password” feature to reset your credentials.

If it is your first time logging in, you will need to register a new account using your Social Security Number and other personal information. Once logged in, you can view your balance, modify your investment options, and request a loan or withdrawal. Fidelity also offers a mobile app to help users manage their retirement money on the go.

Food Lion 401k match

Food Lion employees receive a generous employer match of up to 5% for associates who are at least 21 years old and have completed at least 60 days of service. The company matches employee contributions dollar-for-dollar, meaning that if you contribute 5% of your eligible pay, your employer will match that contribution with another 5%.

If you are not contributing enough to get the full match, you are leaving money on the table. You should contribute at least 5% if your budget allows, to grow your retirement savings.

Food Lion 401k customer service

For any issues relating to your Food Lion 401(k) plan, you can call Fidelity Customer Service at 800-835-5095 any time from Monday to Friday, between 8.30 am to 12.00 am EST. There are no weekend hours, so be sure to call during weekdays.

Food Lion 401k loan

If you want to access your retirement money before retirement, the Food Lion 401(k) plan allows participants to borrow against their vested balance. Generally, you will be allowed to borrow up to 50% of your vested balance, or a maximum of $50,000, whichever is lesser. The 401(k) loans have a repayment period of up to 5 years for general-purpose loans and up to 15 years for home purchase loans.

Food Lion 401k after termination

If you leave Food Lion, the money you have contributed to your 401(k) and any vested employer matching contributions remain yours. Depending on the balance you have in your 401(k), you will have several options with your retirement money.

If your balance is over $5,000 per month, you will be allowed to leave the 401(k) account with Fidelity. You can also roll over the 401(k) to an IRA or your new employer’s 401(k) plan. If you need money for a large purchase, you can choose to take a distribution, but this may trigger income taxes and an additional penalty if you are under 59 ½.

Once you leave your job, you should contact the plan provider to update your contact information to continue receiving future plan communications.

Food Lion 401k withdrawal

You can start taking penalty-free withdrawals from your 401(k) account once you turn 59 ½. You can choose to take lump-sum withdrawals, periodic withdrawals, or set up a withdrawal schedule that fits your retirement needs. The distributions you take will be taxed at your income tax bracket. If you are younger than 59 ½, you may be allowed to withdraw money from your 401(k) if you are facing a financial hardship.

Food Lion 401k early withdrawal

Early withdrawals from a 401(k) are subject to a 10% early withdrawal penalty, in addition to the regular income taxes. However, certain withdrawals may qualify for an exemption from the early withdrawal penalty.

For example, if you are facing an immediate and heavy financial need such as total disability, unreimbursed medical expenses, or funeral expenses, you may be allowed to make a hardship withdrawal penalty-free.

Food Lion 401k rollover form

If you want to rollover your Food Lion 401(k) to another retirement plan, such as a 401(k) or IRA, you will be required to complete a rollover form. You can download the rollover form from your NetBenefits portal or by calling Fidelity at 800-835-5095 for assistance. You should request a direct rollover where the funds are sent directly to your new retirement account. If you opt for an indirect rollover, make sure to complete the rollover within 60 days to avoid triggering taxes.

Food Lion 401k account number

You can find your Food Lion 401(k) account number by logging into your 401(k) account on the Fidelity NetBenefits dashboard. On the login page, enter your username and password, and navigate to your profile to view your account number. You can also find your 401(k) account number on your 401(k) statements. If you still can't find it, contact Fidelity at 800-835-5095 and be ready to provide your personal information to verify your identity.

Food Lion 401k phone number

You can get assistance with your Food Lion 401(k) plan by calling Fidelity at 800-835-5095. The customer service representatives are available Monday to Friday, 8.30 am to 12.00 am EST. You can get help with loan inquiries, rollovers, withdrawals, account access, and more.

Food Lion 401k administrator

The plan administrator for the Food Lion 401(k) plan is Janet McGorty. For any administrative or legal issues, you can contact the plan administrator at 207-883-2911 or by writing to the following address: 2110 Executive Drive, Salisbury, NC 28145.

Food Lion 401k eligibility

New hires are eligible to participate in the Food Lion 401(k) plan immediately upon hire, as long as they are 21 years and older. You can contribute up to 50% of your eligible compensation, subject to the annual IRS contribution limits.

If an employee does not enroll in the 401(k) plan immediately, they will be automatically enrolled after one year of service at a 1% contribution rate, with an automatic 1% increase every year until they opt out of the increase.

Food Lion 401k vesting

Employee contributions to the Food Lion 401(k) plan are 100% vested immediately. However, employer matching contributions are subject to a vesting schedule and will become fully vested after three years of service. So, if you leave before you have completed three years of service, you may forfeit a portion of the employer matching contributions.

Food Lion 401k app

The Fidelity NetBenefits mobile app allows Food Lion 401(k) participants to manage their retirement savings conveniently. This app is available for both iOS and Android devices and can be downloaded from App Store and Play Store, respectively. The app lets you view your account balances, adjust contribution rate, request a loan, review investment performance, and get updates and plan communications.

Food Lion 401k summary plan description

The Food Lion 401(k) summary plan description outlines how the Food Lion 401(k) plan works, including rules on eligibility, contributions, investment options, vesting, loans, withdrawals, etc. You can request a copy of the summary plan description through your 401(k) account on NetBenefits or from the plan administrator.