Ford 401(k)

If you are an employee at Ford Motor Company, you will have access to a 401(k) plan to help you build your nest egg for your golden years. The 401(k) plan, officially known as the Ford Motor Company Savings and Stock Investment Plan (SSIP), offers generous benefits, including employer matching, investment options, and distribution options.

New hires are automatically enrolled in the Ford 401(k) plan at a 5% pre-tax contribution rate when hired, following a 45-day opt-out period. Participants can contribute to a pre-tax or Roth 401(k) plan. Ford also offers a company match of 90 cents for every dollar on the first 5% of employee contributions.

Ford 401k provider

The Ford 401(k) plan is with Alight Solutions, a benefits and HR solutions provider for many organizations and over 35 million people and dependents. Alight Solutions provides a user-friendly platform that Ford employees can use to check their retirement savings, view their 401(k) balance, make contributions, and adjust the contribution rates. Enrolled 401(k) participants can also use the Alight Solutions website to track their retirement savings progress.

Ford 401k login

If you are enrolled in the Ford 401(k) plan, you can access your 401(k) account online on the Alight Solutions website. To log in, you must enter your Ford Benefits User ID and password.

You can also sign up as a new user on the login page, or use the account recovery options to reset your login details. Once logged in, you will be able to check your account balance, review your transaction history, request a distribution, or update your investment options. If you have trouble logging into your account, contact Alight Solutions customer service for assistance.

Ford 401k match

One of the benefits Ford employees receive is an employer match. The company matches 90 cents for every $1 that participants contribute up to 5% of their eligible pay. So, if you contribute 5% of your salary, your employer will match your contribution by 4.5%, bringing your cumulative contribution to 9.5%. If you contribute less than 5% of your pay, you are leaving potential earnings on the table; you should contribute enough to get the full match.

Ford 401k customer service

If you need help with your Ford 401(k) plan, contact Alight Solutions benefits representatives at 1-800-248-4444 Monday to Friday 9.00 am to 9.00 pm EST. There are no weekend hours. If you are outside the US, Puerto Rico, or Canada, contact Alight Solutions at 1-312-479-9571 Monday to Friday 9.00 am to 9.00 pm EST.

Ford 401k loan

If you need money for an emergency or make a large purchase, you can apply for a 401(k) loan through the Alight Solutions website. You can borrow the lesser of half of your vested 401(k) balance up to a maximum of $50,000. The minimum amount you can borrow is $1,000. The retirement plan allows a retirement period of up to 5 years, or more if you are borrowing to build or purchase your primary residence.

If you leave Ford before paying the 401(k) loan fully, you will be required to repay the outstanding balance immediately or it will be considered a taxable distribution.

Ford 401k after termination

If you leave Ford or get terminated, you will still own the vested portion of your 401(k) money. Depending on the amount you have in your 401(k) balance, you will have several options with your retirement funds.

If your 401(k) balance is at least $5,000, you can leave your money in the retirement plan, allowing it to continue growing. You can also choose to roll over the 401(k) money to an IRA or new employer's 401(k) plan to maintain its tax-deferred status. If you need money immediately, you can take a distribution, but it will trigger taxes and potential penalties if you are younger than 59 ½.

Ford 401k withdrawal

You can make withdrawals from your Ford 401(k) plan starting from age 59 ½. These withdrawals will be subject to income taxes at your tax bracket. If you are below age 59 ½, you will be allowed to take an in-service withdrawal or an early withdrawal if you are facing an immediate and heavy financial need. However, before taking an in-service withdrawal, you must have exhausted other options such as rollover funds and 401(k) loans.

To request a withdrawal from your Ford 401(k) plan, log in to your 401(k) account on the Alight Solutions website, determine the amount you need, and request a paper check or ACH transfer. In some instances, you may be required to provide proof of the financial need that you want to satisfy.

Ford 401k early withdrawal

You may be allowed to take an early withdrawal before age 59 ½ if you are facing an immediate and heavy financial need such as a disability, medical expense, foreclosure, or funeral expenses for a family member. Early withdrawals are subject to income taxes and potential early withdrawal penalties on the amount withdrawn, subject to certain exemptions. Before considering an early 401(k) withdrawal, you should explore other options like emergency savings and withdrawing rolled-over funds.

Ford 401k rollover form

If you are rolling over your Ford 401(k) funds to another retirement plan like an IRA or 401(k), you will need to complete a rollover form. You can request the rollover form by logging into your 401(k) account on the Alight Solutions website or contacting Alight Solutions customer service for assistance. You will be required to fill out the form correctly and submit it to the plan provider for processing.

Ford 401k account number

You can find your Ford 401(k) account number by logging into your 401(k) account on the Alight Solutions website and navigating to the account dashboard. You can also find your 401(k) account number by checking your quarterly 401(k) statement or by calling Alight Solutions customer service for assistance.

Ford 401k phone number

You can contact Alight Solutions benefits representatives at 1-800-248-4444 Monday through Friday, 9:00 a.m. to 9:00 p.m. EST. If you are outside the US, Puerto Rico, or Canada, you can contact Alight Solutions at 1-312-479-9571 Monday through Friday, 9:00 a.m. to 9:00 p.m. EST.

Ford 401k administrator

The Ford 401(k) plan administrator is Robin Wood. You can contact the plan administrator at 1-313-322-5012 during working hours. You can also reach the benefits office by writing to the following address: 1 American Road, Ford WHQ, Room 612, Dearborn, MI 48126.

Ford 401k eligibility

New Ford Motor Company employees are automatically enrolled in the company-sponsored 401(k) plan when hired at a 5% pre-tax contribution rate after a 45-day opt-out period. Plan participants can contribute to a pre-tax or Roth 401(k) plan. Participants can contribute anywhere from 1% to 50%, up to the annual IRS contribution limit.

Ford 401k vesting

Ford 401(k) participants are 100% vested in their contributions from day one. However, employer matching contributions are subject to a three-year vesting period. So, if you leave Ford before three years, you will lose part or all of the employer matching contributions.

Ford 401k app

The Alight Mobile app, available on both the Google Play and Apple App Stores, allows you to manage your Ford 401(k) funds on the go. The app allows you to check your balance, adjust your contribution rate, review investment options, request 401(k) loans or withdrawals, and track your retirement savings.

Ford 401k summary plan description

The summary plan description outlines the rules and requirements of the Ford 401(k) plan. It outlines the eligibility requirements, contribution limits, employer match, investment options, withdrawal rules, vesting schedule, etc. You can request a copy of the summary plan description by logging into your 401(k) account on the Alight Solutions website or requesting a physical copy from the benefits department.