Penske 401(k)

Penske Automotive is an international transportation services company headquartered in Bloomfield Hills, Michigan. With over 26,000 employees worldwide, the company provides competitive benefits to its employees, including a 401(k) plan to help them build a secure financial future. In this guide, we explore how Penske's 401(k) plan works, including contributions, matching, withdrawals, loans, etc.

New hires can enroll in the Penske 401(k) plan after 60 days of service. Participants are automatically enrolled at 2% of eligible pay but can contribute anywhere from 1% to 20% of their eligible pay, up to the annual IRS limit. Penske also matches employee contributions at 100% on the first 4% of contributions and an additional 50% on the next 2% of contributions.

Penske 401k provider

The Penske 401(k) plan is with Principal Financial Group, a financial services provider that offers retirement plans, insurance, and asset management to help people build and secure their financial well-being. Principal operates in North America, Europe, Asia, and Latin America and has a presence in over 27 nations.

Penske employees enrolled in the company's 401(k) plan can access their 401(k) accounts through the Principal's 401(k) portal. This platform offers easy-to-use online tools and educational resources to help participants manage their retirement money with ease.

Penske 401k login

If you have a 401(k) with Penske, you can access your 401(k) account online through the Principal's website. This platform allows participants to view their account balance, change contribution amounts, adjust investment allocations, and request withdrawals and loans.

To log in, go to Principal’s 401(k) login page and enter your username and password. If you have trouble logging in, you can reset your username or password; you can also contact customer support for assistance.

Penske 401k match

One of the benefits of the Penske 401(k) plan is the generous 401(k) match. Eligible employees receive a 100% match on the first 4% of contributions and an additional 50% match on the next 2% of contributions. So, if you contribute 6% of your eligible compensation, you will receive an additional 5% in matching contributions. Taking advantage of the employer match can help you boost your retirement savings over time.

Penske 401k customer service

If you need help with your Penske 401(k) plan, you can contact Principal's customer support at 1-800-547-7754 anytime from Monday through Friday from 7 AM to 9 PM Central Time. You can contact customer service if you have trouble logging in or need help with a loan application, withdrawal request, or other general 401(k) questions.

Penske 401k loan

If you want to tap into your 401(k) retirement money before retirement, you can borrow against your Penske 401(k) funds. You can borrow a minimum of $1,000, up to a maximum of $50,000 or 50% of your vested balance, whichever is lower. The plan allows one outstanding loan at a time, and you can only have one 401(k) loan per 12-month period. The loans have a repayment period of 5 years or longer if used to purchase a primary residence.

Penske 401k after termination

If you leave Penske, your 401(k) funds will remain with Principal Financial until you decide what to do with the money. However, your balance must be at least $5,000 to be allowed to leave the money behind. Some of the options you have with the money include leaving the money behind if you meet the balance threshold, rolling over to a new employer's 401(k) or IRA, or withdrawing the money.

Penske 401k withdrawal

You can make withdrawals from your Penske 401(k) plan, but there are certain rules you should consider. Standard withdrawals start at age 59 ½ and are subject to ordinary income taxes at your tax bracket.

If you are younger than 59 ½, you may be allowed to make early withdrawals from your 401(k) account, but the amount withdrawn will be subject to a 10% early withdrawal penalty plus income taxes at your tax bracket. Additionally, once you reach age 73, you will be required to start taking the required minimum distributions from your 401(k) account.

Penske 401k early withdrawal

You may be allowed to make early 401(k) withdrawals if you are facing a heavy and immediate financial need. Some of the eligible circumstances include unreimbursed medical expenses, funeral expenses, qualified domestic relations order, first-time home purchase, permanent disability, etc.

Be aware that these withdrawals may be subject to a 10% early withdrawal penalty and income taxes on the amount withdrawn. However, certain circumstances may qualify for an exemption to the penalty.

Penske 401k rollover form

If you want to roll over your Penske 401(k) funds into an IRA or other retirement plan, you will need to complete a rollover form. You can obtain the rollover form by logging into your 401(k) account on the Principal Financial website or contacting customer service at 1-800-547-7754. Once the rollover form is submitted, it can take up to a week to complete the rollover.

Penske 401k account number

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

Penske 401k phone number

For any inquiries related to your 401(k) account, you can contact Principal Financial at 1-800-547-7754. If you need help with your benefits, you can contact the plan administrator at 1-610-775-6000.

Penske 401k administrator

The plan administrator for the Penske 401(k) plan is Geoff Gibson. You can contact the plan administrator by calling 1-610-775-6000 or by writing to the following address: P.O. Box 563 Route 10 Green Hills, Reading, PA 196030563.

Penske 401k eligibility

To be eligible to participate in the Penske 401(k) plan, new hires must have completed 60 days of service, with no age requirements. Participants are automatically enrolled at 2% of eligible pay and can contribute anywhere from 1% to 20% of eligible compensation, up to the IRS limit.

Penske 401k vesting

Employee contributions are fully vested immediately, but employer-matching contributions are subject to a vesting schedule. Employer contributions are subject to a three-year cliff vesting schedule as follows:

Year 1: 0%

Year 2: 0%

Year 3: 100% vested

Penske employees must complete at least three years of service to fully own the employer-matching contributions.

Penske 401k app

Penske employees can manage their 401(k) retirement money on the go using the Principal Financial mobile app, available on the Google Play store and App Store. You can use the app to check balances, change contribution rates, adjust investments, and review your account transactions.

Penske 401k summary plan description

The summary plan description outlines the rules and requirements of the Penske 401(k) plan. This document outlines information about eligibility requirements, contributions, vesting, withdrawals, loans, and more. You can request a copy of the summary plan description by logging into your 401(k) account on the Principal Financial website or requesting a physical copy from Penske’s benefits department.