Trader Joe's 401(k)

Trader Joe's is an American grocery chain popular for its store-branded products and low prices. It operates over 500 stores in 43 states and the District of Columbia, employing over 50,000 people as of 2024. Eligible Trader Joe's employees are eligible to receive various benefits including medical and dental coverage, scholarships, and a 401(k) retirement plan.

New Trader Joe's employees become eligible to participate in the company's 401(k) plan at least 90 days upon hire. You can contribute as much as 75% of your eligible pay to the 401(k) plan. Trader Joe's also offers a bonus match equal to 6% of your annual earnings; if you defer the entire bonus, including the company match, you will receive total payments equal to 10% of your annual earnings.

Trader Joe’s 401k provider

Trader Joe’s 401(k) plan, also known as Trader Joe’s Company Retirement Plan, is with American Funds, a private investment company. American Funds has been in business for 93 years and is present in 32 countries. As of December 2023, the investment company manages $2.7 trillion in assets under management. Enrolled participants can access their 401(k) through the American Fund website.

Trader Joe’s 401k login

To access your Trader Joe’s 401(k) account, visit the American Funds website login page, and enter your username and password. If you forgot your username or password, the website provides options to reset your login credentials. Also, if you are a first-time user, you must register an account on the American Funds website to get login credentials.

Trader Joe’s 401k match

Trader Joe’s does not offer the traditional employer match, but it offers a bonus as a percentage of your annual earnings in your 401(k) account at the end of the year, regardless of whether you contributed to your 401(k) or not.

The company will match the amount you defer to the 401(k) plan at a rate of 0.667 of the deferred amount. If you defer the entire bonus, the total Trader Joe’s payment will be 10% of your annual earnings. If you defer a lesser portion of the bonus, the total Trader Joe’s contribution to your retirement plan will be less than 10%. The bonus percentage varies by year, it was 6% in 2024, down from 10% in 2020.

To qualify for this bonus, an employee must be at least 18 years old, be employed by Trader Joe’s on December 31 of that year, and have worked at least 700 hours during the year. Employees who meet these requirements can choose to take the bonus as cash or as a 401(k) contribution. Cash bonuses are subject to state and federal taxes, while 401(k) contributions are made pre-tax to your 401(k).

Trader Joe’s 401k customer service

If you need assistance with your Trader Joe’s 401(k) account, you can reach out to American Funds’ customer service at 1-800-204-3731 Monday through Friday 8 am to 7 pm ET.

Trader Joe’s 401k loan

Trader Joe’s 401(k) plan allows eligible employees to take loans against their vested account balance, subject to certain IRS limits and plan rules. You can borrow the lesser of 50% of your vested balance, up to a maximum of $50,000. The minimum amount you can borrow is $1,000. 401(k) loans have a repayment period of up to 5 years but can go up to 15 years if you are borrowing to buy or build your principal residence.

Trader Joe’s 401k after termination

If you leave Trader Joe's, you can still manage your 401(k) funds through the American Funds website. You can choose to leave the money in the plan before you figure out what to do with the money.

You can also choose to roll over the funds to a new employer’s 401(k) plan, IRA, or other qualified retirement plan. If you need money for a financial emergency or other needs, you can choose to withdraw the money but be aware that the distribution will be subject to income taxes and a 10% early withdrawal penalty if you are younger than 59 ½.

Trader Joe’s 401k withdrawal

You can withdraw funds from your Trader Joe’s 401(k) plan once you reach age 59 ½. However, while 401(k) withdrawals provide short-term liquidity, it will have long-term impacts on your retirement savings. You should explore other options like 401(k) loans, rollovers, and personal loans before considering a 401(k) withdrawal.

If you want to proceed with the 401(k) withdrawal, you should contact Trader Joe's plan administrator to request a withdrawal and indicate the amount you want to withdraw. The plan administrator will process the withdrawal, and send you the distribution via check or direct deposit. You will receive payment in a few days.

Trader Joe’s 401k early withdrawal

While withdrawals are permitted starting from age 59 ½, there are circumstances when you may be allowed to make an early withdrawal from your 401(k) plan. If you are facing an immediate and heavy financial need, including medical expenses, disability, post-secondary education costs, funeral expenses, etc., you will be allowed to take a hardship withdrawal. However, early withdrawals may be subject to income taxes and a 10% early withdrawal penalty.

Trader Joe’s 401k rollover form

If you want to rollover your Trader Joe’s 401(k) funds to another retirement plan, you can obtain a rollover form on the American Funds website or by contacting American Funds’ customer service at 1-800-204-3731. You will be required to provide accurate information about the rollover, including the receiving plan name, account number, routing number, etc.

Trader Joe’s 401k account number

You can find your Trader Joe's 401(k) account number by logging into your American Funds' website or contacting customer service. You can also find the 401(k) account number on your old 401(k) statement.

Trader Joe’s 401k phone number

If you need help with your Trader Joe’s 401(k) plan, you can contact American Funds’ customer service at 1-800-204-3731 Monday through Friday 8 am to 7 pm ET. You can contact customer service for assistance with account-related issues or if you are having trouble accessing your 401(k) plan.

Trader Joe’s 401k administrator

The plan administrator for Trader Joe’s 401(k) plan is Jocelyn Savellano. You can contact the plan administrator at 1-626-599-3700 or via mail at the following address: 800 South Shamrock Ave., Monrovia, CA, 91016.

Trader Joe’s 401k eligibility

New hires become eligible to participate in Trader Joe’s 401(k) plan after 90 days of employment. Once enrolled, you can contribute up to 75% of your income on a pre-tax basis. You can adjust your contribution rate via Dayforce, available via the website or mobile app.

Trader Joe’s 401k vesting

Employee contributions to Trader Joe's 401(k) plan are immediately vested, while company contributions are subject to a vesting schedule based on years of service. Trader Joe's follows a six-year vesting schedule as follows:

• After 1 year: 0% vested
• After 2 years: 20% vested
• After 3 years: 40% vested
• After 4 years: 60% vested
• After 5 years: 80% vested
• After 6 years: 100% vested

If you leave Trader Joe's after one year, you will forfeit the employer contributions in your 401(k). However, if you leave before the 6 years, you get to keep a portion of the employer contributions. If you stay for 6 years or longer, you get to keep 100% of the employer-matching contributions.

Trader Joe’s 401k app

You can manage your Trader Joe’s 401(k) funds using the American Funds mobile app. American Funds offers the American Funds RKDirect 401k app (for participants whose plan ID begins with IRK, BRK, or 2) and the AmericanFunds PlanPremier401k app (for participants whose plan ID begins with 34 or 135).

Trader Joe’s 401k summary plan description

The summary plan description is a comprehensive document that outlines the features and rules of Trader Joe’s 401(k) plan. Once you enroll in Trade Joe’s 401(k) plan, you will receive a copy of the summary plan description. You can also request a mailed copy of the summary description or download it from your 401(k) account on the American Funds website.