UnitedHealth 401(k)
Explore how the UnitedHealth 401(k) plan works, including eligibility requirements, contributions, withdrawals, vesting, loans, and more.
UnitedHealth is one of the largest private health insurers, and it offers its employees a competitive 401(k) retirement plan to help them build wealth. Whether you are just starting or have been with UnitedHealth for years, you should understand how the 401(k) plan works.
When you join UnitedHealth as a full-time employee, you're automatically enrolled in the 401(k) plan at a 3% contribution rate. You can increase, decrease, or opt out of this automatic contribution at any time. Once you complete one year of service, you become eligible for the company match. UnitedHealth matches 100% of the first 3% of your eligible compensation that you contribute, plus 50% of the next 3%, for a total match of 4.5%
UnitedHealth 401k provider
The UnitedHealth Group 401(k) Savings Plan is with Fidelity Investments, one of the largest retirement plan providers in the United States. As the record keeper, Fidelity offers UnitedHealth 401(k) plan participants a user-friendly platform to help them manage their retirement funds. Fidelity also provides customer service and extensive educational resources to help participants make smart investment decisions.
UnitedHealth 401k login
To access your UnitedHealth 401(k) account, go to Fidelity’s NetBenefits website. You will be required to enter your username and password to log into your account. If you are a first-time user, you must create an account using your personal information, including your name, date of birth, and Social Security Number.
Once you have set up an account, you can log in to your account to check your balance, track previous contributions, reallocate investment options, request withdrawals, get statements, and more. Fidelity also offers a mobile app for easier access.
UnitedHealth 401k match
One of the perks of participating in the UnitedHealth 401(k) plan is the company match. Once you complete one year of service, you will be eligible to receive an employer matching contribution to boost your retirement savings.
The company matches 100% of the first 3% of your eligible compensation that you contribute, and an additional 50% for the next 3%, for a total match of 4.5%. To receive the full match, you will need to contribute at least 6% of your eligible compensation. The matching contributions are made on a pre-tax basis, regardless of whether you have a pre-tax or Roth 401(k).
UnitedHealth 401k customer service
If you have questions about your 401(k) plan, you can contact Fidelity customer service at 1-877-330-2476, Monday through Friday from 8.00 am to 12.00 am EST. There are no weekend hours.
UnitedHealth 401k loan
While your UnitedHealth 401(k) money is intended for your golden years, the plan allows you to dip into your account when needed. You can borrow against your vested balance to pay for general expenses or purchase your primary residence.
You are typically allowed to borrow up to 50% of your vested balance, up to a maximum of $50,000. Loan repayments are made through payroll deductions and must be repaid within 5 years, or longer if you are borrowing to purchase a home. Be aware that if you leave the company and you have an outstanding balance, it may become due immediately, or it could be treated as a taxable distribution.
UnitedHealth 401k after termination
When you terminate your employment with UnitedHealth, you will have several options with your vested 401(k) savings. If your vested balance is greater than $1,000, you can choose to leave the money with Fidelity, where it can continue growing tax-deferred until you retire or reach the Required Minimum Distribution age.
If your 401(k) balance is under $1,000, it will be automatically distributed, and you will receive a mailed check with your balance. Alternatively, you can choose to roll over the funds to an IRA, a new employer's 401(k) plan, or take a distribution.
UnitedHealth 401k withdrawal
You can take penalty-free withdrawals from your UnitedHealth 401(k) account starting from age 59 ½. These withdrawals will still be taxed at your income tax bracket. You can choose to take partial withdrawals, lump-sum distributions, or set up systematic payments over a defined period. Once you reach age 73, you must start taking the required minimum distributions.
UnitedHealth 401k early withdrawal
You can tap into your UnitedHealth 401(k) plan before 59½ to meet certain costs. Early withdrawals are subject to income taxes and a 10% early withdrawal penalty unless you qualify for an exemption.
Some of the situations that qualify for an exemption include permanent disability, qualified domestic relations order, medical expenses, post-secondary education costs, etc. You must provide documentation to prove your financial need.
UnitedHealth 401k rollover form
If you are planning to roll over your UnitedHealth 401(k) plan to another retirement plan, you will need to fill out a rollover form to initiate the rollover process. You can obtain the rollover form by logging into your 401(k) account on NetBenefits or by calling Fidelity customer service.
UnitedHealth 401k account number
You can find your UnitedHealth 401(k) account number by logging into your NetBenefits account; the account number is typically listed under your plan details. You can also check your 401(k) statements or plan communications.
UnitedHealth 401k phone number
For any questions related to your UnitedHealth 401(k) plan, you can contact Fidelity at 1-877-330-2476 any time from Monday to Friday, 8.00 am to 12.00 am EST.
UnitedHealth 401k administrator
The plan administrator for the UnitedHealth 401(k) plan is Marc Savasta. If you need assistance with your benefits, you can contact the plan administrator at 1-952-936-1300 or by writing to the following address: 9900 Bren Road East, Minnetonka, MN, 55343.
UnitedHealth 401k eligibility
New UnitedHealth employees are automatically enrolled in the 401(k) plan immediately upon hire. Automatic contributions start at a 3% pre-tax contribution rate on the first Wednesday after your payday. You can choose to increase, decrease, or opt out of the automatic contribution before the automatic enrollment date.
UnitedHealth 401k vesting
Employees are 100% fully vested in their contributions at all times. However, employer matching contributions are subject to a two-year vesting period, after which participants become fully vested in the company matching contributions. If you leave before the two years, you may forfeit part or all of the matching contributions.
UnitedHealth 401k app
Enrolled UnitedHealth employees can manage their 401(k) funds using Fidelity’s NetBenefits mobile app. This app lets participants access all the services available on the NetBenefits website, including checking 401(k) balance, adjusting contributions, reviewing investment options, requesting loans, and more. The app is available on the App Store and Play Store for iOS and Android devices, respectively.
UnitedHealth 401k summary plan description
The Summary Plan Description outlines everything you need to know about the UnitedHealth 401(k) plan, including eligibility, vesting, contributions, investment options, withdrawals, etc. You can request a copy of the summary plan description through the NetBenefits portal. You can also request a printed copy of the document from the plan administrator or plan provider.