The Leech Lake Band of Ojibwe Retirement Plan was established to help most of us look forward to our retirement years. For most of us retirement planning consists of using our personal savings and investments such as the Social Security benefits to which both you and your employer contribute; the Band adopted 401(k)/403(b) Plan in the sincere hope that it will help provide you with financial security during your retirement years.
| 401(k)/403(b) Forms |
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401(k) Designation of Beneficiary Form
Frequently Asked Questions
When am I eligible to participate in the plan?
- When you have completed 6 months or more of service
- When you reach age 18
After meeting eligibility requirements, you can enter the plan on 11/1/10.
If you are not eligible at this time, but have received a distribution from a qualified plan, you may be permitted to rollover that distribution into this plan immediately. Check with Bill Pike for more information.
How much can I contribute to the plan?
- You can contribute from 1% to 100% of your gross pay.
- You can increase or decrease your contribution percentage on a daily basis. You may also stop your contributions at any time.
- Each calendar year, tax laws limit pre-tax savings to a maximum dollar amount. The limit for 2010 is $16,500.
Does Leech Lake Contribute to my plan?
Leech Lake will contribute at a rate equal to 4% of your eligilbe compensation.
What is the Vesting schedule?
You are always 100% vested in the value of your own contributions.
Any employer profit sharing contributions made on your behalf based on the following vesting schedule:
| Years | Profit Sharing Contributions | |
|---|---|---|
| 0 1 2 3 4 |
0% 0% 20% 40% 100% |
Can I withdraw money from my account?
- There are no penalties for withdrawals for the following events; disability, death, or retirement.
- If necessary, most distributions from your Plan can be rolled over into an IRA account.
Account Services
- Check your balances
- Obtain information on the investment funds in your account (share prices, performance information, etc.)
- Change your investment elections (how your future dollars are invested)
- Exhange funds (move money between funds)
How do I access my account from a phone
- Dial 1-866-809-8146
- Enter your social security number and the (#) sign
- Enter your Personal Identification Number (PIN) and the (#) sign
- Listen for additional information
How do I access my account online?
- Log on to https://www.planservices.com/rplink
- Go to "Register Here" and follow the instructions