UTC 401k Savings Plan: A Comprehensive Overview
Saving for retirement is an essential aspect of financial planning, and a 401k plan is an excellent way to achieve this goal. United Technologies Corporation (UTC) offers its employees a 401k savings plan, which provides a significant opportunity to save and invest for their future. In this article, we will discuss the UTC 401k savings plan in detail, its advantages, and how it works.
What is a 401k Plan?
A 401k plan is a type of retirement savings plan sponsored by an employer. It allows employees to save and invest a portion of their income for retirement while enjoying tax benefits. In a 401k plan, employees can contribute a percentage of their pre-tax income to the plan, which is invested in a variety of funds. The funds' performance determines the overall balance in the employee's account. Moreover, employers can also contribute to the plan on behalf of their employees.
UTC 401k Savings Plan Features
UTC offers a 401k savings plan named the United Technologies Savings Plan (UTSP). The plan comes with several features, making it one of the most appealing 401k plans in the market. Here are some of its key features:
1. High Contribution Limits: The UTSP allows employees to contribute up to 75% of their eligible compensation (salary, bonus, etc.) to their 401k account. The maximum contribution limit for 2021 is $19,500, with an additional catch-up contribution of $6,500 allowed for those aged 50 and older.
2. Generous Employer Contribution: UTC matches 100% of the first 6% of an employee's pay that they contribute to their UTSP account. This means employees can receive up to a 6% contribution match for their retirement savings.
3. Diversified Investment Options: UTSP offers a range of investment options to choose from, including mutual funds, target-date funds, and exchange-traded funds (ETFs). Employees can invest in these options as per their risk profile and investment objectives.
4. Roll-Over & Withdrawal Options: The UTSP allows employees to roll over their previous 401k plan into this plan. It also offers several withdrawal options like the ability to take a loan from the account or make hardship withdrawals.
Advantages of the UTSP
The UTSP provides employees with several advantages, such as:
1. Reduces Tax Liability: Contributions made to the UTSP are tax-free, which reduces the employee's taxable income and overall tax liability.
2. Increased Savings: The generous employer contribution match encourages employees to save more for retirement, resulting in higher savings over time.
3. Diversified Investment: The UTSP offers a diverse range of investment options, providing flexibility to employees to invest as per their investment goals.
4. Portability: The UTSP is portable, which means that employees can take their savings with them if they leave UTC.
How Does the UTSP Work?
The UTSP works as follows:
1. Eligibility: All UTC employees, including part-time employees, are eligible to participate in the UTSP after completing 1,000 hours of service in a year.
2. Enrolment: Employees can enrol in this plan during the enrolment period by completing the necessary paperwork.
3. Contribution: Employees contribute a percentage of their pre-tax income to the UTSP, which is invested in the chosen investment options.
4. Employer Match: UTC matches 100% of the first 6% of an employee's pay that they contribute to their 401k account.
5. Investment Growth: The invested funds generate interest and growth, contributing to the overall balance in the employee's account.
6. Withdrawals: Employees can withdraw from their account once they reach the age of 59.5 years.
The UTC 401k savings plan is an excellent option for employees to save and invest for their retirement. The plan comes with several benefits, such as high contribution limits, generous employer contribution, diversified investment options, and portability. By investing in this plan, employees can secure their financial future and enjoy a comfortable retirement.
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projected retirement savings, commit to the new plan, and then track your progress towards that plan on an annual basis. And, remember to link your UTC Savings Plan account by searching for “United Technologies Corp 401k” on the “Add Account” screen. Spending Guidance Spending Guidance will help you save for large purchases
If you need User ID or PIN help for accessing this system, call the UTC Pension Service Center at 1-800-243-8135 and follow the prompts for Savings and Retirement between the hours of 8:00 A.M. and 5:00 P.M. Eastern Time, excluding holidays.
United Technologies Corporation Employee Savings Plan is a defined contribution plan with a profit-sharing component, 401k feature, and leveraged ESOP component. This plan has a BrightScope Rating of 80.This plan is in the top 15% of plans for Account Balances, Salary Deferral, and Total Plan Cost.80%(23)
A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
Our goal is to ensure UTC employees have the resources they need to prepare for retirement. UTC offers a match plus an automatic contribution to help you get the most out of your dollar. Investing in the UTC Savings Plan is a great way to invest in your future and offers a Savings Plan flexible ...5/5
Savings Plan. Our goal is to ensure UTC employees have the tools to prepare for retirement. The UTC Savings Plan has more than 100,000 participants and is designed to be flexible enough to serve all of them depending on investment know-how and risk tolerance.
The UTC Savings Plan is intended to be a “Section 404(c) plan” within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time. As a Section 404(c) plan, the Savings Plan provides participants with substantial beneﬁ ts — but also comes with substantial responsibilities.
the UTC Savings Plan Your future starts today, and so should your saving for it. To make it easier for you to have a Healthy Wallet, UTC provides many tools and resources like the UTC Savings Plan (The “Plan”). Visit the Healthy Wallet tile, on the Savings & Retirement tab, of Your Gateway, to take advantage of the