Correll Co

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About Correll Co


Founded in 1974, Correll Co. provides actuarial, administrative and consulting services to employer-sponsored retirement plans of all sizes. Since our founding, we have grown from a single employee firm to become one of the premier retirement plan service organizations in the Midwest. We have built a service reputation that is recognized nationally.

We consult in all areas of retirement plans, including daily valued 401(k), defined benefit, cash balance, profit sharing, stock bonus, employee stock ownership and executive compensation plans.

Our capabilities have expanded greatly over the years, but our concern for the individual client has not decreased one iota. We can do more things for more clients now, but each client, large or small, is just as important to us as that first client was back in 1974.

FAQs


Your initial User ID and password are pre-established for your account. Your User ID will be your Social Security Number (no dashes) and your password will be the last four digits of your Social Security Number. Once you access your account for the first time, we strongly encourage you to change your User ID and/or your password to a custom selection.

The maximum 401(k) contribution is set by several sections of the Internal Revenue Code and its accompanying regulations. In general, participants who have not attained age 50 may defer up to $18,000.00 during the 2017 calendar year. Participants who have attained age 50 may defer up to an additional $6,000.00 as a “catch-up” contribution during 2017.

There may be additional plan limitations that may restrict your ability to take full advantage of these deferral limits. If you are a Highly Compensated Employee, you may be restricted to a lower deferral level by the plan’s Average Deferral Percentage (ADP) testing limits. You should consult with your employer to determine whether or not you are deemed to be a Highly Compensated Employee (as defined by the Internal Revenue Code and your plan document).

Vesting represents the non-forfeitable interest in your account balance. It is directly tied to your length of service with your employer.

You are always fully vested in your 401(k) account and any funds you have rolled into your plan from another qualified plan. The vesting schedule for your accounts funded by employer contributions will depend on the vesting schedule selected by your employer. Please refer to your plan’s Summary Plan Description for the vesting schedule that applies to your account.

Participant statements are generated on a quarterly basis. You may obtain recent quarterly statements by loggin into your account and going to the Reports section of the website.

You may not take distribution of your account until a “triggering event” occurs that allows for you to redeem funds from your account. In general, this means that your employment relationship has ended, or you have attained an age (no earlier than 59 ½) when your plan document allows for an in-service withdrawal.

If you qualify for a distribution, you will need to complete the necessary election forms. You may obtain the instructions, required IRS tax notice, and election forms by logging into your account at www.correllco.com and downloading the forms, or you may call the Correll Co. InfoLine (1-800-876-7160) to request them via email or U.S. mail.

Cash distributions from qualified plans are taxed as ordinary income in the year in which you receive the distribution. The tax rate you pay will depend on a number of factors, including your marginal tax rate. You should consult with you personal tax advisor to determine how a distribution would impact your tax liability.

Federal law requires that any cash distribution from a qualified plan that is an “eligible rollover distribution” (i.e., to an Individual Retirement Account (IRA) or other qualified plan) must have mandatory 20% federal withholding applied at the time of distribution. This withholding is not a penalty, but simply applies as prepayment of your federal income taxes.

Additional 10% Tax if you are under Age 59 ½. If you receive a payment before you each age 59 ½ and you do not roll it over, then, in addition to the regular income tax, you may have to pay an extra tax equal to 10% of the taxable portion of the payment. The additional 10% tax generally does not apply to (1) payments that are paid after you separate from service with your employer during or after the year you reach age 55, (2) payments that are paid because you retire due to disability, (3) payments that are paid as equal (or almost equal) payments over your life or life expectancy (or you and your beneficiary’s lives or life expectancies), (4) payments that are paid directly to the government to satisfy a federal tax levy, (5) payments that are paid to an alternate payee under a qualified domestic relations order, or (6) payments that do not exceed the amount of your deductible medical expenses, (7) payments to a qualified public safety employee who separates from service during or after the year reaching age 50, or (8) a qualified reservist distribution from a deemed IRA or attributable to elective deferrals under a 401(k) plan or 403(b) annuity. See IRS Form 5329 for more information on the additional 10% tax.

Your employer must supply you with a copy of your plan’s Summary Plan Description shortly after you become eligible to participate in the plan. However, you can also view your plan’s SPD by logging into your account and downloading the SPD in the Forms section under the Tools tab on the summary page of your account.

Investment information can be found for all mutual funds offered in your plan under the Investments tab on the summary page of your account. By clicking on Investment Returns, you will be able to view how all the funds have performed over several time periods.

If your retirement plan makes loans available to its participants, you will need to complete the necessary loan application. You may obtain the instructions and application by logging into your account and downloading the forms, or you may call the Correll Co. InfoLine (1-800-876-7160) and request them.

If you wish to make adjustments to your investment elections, you can enter your new allocation percentages by selecting Investment Elections under the Transactions tab on the summary page of your account.

Enter your new allocation percentages in the provided spaces on the right hand side of the page and click “Submit.” On the next screen, you can click on “Continue” to confirm and finalize your selections. Be sure to follow all provided instructions throughout the process and obtain a confirmation number for your completed transaction. If you do not receive a confirmation number, your requested transaction will not be completed.

If you wish to make a transfer between your investment options in the plan, there are a few simple steps to follow:

  1. After logging into your account, select Transfer Funds under the Transactions tab on the summary page of your account.
  2. In the provided spaces, select the percentages of each investment you would like to transfer your funds to and from.
  3. Once you have entered your desired percentages, click “Submit” in the bottom right hand corner of the page.
  4. On the next page, click on “Continue” to confirm your elections.
  5. Follow the prompted steps and obtain a confirmation number for your completed transaction. If you do not receive a confirmation number, your requested transaction will not be completed.

You may also re-balance your account based upon your current investment elections by searching one of the “Re-balance Investments” options from the “Transfer Type” drop-down option.

You can view the prospectus for most funds offered in your plan by selecting Investment Profiles under the Investments tab on the summary page and clicking on the “view prospectus” icon next to name of the investment. While every effort is made to keep these prospectuses up-to-date, they are subject to change without notice. For the official and most current prospectus, you may review them on either www.morningstar.com or on the mutual fund family’s website.

An RMD is a mandatory withdrawal required under Internal Revenue Code Section 401(a)(9) for participants in a qualified plan who attain age 70 ½ and meet one or more of the following criteria:

  1. Are no longer employed by the plan sponsor; and/or
  2. Are considered a 5%-owner of the plan sponsor (as defined by Section 318 of the Internal Revenue Code).

In general, participants who have attained age 70 ½ and continue to perform service as an employee of the plan sponsor may defer these RMDs until they meet one of these conditions.

In most cases, the required withdrawal amount is calculated by dividing your account balance at the end of the previous year by the appropriate factor from the Uniform Lifetime Table. If your spouse is the beneficiary and he/she is more than 10 years younger than the participant, an alternative life expectancy factor is used.

The rules for RMDs from IRAs are significantly different from those covering qualified plans. You should consult with a personal tax advisor if you have any questions regarding these distributions from your IRA.

PLANSPONSOR®

For nearly two decades, PLANSPONSOR's annual Defined Contribution Survey has been the most important industry benchmark, measuring and evaluating 401(k) and other DC providers according to feedback from their own clients. Major defined contribution providers are rated in the various client categories they serve, and benchmark information is collected for plan sponsors to gauge their plans against their peers. Correll Co. is proud to have been included in the nationwide survey, having earned a “best in class” rating since participating in 2009.

2016 PLANSPONSOR SERVICE STARS

Director of Daily Valuation Services Tom Danielewicz was recently recognized by PLANSPONSOR Magazine. Tom was recognized by his clients for offering first-class service and support to their 401(k) plans. Congratulations to Tom and his team for earning this prestigious recognition!

2016 PLANSPONSOR® - Defined Contribution Survey Results