Wednesday, May 12, 2021

Frequently Asked 401(k) Questions


Q.

How do I enroll in the National Electrical 401(k) Plan?

A.To enroll in the plan, please follow these steps: 1.) On this website, navigate to the Enrollment Form page 2.) Complete your Online Enrollment Form, providing all necessary information 3.) Confirm and submit your form. Please allow 7-10 business days for processing of forms 4.) Please submit a copy of your completed form to your employer. *Please note that the Enrollment Form should be completed only by members who are not yet enrolled in the Plan. 
Q.

How often can I change my Wage Deferral Election?

A.

Participants may change their election once per Calendar Quarter.

Q.

How do I change my Wage Deferral Election?

A.

To change your election, please follow these steps: 1.) On this site, navigate to the Change Information page 2.) Select ‘Change Form’ 3.) Update the ‘Deferred Contribution Elections’ field with your new selections 4.) Update and confirm all other information on the form 4.) Confirm and Submit your online Change Form. Please allow 7-10 business days for processing of forms. 5.) Please submit a copy of your completed form to your employer.  

*Please note that you may change your Wage Deferral Election no more than once per Calendar Quarter and the change will not become effective until the following quarter, if the form is submitted at least 15 days prior to the beginning of the Calendar Quarter 

Q.

When will my Wage Deferral Election changes become effective?

A.

Approved changes to your wage deferral election percentage will become effective at the beginning of the next calendar quarter, if the election change request is received at least 15 days prior to the beginning of the calendar quarter. Otherwise, it will become effective the following quarter.

Q.

How do I update my personal information?

A.

To update your personal information, please follow these steps: 1.) On this site, navigate to the Change Information page 2.) Select ‘Change Form’ 3.) Fill out all fields that you would like to update and confirm all other information 4.) Confirm and submit your Online Change Form. Please allow 7-10 business days for updates to take effect. 5.) Please submit a copy of your completed form to your employer.  

Q.

How do I check my 401(k) balance?

A.

You can check your 401(k) balance by logging on to Prudential.com/online/retirement or by calling Prudential directly at 1-877-778-2100.

Q.

How do I check my 401(k) investment activity?

A.

You can check your 401(k) investment activity by logging on to Prudential.com/online/retirement or by calling Prudential directly at 1-877-778-2100.