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FAQ's

Global Process Point FAQ's

Global Process Point As a participant in your company’s retirement plan, you have an important opportunity to save for your future. The following questions and answers may help you understand more about how retirement plans like yours work.
Plan Website – What is available on the plan’s website?
Your plan’s website provides detailed information about your account and allows you to make changes. You can get information about your balance, investment options, see past transactions, and see copies of your participant statements. You can also make changes to your account, including transferring money between investments and choosing how future contributions are invested.
Plan Website – How do I access my plan’s website?
If your retirement plan is on a non-JULY platform such as John Hancock, The Hartford, American Funds, or another provider, contact your Human Resources Department for information on accessing your account
Technical Support – How do I get technical support?
Contact our toll-free participant help line from 8:15 a.m. to 5:15 p.m. Central Time at 718-262-9795 and choose Option 1. Our team is standing by to help you. You may also email us at admin@utshob.com.
Benefits of Plan – How does a 401(k) plan work and why I should participate?
A 401(k) is a plan that allows you to defer some of your income towards retirement savings. If your company has adopted a 401(k) plan, you may participate when you meet the plan’s eligibility requirements. These requirements vary, but generally do not exceed one year if you are a full-time employee. Many employers match amounts that employees contribute to the plan resulting in “free money”. The amounts you contribute are generally not subject to federal income taxes until you withdraw the funds at retirement.
Benefits of Plan –How do I save taxes by participating?
A 401(k) is a plan that allows you to defer some of your income towards retirement savings. If your company has adopted a 401(k) plan, you may participate when you meet the plan’s eligibility requirements. These requirements vary, but generally do not exceed one year if you are a full-time employee. Many employers match amounts that employees contribute to the plan resulting in “free money”. The amounts you contribute are generally not subject to federal income taxes until you withdraw the funds at retirement.
Enrollment – How do I enroll in my company’s plan?
If your company sponsors a 401(k) plan, you can enroll in the plan by completing an Enrollment Form and giving it to your human resources or benefits department. This form will ask you some important questions, including: how much you wish to contribute into the plan each pay period, which investments you wish to have your contributions invested in, and who your beneficiaries will be in the event of your death. Before you can participate, you must meet your plan’s eligibility requirements. To determine these requirements, talk to your human resources department or obtain a copy of the plans “Summary Plan Description” which describes the plan in more detail.
Enrollment – Am I eligible to participant in my company’s plan?
Companies that sponsor 401(k) Plans have some choices on when employees become eligible to participate. The specific eligibility requirements of your plan will be described in the “Summary Plan Description” that you can obtain from your human resources department. In most cases, however, employees will become eligible no later than one year of full-time employment and can then enter the plan on the next plan entry date (often January and July).
Enrollment – What is a ROTH contribution and is it right for me?
Some 401(k) Plans provide employees an option of making ROTH contributions. ROTH contributions differ from traditional 401(k) contributions in that amounts are contributed to the plan after you pay taxes. Despite paying taxes up-front, you may still come out ahead. Withdrawals from your ROTH account are not subject to federal income tax as long as you do not withdraw the funds for at least five years and before you attain age 59 ½. Withdrawals from pre-tax plans are subject to federal income tax. Deciding which option is right for you will depend on your personal tax rate now compared to what it will be when you retire or withdraw the funds. We recommend that you discuss your options with your financial advisor before making the choice of pre-tax versus ROTH.
How much to save – How do I determine how much to save for retirement?
There are annual limits set by the Internal Revenue Service on the amount you can contribute to your 401(k) plans. These limits are adjusted annually for inflation. For the latest limits, visits the plan limits page on our website.
Investment Options – How do I get information about the investment options in my plan?
You can obtain information about the investments offered in your plan by logging into your plan’s website.
IInvestment Options – How do I determine which investments are right for me?

Most plans allow employees to withdraw their entire vested balance in a lump sum or rollover their balance to an IRA or another qualified plan. If your plan permits this option and if you have terminated employment with your company, you can obtain a Termination Distribution Packet by contacting the GPP Distributions Department using one of the following methods:

info@globalprocesspoint.com

Withdrawal – Can I take a withdrawal from my account if I am still employed with the company?
This type of withdrawal is referred to as an In-Service withdrawal. The rules for in-service withdrawals are quite restrictive and not every plan provides for them. To be certain about the options in your plan, you should review your plan’s Summary Plan Description. Most often, however, plans allow participants to withdraw funds upon reaching age 59 ½ and the plans Normal Retirement Age. Some plans allow participants to take in-service withdrawals for certain financial hardships (see the question in this FAQ about Hardship Distributions).
Withdrawal – What taxes will be withheld if I withdraw funds from my account?
If the withdrawal is eligible for rollover then 20% federal withholding is mandatory. An exception to the rule exists for distribution amounts less than $200 and 20% withholding does not apply.
Loan – How do I request a loan from my account?
Many plans may permit employees to borrow from their account using their vested interest as security for the loan. Employees that take advantage of the loan feature must follow strict rules to maintain plan compliance and prevent the loan from becoming a taxable event. To see if your plan allows for loans you should review your plan’s Summary Plan Description, and contact your human resources department to obtain instructions for obtaining a loan request form.
Loan – If I take a loan from my account, how does it work?

If your plan permit’s you to take a loan from your account, the GPP Participant Support Team can assist you in determining the maximum loan you can take. There may be plan-imposed limits on the total amount of the loan. These limits will either be described in the plan’s Summary Plan Description or the Loan Policy. You can obtain a copy of these from your employer. The interest rate for the loan will also be stated in the Loan Policy.

Upon determining the maximum amount you can withdraw, the GPP team will prepare the required loan documents which include Irrevocable Pledge and Assignment, Loan Application, Promissory Note, Federal Truth and Lending Disclosures and an Amortization Schedule. You are required to sign the documents agreeing to the terms of the loan and loan repayments must begin through automatic payroll deduction.


We are passionate about small businesses and creating retirement plans for owners and employees. To help us harness our passion, we have developed a clear mission, a vision for our future, and core values that guide us in our daily work.

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