Participating in the 401(k) Plan is one of the best things you can do to save for your future.
- Free money from Intuit through eligible* matching contributions—$1.25 for every $1 you contribute, up to 6% of your eligible pay for a maximum $10,000 per year
- A clear view of how much monthly income you will need in retirement
- Flexible saving opportunities through pretax, Roth, or after-tax contributions from your base salary and/or bonus; also, in-plan Roth conversion for even more expanded options
- Access to experienced retirement services professionals—via phone, email or chat—to help get you on the right track to reach your retirement goals
Enroll in the 401(k) plan at any time with these simple steps:
- Log in to the Empower website or call 1-844-INTU401. (If you are not signed in on the Intuit network, you will be prompted to enter your corporate username and password.)
- Select your contributions and investments. Contribute as much as possible—try for at least up to 6% to so you can take full advantage of the company match.
- If you are eligible to receive any bonus or commissions, you will need to elect a separate contribution amount for those payments.
- Designate your beneficiary. This is the person or people who will take ownership of your account if you die.
- If you're 50 or older, save an additional $6,500 per year in catch-up contributions by actively enrolling through the Empower website. Note: You are not automatically enrolled in catch-up contributions when you turn 50.
As a new hire (or re-hire), you'll be automatically enrolled in the 401(k) Plan with a standard contribution of 6%. Contributions will be invested in the Vanguard Target Retirement Trust Plus Fund that most closely matches your anticipated retirement year at age 65. You can change this contribution or opt out at any time. You can also request to withdraw automatic contributions made to your account within 90 calendar days after the first automatic contribution is first taken from your pay. To change your participation in the Plan, including opting out, visit the Empower website or call Empower at 1-844-INTU401.
If you do not opt out of the Plan or make an active election, your automatic contributions will automatically increase 1% each year on August 1 to help you reach your retirement goals.
You have three ways to contribute to the 401(k) Plan—pretax, Roth and after-tax:
|Contributions||Deducted from your paycheck before taxes are withheld, reducing current taxable income|
|Limits*||Up to 50% of your eligible compensation, subject to the IRS limit ($19,500 in 2021). If you are age 50 or older in 2021, you can contribute an additional $6,500.|
|Withdrawals||Subject to income tax|
|Contributions||Deducted from your paycheck after taxes are withheld|
|Limits*||Up to 50% of your eligible compensation, or the IRS limit ($19,500 in 2021). If you are age 50 or older in 2021, you can contribute an additional $6,500.|
|Contributions||Deducted from your paycheck after taxes are withheld|
|Limits**||Up to 50% of your eligible compensation, or the plan limit ($28,500 in 2021)|
|Withdrawals||Contributions are tax-free; earnings are subject to income tax|
* Contribution limits refer to the combined total of pretax and Roth contributions.
** The after-tax limit includes the combined total of pretax, Roth and employer matching contributions.
† Earnings are tax-free upon withdrawal if you own the Roth 401(k) account for at least five years and have reached age 59½.
For each $1 you contribute to your 401(k) savings plan account, Intuit will contribute $1.25, up to 6% of eligible pay to a maximum $10,000 per year. If you’re not already saving 6%, you’re missing out on a valuable part of how Intuit helps you build financial security.
Here's an example of how it works.
Green: Intuit’s contribution
Blue: Your contribution
Orange: The total contribution toward your retirement
Note: If you change your savings percentage during the year, your year-to-date contributions and pay will be used to determine your match. Also, matching contributions will not be made on regular after-tax contributions or catch-up contributions.
Roth In-Plan Conversions
In-Plan Roth conversions give employees the opportunity to convert pretax and/or after-tax (non-Roth) deferrals to Roth money within the 401(k) Plan. Taxes may be owed upon conversion, but future qualified distributions will be tax-free. Only vested money is eligible to be converted.
Call Empower Retirement at 1-844-INTU401 (1-844-468-8401) for more information and instructions.
Vesting is a term used to describe how much of Intuit’s matching contributions you "own." It’s the percentage of the match that you could take with you when you change jobs or retire, and it's based on your years of service. You always own 100% of your own contributions. Matching contributions are 100 vested after two years of service.
The way you invest your 401(k) account is completely up to you—not just your contributions, but also Intuit’s matching contributions and any amount that you roll over from another account.
If you are automatically enrolled in the 401(k) Plan, your contributions are invested in the Vanguard Target Fund that most closely matches your anticipated retirement year at age 65. Intuit offers a variety of investment funds. Select the funds that are the best fit for your abilities and needs.
Vanguard Target Funds
If you want professional investors to select your funds and manage your portfolio, the Vanguard Target Funds may be a good option for you. Each fund is diversified based on your retirement date, is professionally managed and is adjusted over time to maintain the appropriate risk and return as you get closer to your retirement date.
These funds are called Target Funds because the “target date” is your expected retirement date, assuming you’ll retire at age 65. For example, if you expect to retire in or around 2045, you could choose the Vanguard Target 2045 Fund. The Target series has 11 funds in five-year increments from 2015 to 2060.
The Vanguard Target Retirement Income Fund is also part of this series and is designed for investors who are currently retired or prefer the most conservative (low risk/low return) option.
Here are the Intuit 401(k) Plan investment options, as of September 2020:
|Target Funds||Expense Ratio||Asset Class|
|Vanguard Target 2060||0.06%||Asset Allocation|
|Vanguard Target 2055||0.06%||Asset Allocation|
|Vanguard Target 2050||0.06%||Asset Allocation|
|Vanguard Target 2045||0.06%||Asset Allocation|
|Vanguard Target 2040||0.06%||Asset Allocation|
|Vanguard Target 2035||0.06%||Asset Allocation|
|Vanguard Target 2030||0.06%||Asset Allocation|
|Vanguard Target 2025||0.06%||Asset Allocation|
|Vanguard Target 2020||0.06%||Asset Allocation|
|Vanguard Target 2015||0.06%||Asset Allocation|
|Vanguard Target Retirement||0.06%||Asset Allocation|
|Core Funds||Expense Ratio||Asset Class|
|Putnam Stable Value||0.32%||Capital Preservation|
|SSgA Global Equity ex US Index NL Ser C||0.17%||International Funds|
|SSgA Russell Small Cap Index Fd Class S||0.05%||Small Cap Funds|
|SSgA S&P Mid Cap Index NL Class C||0.03%||Large Cap Funds|
|SSgA S&P 500 Index NL Ser N||0.03%||Large Cap Funds|
|SSgA U.S. Bond Index Fund Class C||0.06%||Bond|
|Vanguard FTSE Social Index Admiral Fund||0.14%||Large Cap Funds|
The Plan also offers a self-directed brokerage option that lets you invest in a wide variety of investments beyond the ones available within the Plan. Investments through the brokerage option are not selected by Intuit or its partners. This option is generally intended for more experienced investors who have the time and knowledge to manage a more sophisticated portfolio.
To use the brokerage option, you must have a minimum balance of $1,000 in the core plan.
The brokerage account is offered through Charles Schwab for an annual fee of $50. To open a brokerage account, call 1-844-INTU401 and speak to an Intuit 401(k) Plan Participant Service Representative.
Consolidating your retirement funds into a single account makes it easier to manage your asset allocation and create a diverse investment mix. It can also help you avoid some costly mistakes. By consolidating and transferring other 401(k) or IRA accounts into the Intuit 401(k) Plan, you can avoid the headache of monitoring multiple investment accounts, simplifying the process for you and your beneficiaries to manage your financial affairs.
To consolidate your retirement accounts, log in to Empower (go to Home > My Accounts > Consolidate Accounts) and download the Plan’s rollover form. You can also request that a Rollover Specialist reach out to you, or you can call a Rollover Specialist at 1-888-737-4480.
Your 401(k) Plan account is meant for the future. However, you may find yourself in a financial situation where you need to borrow from your account. The 401(k) Plan allows you to borrow up to 50% of your vested account balance—from a minimum of $1,000 up to a maximum of $50,000. You’ll pay the money back into your account, plus interest, through after-tax payroll deductions. Initiating a loan costs $35, and there is a quarterly maintenance fee of $3.75.
To request a loan, go to the Empower website or call 1-844-INTU401.