Banner Match has arrived. As of July 1st 2016, you can sign up at the fidelity website @ https://nb.fidelity.com/public/nb/401k/home. If you have already worked at UAHN starting July 1st 2015, you are eligible to get the 4% Banner match for PGY’s. Here’s the step by step on signing up for 401k to get the the Banner Match. Additionally, if you had already started a 403b or a 457 while with UAHN, you already have an account and you can just log in.
All the red arrows in the pictures below means “click here.”
Step I. Sign In or Register if you are new to fidelity (i.e. you did not have a fidelity account for 403b or 457 from prior).
Step II. click on 401k.
Step III. Click on contributions so you can designate how much per paycheck you want to contribute to your 401k.
Step IV. Click on contribution amount.
Step V. Specify the % in pre-tax portion and post tax/Roth portion.
I put 4% pre-tax because Banner requires pre-tax from me to match me 4% pretax from them.
I put the rest All in post-tax so that I can pay cheap taxes today and my principle investment today gets to grow tax free and withdrawn later tax free.
Step VI. Click on investments. You can compare the 19 choices Banner set up with fidelity for us. Check out their return rates. I red-boxed the highest return rates. Then click on fees to see how much each investment option cost you.
Step VII. I red-boxed the lowest fees. I personally have no interest in funds/investment costing greater than 0.5%. But that’s a personal choice. I know fee is a guaranteed way to lose money while return rate is a Not guaranteed way to make money. So I find my personal balance between return rate and fees/costs.
Step VIII. Banner has selected a default investment fund for us. If you don’t like it, (I don’t because the fees are way higher than I like), you can change it.
Step IX. Click “change investment elections.”
Step X. I like DIY finance. If you do too, click select funds.
Step XI. You can make your own portfolio. Super easy, put the % next to the type of fund you like. There are 19 choices which you can compare and contrast in step VI-VII. Then you can designate what % of your 401k you want in which fund. Notice in general, the Ready Mix investment options come with higher fees. They are like ready mix salads. Core investment options demand lower fees as you are in charge of assembling a salad from vegetables you select. I like the latter, more control yet cheaper.
Whala you are all set!
Comment below if you have questions, please. your questions/our discussions can help others.
I can’t respond to texts, emails, and social media messages, because it’s overwhelming and it’s not fun to answer the same questions repeatedly 😉