401(k) Retirement Plan
Frequently Asked Questions
If your question is not addressed below, please call the Human Resources Hotline at 1-800-845-6675 option 4 or e-mail benefits@ruan.com.
1. How do I access my 401(k) account on Principal's website?
First time users to Principal Financial's website will need to complete a registration process before accessing your account. Refer to the online enrollment instructions posted under the 401(k) or follow this link: 401(k) web registration.
Once registered, you may log in anytime to check your account balance, change your deferral percentage, update your beneficiary designation and/or change your investment mix. Simply click on the appropriate links from your homepage.
2. Is there a Roth option?
Yes, participants may choose to have their contributions deducted from their paycheck on a Roth after-tax basis.
3. Is there a limit on how much I can put into my 401(k) account?
Each pay period you may defer up to 80% of your eligible earnings, with an IRS annual contribution limit of $23,000 for the 2024 plan year. Employees age 50 and older may contribute an additional $7,500 over the IRS limit.
4. How do I stop/change my deferral (payroll deduction)?
You may update your contribution level by going to www.principal.com or by calling TeleTouch at 1-800-547-7754. If this will be your first time accessing either of these services, you will need to provide your Social Security number and Ruan's group/contract number: 381756.
5. Does Ruan offer a match?
Yes, after one year of service. Eligible participants will receive a match equal to 50% of the first 6% that you contribute (maximum 3% of pay).
6. Where can I get more details on the 401(k) investment options?
The retirement booklet, available at www.ruan.com/benefits under the 401(k) tab, includes an Investment Option Summary that lists each option, the account manager and a brief overview of the account, along with the latest market returns. For more detailed information, you may go to www.princpal.com. Once you have logged into your account, click on the Investments link to the left of the screen and then select Performance. From the list of account names, simply click on the fund's name and follow the link Investment Option Profile. Besides an Overview, many offer additional tabs with specific information related to that unique fund.
7. How do I change my investment mix?
You may update your investments by going to www.principal.com. Select Investments on the left side of the screen and then click Manage. From there, you may move existing funds into different accounts or change your investment selection for future payroll contributions. If you do not have internet access, you may call TeleTouch at 1-800-547-7754. If this will be your first time accessing either of these services, you will need to provide your Social Security number and Ruan's group/contract number: 381756.
8. Can I borrow against my account?
Yes. There is a loan option. The minimum loan is $1,000 with a maximum of 50 percent of your vested balance (max $50,000). You may take up to two loans per 12-month period, not to exceed three outstanding balances at any time. All loans or quotes are processed through Principal Financial. You may use their website, www.principal.com or TeleTouch at 800-547-7754. If going through website, select Loan to the left of the screen.
9. At what age can I withdraw funds from my 401(k)?
At age 59½, you may withdraw your contributions to the account, minus regular income taxes. When you reach normal retirement age at 62, you may withdraw both your contributions and any eligible company matching money, less regular income taxes. To request withdrawal paperwork, please contact Principal Financial at 1-800-547-7754.
10. I don't qualify for a 401(k) loan. Is there an alternative option?
Hardship withdrawals are more strict and limited to six reasons: 1) purchase of a primary home; 2) to prevent foreclosure/eviction from your primary home; 3) unreimbursed medical expenses for you or your qualified dependents; 4) college tuition/room/board for you or a qualified dependent for the upcoming 12 months (not student loans); 5) funeral/burial expenses for your qualified dependent, or 6) to repair damages to your primary residence (not general remodeling), including expenses or losses on account of a disaster declared by the Federal Emergency Management Agency (FEMA). In addition to your withdrawal paperwork, you must provide supporting documentation showing the request meets one or more of these reasons and the amount needed to satisfy the financial need. To request a hardship withdrawal, please contact Principal Financial at 1-800-547-7754
11. I'm in the middle of a divorce. What should I provide to the 401(k) plan?
Since your 401(k) contributions are deferred compensation, your spouse may be legally entitled to some of that money per the IRS. A Qualified Domestic Relations Order, or QDRO, is a document explaining how much of your 401(k) account is to be given to your ex-spouse, when the account is to be split, along with other details. QDROs are reviewed and approved, or deemed qualified, by Principal Financial.
The QDRO must contain certain items and/or language in order to be approved; therefore, it is highly recommended a draft be submitted for review/revision before submitting a final copy to the courts for a judge's signature. Please contact Principal Financial at 1-800-574-7754 for details. Note that Principal does charge QDRO review/processing fees back to the employee's 401(k) account.
12. What is Ruan's group/contract number with Principal Financial?
It is 381756.
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Questions?
Please call the Human Resources Hotline at 1-800-845-6675 option 4.