An employer-sponsored plan is an easy and convenient way to save regularly for retirement. Plus, contributing on a tax-deferred basis allows your investments to grow at a much faster rate than a taxable savings program. Participation in your plan represents an important commitment to building a comfortable retirement.
Each retirement plan is unique and has a specific setup of rules. There are numerous factors that come into consideration including whether you are an active employee, your age, and circumstances. Contact our Client Service Center to speak with an associate who can walk you through the options available to you.
Once we receive your request in good order, our standard turnaround time is three to five business days. For checks, allow additional time for mailing from Saint Paul, Minnesota. Direct deposit requires an additional one to two business days to process. Contact our Client Service Center to speak with an associate for specific details about the status of your request.
You may not receive a tax form for your retirement account each year. If you took a taxable distribution from your retirement plan you will receive IRS Form 1099-R from Alerus. The form is available online in early February of the year following the distribution.
To download your Form 1099-R log in to My Alerus and select My Documents from the top menu. From there, select your retirement account and then 1099R.
Keep in mind that a loan from your retirement account may not be considered taxable unless you default (stop paying) on the loan or leave your employer. Contact our Client Service Center for more information.
If your form or application does not require your current or former employer’s signature or has a Medallion Signature Guarantee you may upload it directly to Alerus. If you’re unsure how to submit your form, contact our Client Service Center.
Log in to My Alerus and locate your account under Retirement, then select Plan Summary from the right side menu. Click Contact Us from the top menu to upload your form. If you need help logging in, refer to Retirement Account Access.
You can change your investments daily, if desired, but be aware that some funds have restrictions on how often they can be traded. Review short term trading fees before making changes.
Guide to Retirement
- Combine and Simplify
- Understanding QDRO
- Emergency Savings
- Employee Catch-Up Contributions
- ESOP Diversification
- How Much Should You Contribute?
- In-Plan Roth Conversions
- Maximizing Your Matching Contribution
- Required Minimum Distribution
- Six Timeless Tips For Financial Health
- Understanding Plan Loans
- Benefits of a Tax-Deferred Retirement Plan
- Net Unrealized Appreciation
- Retirement Investing and Market Volatility
- Options For Your Retirement Plan Balance When You Retire
- Options For Your Retirement Plan Balance When Leaving Employment
- Six Pitfalls of Retirement Investing
- Understanding Age Intuitive Path
- Understanding Diversification
- Understanding Interest Rates
- Understanding Mutual Funds
- Understanding Target Date Funds
- Understanding Roth
- Understanding Investments: Stable Value vs. Money Markets
- Understanding Fund Fact Sheets
- Access My Retirement Account
- Enroll in Managed Account Program
- Change Online Beneficiaries
- Change Online Deferrals
- Make A Withdrawal
- Enroll Online
- Take a Loan From Retirement Account
- Decline Automatic Features
- Access My TD AmeriTrade Account
- Enroll Using SmartPlan
- Open An Emergency Savings Account
- Read Your Statement
- Determine what kind of investor you are
- Social security retirement income estimator
- How much retirement income may my 401(k) provide?
- Compare a Roth 401(k) to a Traditional 401(k)
- How will retirement impact my living expenses?
- Are my current retirement savings sufficient?
- I'm retired, how long will my savings last?
- When should I begin saving for retirement?
- What is the value of catch-up contributions for retirement?