You select how much you wish to contribute to your retirement plan and this amount is deducted directly from each paycheck. These contributions are then invested into the pre-selected funds available in your plan, at your direction.

Pre-tax contributions are taken from your paycheck before federal income taxes are deducted; you pay taxes only when funds are withdrawn. The earnings on those contributions grow tax-deferred, meaning you pay no taxes on the earnings until you withdraw them at retirement.

Some plans also allow for Roth contributions. Roth contributions, also known as post-tax contributions, are taken after federal income taxes are deducted. Because you pay current taxes on these contributions, you do not pay taxes on any growth of Roth deferrals if taken as a qualified distribution.

Your plan provides several investment choices to fit your age, savings goals, and investment experience. For help with deciding how to allocate your funds, use our Investor Questionnaire (coming soon).

Enrollment materials will direct you on whether to enroll in your plan online or by paper. Paper forms should be filled out and returned to your employer. Visit Online Enrollment for more information about enrolling online.

To view current contributions limits, refer to Regulatory Briefs

For instructions on how to access your Alerus retirement account, refer to Retirement Account Access

• 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?
• Am I saving enough for my retirement?
• 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?

An HSA (Health Savings Account) is a tax-advantaged medical savings account that is paired with a low premium, the high-deductible insurance plan. The funds within an HSA can be used to pay for qualified medical expenses at any time without federal tax liability or penalty.

For current contribution limits, refer to You and Your HSA

For information about the Alerus Benefits mobile app, refer to Alerus Benefits Mobile App

For instructions on how to access your Alerus health savings account, refer to Benefits Account Access

• What may my Health Savings Account (HSA) be worth?

A flexible spending account (FSA) allows employees to pay for qualified medical, dental, vision, or dependent care expenses with pre-tax dollars. Pre-tax means before state, federal, Social Security, and Medicare taxes are applied.

For information about the Alerus Benefits mobile app, refer to Alerus Benefits Mobile App

For instructions on how to access your Alerus flexible spending account, refer to Benefits Account Access