After my contract employment ends, will I have to close my 401(k) account?
MATRIX does not require participants to close out their accounts upon ending contract employment. You may therefore either (1) leave your 401(k) account active with T. Rowe Price, or (2) close your account and transfer your monies to either an IRA, another qualified 401(k) plan or cash out. Terminated employees who choose to leave their balance in the Plan will be charged a $20 quarterly fee.
Can I borrow against my 401(k)?
As long as your 401(k) balance is greater than $2,000, you can take up to 50% of your account balance for purposes of a loan (minimum loan amount is $1,000). There is a $50 loan origination fee and the loan is paid back through payroll deductions (the interest charged is prime plus 2%). Participants are also charged a $25 annual loan fee. Loan requests are made through T. Rowe Price Annuity and generally take about 2-3 weeks to process all the necessary paperwork.
Do you have a 401(k) Plan?
Our 401(k) Plan is available to all employees. The Plan is administered by T. Rowe Price.
How do I enroll?
Employees can enroll on the T. Rowe Price website after they receive their first paycheck.
How often can I change my payroll deductions for 401(k)?
You can change payroll deductions amount(s) for the 401(k) at any time through the T. Rowe Price website.
What is the 401(k) plan name and number?
The plan name is MATRIX Resources Inc. 401(k) Plan, and the plan number is #105968.
When am I eligible to participate?
You are eligible to participate after your first paycheck.
When will my 401(k) deductions begin?
Your 401(k) deductions will begin the first paycheck after your effective date.
Does MATRIX offer matching?
MATRIX does not offer matching at this time.