Vista 401(k) Plan
Vista 401(k) Frequently Asked Questions
How does Vista 401(k) work?
Contributions to the plan are made through regular payroll deductions; selections from 25 mutual funds are available; no taxes are paid on any contributions or earnings until they are withdrawn. Upon withdrawal ordinary income tax rates will apply. The Vista 401(k) Plan is specifically designed to help you save for retirement. During your working years you make tax-deferred contributions, which can be invested in one or more of the available funds. Taxes remain deferred on your contributions, earnings or any capital appreciation until you withdraw your money from the plan. The plan saves you money because your per-pay-period contributions reduce your taxable income.
Who can join?
All full-time employees of the participating Employer Sponsors are eligible to participate in the Vista 401(k) Supplemental Retirement Plan.
How much may I contribute?
The maximum you can contribute to your account is limited by federal tax law. The annual limit is $18,500 for 2018. If you are age 50 years or older, you may contribute an additional $6,000 for a total of $24,500 in 2018.
Can I change my contribution amount?
Yes. A change is defined as an increase or decrease in contribution amount. You can stop your contribution at any time. On our web site, if you have been to our site previously, click the Login button to enter your username and password. If this is your first time visiting the web site, click on first time user and follow the prompts. Once on the site, click on Elections, then Change Contribution Amount and follow the prompts. You may also use a change of contribution form. You will be sent a confirmation of your transaction.
What happens if I discontinue contributions?
Your account continues to enjoy tax-deferred earnings and you will continue to enjoy the same benefits as other participants.
When can I receive my plan money?
You may withdraw your money from the Vista 401(k) Plan when you have reached 59.5 years of age or have terminated your employment. The IRS does allow provisions for hardship. Specific criteria are listed in the “Vista 401(k) Plan Highlights”, found under the “401(k) Plan” tab.
Can I withdraw from my 401(k) account like my savings account?
No. IRS regulations restrict active employees from withdrawing money from their 401(k) account. Please refer to the response to the question “WHEN CAN I RECEIVE MY PLAN MONEY?”
Can I borrow from my plan account?
Your 401(k) plan has a loan provision to give you access to your money. There are certain rules that apply:
• You must have a minimum of $2000 in your account.
• You can borrow up to 50% of your account balance, with a maximum of $50,000.
• Minimum loan amount is $1000.
• You have up to 4 years to repay the loan.
• Only one loan is permitted at a time. There is also a (30) day waiting period to acquire a new loan after paying off an existing loan
• The interest rate will be 2% over Prime, however repayment of both principal and interest is re-deposited into your account.
• There is a $65 loan processing fee, and a $20 check writing or ACH fee per loan.
How am I taxed on my plan money?
The money you contribute to your 401(k) is not taxed until you receive a distribution from your plan. In other words, contributing to the 401(k) reduces your income taxes by reducing your taxable income. With Vista 401(k), contributions are deducted before income tax is calculated. The charts below illustrate the tax savings for an employee earning $2000 per pay period, income taxes of 20% based on deductions, 7.65% FICA tax , and a contribution of $100 per pay period (shown in the WITH 401(k) chart).
Is there a time when I must receive payments from the plan?
Yes, just like IRAs or other retirement plans, you must begin receiving payments starting with the year after the year in which you achieve age 70-1/2.
Do I have a choice of plan investment options?
Yes. The Vista 401(k) Plan allows you to direct how your plan account should be invested. You may choose one or any combination of funds to invest your contributions.
What is a mutual fund?
A mutual fund is a unique investment that combines your money with the money of many other people who have similar investment goals. This pooled money is used by professional money managers to make a wide range of investments, including partial ownership in companies (stocks) and interest-bearing certificates issued by governments and corporations (bonds).
How do I get additional information or enroll in Vista 401(k)?
We strongly suggest that you take a few minutes to complete the Investment Risk Profile Questionnaire. Doing so will greatly assist you in choosing the mutual funds that are most suited to your situation. You may request an Enrollment Form or get additional information by calling the Retirement Services Team at 1-866-325-1278 (M-F, 8 a.m.- 5 p.m.). You may alternatively review the educational material presented throughout the Vista 401(k) Plan website and enroll online by clicking the “Open Account” box at the top of the page.
Mail your completed form to Vista 401(k) at P.O. Box 1878, Tallahassee, Florida, 32302-1878.
Simply complete the form indicating:
• The per pay period amount you want to contribute.
• How you want your money invested.
• The beneficiary who will receive your account in the event of your death.
Does Vista 401(k) have representatives onsite at school locations?
No, we do not have representatives at school sites. For assistance and account questions you may contact us at 866-325-1278 or send us an email through the Contact Us section found on our website home page.
What are the qualifications for taking a loan from my Vista 401(k) Account?
You must have a minimum account balance of $2,000 to begin a loan. The minimum loan amount is $1,000. You may not have more than one loan active at any given time. Once a loan is paid off there is a 30 day waiting period before a new loan may be taken.
How can I pay off my loan early?
To pay off a loan early please contact our office at 1-866-325-1278 to receive your loan payoff balance. Payments must be made with either a cashier’s check or money order made payable to “Matrix Trust Co. FBO: Vista 401(k).” Mail this payment to the following address: Vista 401(k), P.O. Box 1878, Tallahassee, Florida 32302.
I am about to receive a DROP payout. Can I rollover some or all of the money into my 401(k) Plan?
Yes, you may rollover all or a portion of the DROP payout into the Vista 401(k) Plan. Contact our office at 866-325-1278 for the necessary forms.
When I retire, do I have to take a lump-sum payout of my 401(k) account?
No, you may leave your account with the Vista 401(k) Plan as long as you wish. You have the option of setting up systematic withdrawals, giving you the flexibility to receive payments monthly, quarterly or as needed.
Can I rollover my other 401(k) or 403(b) account(s) into my Vista 401(k) account?
You can rollover your other previous employer’s 401(k) and 403(b) accounts at any time. You may rollover current employer 403(b) accounts into your Vista 401(k) account as long as you meet certain IRS requirements:
- You are over the age of 59 ½ OR
- No longer working for the plan sponsor of your 403(b) account
Rolling over funds to your 401(k) account may be a good way to cut expenses and keep more of your returns.
I am almost 70.5 or older. Do I need to take action to receive my Required Minimum Distribution (RMD)?
No, this is not required. The Vista 401(k) Plan automatically calculates your RMD amount and sends out a check to the address on file. Contact our office to update your contact information if needed.
How can I reset my account password?
If you know either your User ID or Password you may attempt to recover the other by clicking on “Forgot User ID or Password” in the Login drop down menu. If you do not recall this information please give us a call at 1-866-325-1278, or send us an email. to have your account reset.
I will be out of school soon for the summer. Do I need to stop contributions to my 401(k) account?
No. 10-month employees do not have contributions taken over the summer. Contributions will automatically begin upon returning from summer break.
When will I receive an account statement?
Participant statements are mailed out after each quarter to the address we have on file.
I designated a beneficiary when I signed up for benefits with the School District. Does that apply to my 401(k) account?
No. Your Vista 401(k) Plan is a completely separate account from your other School District Benefits. You must designate a specific beneficiary on this account by logging onto your account online to complete this section or by completing a beneficiary designation form.
I took a hardship from my account. Do my contributions have to stop?
Yes. By law, your 401(k) contributions and any other contribution to a retirement plan must cease for six months. After six months, you must restart your contributions to continue contributing to your retirement account. The payments will not automatically resume after this period elapses.