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Paychex TV commercial - Big Moment: 401K Plan
Paychex

Paychex is a well-known company that offers a range of payroll and human resources (HR) solutions. Established in 1971, Paychex has grown to become a leading provider of comprehensive services designe...

What the Paychex TV commercial - Big Moment: 401K Plan is about.

Paychex TV commercial - Big Moment: 401K Plan

The Paychex TV Spot 'Big Moment: 401K Plan' is an advertisement designed to showcase Paychex's ability to help small business owners provide robust retirement plans for their employees. The commercial takes place in a conference room where a CEO is giving a presentation to his team, highlighting their growth and recent successes. However, when the topic of retirement plans comes up, the CEO becomes flustered. Despite acknowledging the importance of offering a 401K plan to their employees, he admits that he has no idea how to create or manage one.

This is where Paychex comes in. A representative from the company enters the room, calmly reassuring the CEO that Paychex can provide everything he needs to set up a comprehensive 401K plan. The representative proceeds to offer a detailed breakdown of the services provided by Paychex, including automated payroll deductions, investment advising, and regulatory compliance. With the help of Paychex, the CEO is able to confidently provide his employees with a top-tier retirement plan that he can be proud of.

The commercial is effective in its messaging, as it highlights how important it is for businesses to offer a 401K plan to their employees. The commercial shows the stress and confusion that some business owners may face when trying to navigate the complexities of setting up a retirement plan, while also showcasing how Paychex can simplify the process and provide peace of mind. Overall, the Paychex TV Spot 'Big Moment: 401K Plan' is a powerful advertisement that effectively highlights Paychex's ability to help businesses provide top-tier retirement plans for their employees.

Paychex TV commercial - Big Moment: 401K Plan produced for Paychex was first shown on television on March 9, 2022.

Frequently Asked Questions about paychex tv spot, 'big moment: 401k plan'

401(k) Benefits. 401(k)s offer workers a lot of benefits, including tax breaks, employer matches, high contribution limits, contribution potential at an older age, and shelter from creditors.

A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts. Elective salary deferrals are excluded from the employee's taxable income (except for designated Roth deferrals).

If you are working for Paychex and wish to complete a rollover, you will need to fill out paperwork, and may need to communicate with your providers. You have several options for transferring funds from the old provider to the new one, but direct rollover is your best option.

The simplest way to start a 401(k) plan is through your employer. Many companies offer 401(k) plans and some will match part of an employee's contributions. In this case, your 401(k) paperwork and payments will be handled by the company during onboarding.

age 59½ The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72. (These are called required minimum distributions, or RMDs). There are some exceptions to these rules for 401(k) plans and other qualified plans.

Money in a 401(k) plan grows tax-deferred with compounding interest. For example, if you contribute $100 from each paycheck to your plan, you do not pay income taxes on that money or the interest it earns during the tax year. Instead, the interest is reinvested - essentially allowing your interest to earn interest.

This is called a direct 401(k) rollover, and it frees you from having to worry about tax consequences or early withdrawal penalties. Speak with your new plan provider about getting an account number, then provide the information to your current 401(k) administrator. They'll take care of the rest.

You can check your 401(k) balance online, through the account statements you receive, through your employer, or by calling your 401(k) service provider.

Compare Best Solo 401(k) Companies

Solo 401(k) ProviderInvestment Specialty401(k) Loans Supported
Fidelity Investments Best OverallGeneralNo
Charles Schwab Best for Low FeesGeneralNo
E*TRADE Best for Account FeaturesGeneralYes
Vanguard Best for Mutual FundsVanguard Mutual FundsNo

Cash out your 401(k) The last option you have for an old 401(k) account is cashing it out, but that may come at a high cost. You can ask your former employer for a check, but as with the indirect rollover, your former employer may withhold 20% to pay Uncle Sam for your distribution.

This means you can close your existing account, roll funds over into a different retirement account, or withdraw the money. If your 401(k) is not rolled over correct and you are not eligible to make distributions from these funds, you will be subject to Federal taxes and the 10% penalty.

How much will my 401k pay me per month? The monthly money you receive from a 401k annuity depends on various factors. These include your account balance, annuity rates, age, and life expectancy. Typically, annuities offer a monthly payout between 5% and 6% of the initial account balance.

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