How To Access Your 401k From Dollar General

If you’re a current or former employee of DGME , you may be wondering how to access your 401(k) account, whether you want to make a withdrawal, check your balance, or initiate a rollover. The Dollar General 401(k) plan offers employees a chance to save for retirement through contributions, employer matches, and various investment options. This guide will help you understand the steps to access your 401(k) from Dollar General, along with your options and any important considerations.

What is the Dollar General 401(k)?

The Dollar General 401(k) plan is a retirement savings plan offered to eligible employees. It allows you to contribute a portion of your pre-tax income, and you may also receive a matching contribution from the company. The 401(k) offers employees a variety of investment options, which can be adjusted to align with your retirement goals. You can access the plan and manage your account through an online portal or by contacting the plan provider directly.

Eligibility for the Dollar General 401(k)

To be eligible to participate in the Dollar General 401(k) plan, you typically need to meet the following criteria:

• Be a full-time employee
• Meet the company’s minimum service requirement (usually one year)
• Be at least 21 years of age

Once you’re enrolled, you can contribute a portion of your salary on a pre-tax basis, which is deducted directly from your paycheck.

How to Access Your 401(k) Account

There are several ways to access your Dollar General 401(k), whether you are a current employee, a former employee, or a retiree.

Step 1: Visit the 401(k) Plan Provider’s Website

Dollar General partners with Empower Retirement (formerly known as Great-West Life), which manages the 401(k) plan. To access your account, visit the Empower Retirement website at www.empowermyretirement.com. This is where you can view your balance, make changes to your investment strategy, and check on other account details.

Step 2: Log In to Your Account

To log in to your 401(k) account, you will need your username and password. If you’ve forgotten either of these, there are options on the website to reset them. Here’s how to log in:

• Go to the Empower Retirement website.
• Click on “Log In” in the upper-right corner of the homepage.
• Enter your username and password.
• Once logged in, you’ll be able to view your account information, including your balance, recent transactions, and any changes to your contributions.

Step 3: Make Changes to Your Account

Once you’re logged in, you can:

• Change your contribution amount: You can increase or decrease the amount you contribute to your 401(k), as long as you don’t exceed the IRS contribution limits.
• Adjust your investment options: You can review your current investment options and select new ones based on your retirement goals.
• Review your employer match: Ensure you are taking full advantage of Dollar General’s matching contributions.

Step 4: Request a Distribution or Rollover (If Applicable)

If you are no longer employed by Dollar General, you can access your 401(k) funds by requesting a distribution or initiating a rollover to another retirement account. This process can be done through the Empower Retirement website or by calling their customer service.

• Request a Withdrawal: If you’re eligible, you may be able to take a lump-sum distribution or set up monthly payments.
• Roll Over to Another Plan: If you’re moving to a new employer, you can roll your 401(k) into your new employer’s plan or into an IRA (Individual Retirement Account).

Step 5: Contact Customer Service (If Necessary)

If you’re having trouble accessing your 401(k) account, need help resetting your login information, or have questions about distributions, you can contact Empower Retirement’s customer service. They offer support via phone, email, and online chat. They can assist with a range of issues, including accessing your account, changing your beneficiary, or providing guidance on how to manage your retirement funds.

• Customer Service Number: Call Empower Retirement’s customer service at 1-800-338-4015 for direct assistance.
• Email: For questions, you can reach them at customer service through their website’s contact form.

What to Do if You’re No Longer Employed at Dollar General

If you’ve left Dollar General, either due to retirement, resignation, or termination, you still have options for your 401(k). You are no longer able to contribute to the plan, but you can access your funds in several ways:

1. Leave the Funds in Your Dollar General 401(k)

You may choose to leave your funds in the Dollar General 401(k) plan, where they can continue to grow with investment gains. However, if your balance is less than $5,000, Dollar General may force a distribution of your account. It’s important to stay informed about any account maintenance fees or policies that may apply.

2. Roll Over the Funds to Another 401(k) or IRA

If you are starting a new job with a 401(k) plan, you can roll over your Dollar General 401(k) funds into your new employer’s retirement plan. Alternatively, you can roll the funds over into an IRA (Individual Retirement Account) to maintain the tax advantages and control over your retirement savings.

3. Cash Out the 401(k)

While it’s typically not advisable due to potential tax penalties and long-term retirement savings loss, you can cash out your 401(k) if you’re no longer employed at Dollar General. Keep in mind that cashing out will result in taxes and possibly penalties, depending on your age and withdrawal type.

FAQs

Q1: Can I access my Dollar General 401(k) if I am still employed?

• Yes, as a current employee, you can access your Dollar General 401(k) account to check your balance, make changes to your investment options, or adjust your contribution rate. However, you cannot take a distribution or cash out until you are no longer employed.

Q2: How do I know if I am eligible for a 401(k) distribution?

• You are eligible for a 401(k) distribution once you leave Dollar General, whether through retirement, resignation, or termination. You can request a distribution by logging into your Empower Retirement account or by calling their customer service.

Q3: What happens to my Dollar General 401(k) if I quit?

• If you quit your job at Dollar General, you can leave your 401(k) funds in the plan, roll them over to a new employer’s 401(k), or roll them into an IRA. You cannot contribute to the account once you are no longer employed at Dollar General.

Q4: What are the tax implications of withdrawing from my Dollar General 401(k)?

• Withdrawals from a 401(k) before the age of 59 ½ may be subject to a 10% early withdrawal penalty, in addition to income tax. It’s recommended to consult with a financial advisor to understand the full tax implications before taking a withdrawal.

Conclusion

Accessing your Dollar General 401(k) is straightforward once you know the process. Whether you are still employed or no longer with the company, you have several options to manage your retirement savings. By logging into your Empower Retirement account, you can view your account balance, make investment changes, or request a distribution. Always remember to consider the tax implications and long-term financial goals when making decisions about your 401(k) savings.