As a W-2 employee working through Advantage Workforce Services (AWS), you may be eligible to participate in the company's 401(k) retirement savings plan. With this benefit, money comes out of your paycheck before taxes and goes into your retirement account.
Eligibility requirements
To qualify for the 401(k) plan, you must meet all of the following requirements:
Be at least 18 years of age
Complete 12 months of service with AWS
Work at least 1,000 hours during said 12-month period or work 500+ hours for two consecutive years.
Once you meet these requirements, you can join the plan on the 1st day of the following month. When they become eligible, Pros will receive a notification directly from ADP.
Automatic enrollment
Under the federal SECURE 2.0 Act of 2022, AWS is required to automatically enroll all eligible AWS employees to the 401(k) plan (You can read more about the law here).
Once you become eligible for the 401(k) plan, ADP sends you a Welcome Letter. The 401(k) plan is managed by ADP’s retirement services called ‘My-K-Plan’.
This letter explains:
When you will be enrolled
Your starting contribution percentage
Your default investment selection
How to log into your account
How to change your contributions or opt out if you do not want to participate
You can access your 401(k) account at My.ADP.com or through the ADP Mobile App.
Benefits of participating
Save for retirement with money from your pay before taxes
Lower the amount of money you pay taxes on
Earn more money on your savings over time
Take your savings with you if you change employers
Questions about the 401(k) plan?
If you have any questions about enrollment, contribution options, or other aspects of the AWS 401(k) plan, contact the ADP’s Retirement Services (My-K-Plan) support line directly at:
1-800-MyK-Plan (800-695-7526)
Questions regarding your 401K plan should be directed to the My-K-Plan phone number above. For general questions about your employment with AWS, please contact our support team through the Instawork app.
Frequently Asked Questions
Below are common questions & answers Instawork is able to provide at this moment:
When does my enrollment begin?
Your enrollment officially starts on the first day of the month after you have met the eligibility requirements above.
What is the default contribution rate for automatic enrollment?
If you are automatically enrolled, the default deduction is 3% of your eligible pay. This is invested in a default option unless you choose a different investment strategy.
Can I opt out of the 401(k) plan?
Yes. Once you receive your Welcome Letter, you can log into My.ADP.com or the ADP Mobile App to opt out.
Please refer to your Welcome Letter for the specific opt-out deadline.
Re-enrolling: If you opt out and change your mind later, you can re-enroll at any time via the website or app.
Can I change my contribution amount or choose my own investments?
Yes. After logging into your ADP retirement account, you have the flexibility to:
Change your contribution percentage.
Select your own specific investments.
Opt out completely.h AWS, please contact our support team through the Instawork app.