401(K)

The easiest way to prepare for your future is to save now – and the most cost-effective savings is with a 401(k) plan.

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loanDepot is committed to supporting you and adding to your retirement savings by offering a generous match of 50% of your 401(k) deferrals that do not exceed 6% of your total compensation each pay period. New hires are auto-enrolled at a 3% contribution after 30 days of employment unless they opt out.

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Contributions Limits and Match

The 401(k) allows for both pre-tax and Roth (post-tax) contributions, up to the IRS maximum, which is $19,500 per year for 2020. Employees ages 50 and over can contribute an additional $6,500 per year as a “catch-up” contribution. ​ If you contributed to another 401(k) prior to starting at loanDepot, you will need to take into account your contributions that year when determining the maximum you can elect for the loanDepot 401(k). The loanDepot match is contributed pre-tax, and is based on your combined traditional (pre-tax) and Roth contributions. For employees hired following 10/1/2016, the following vesting schedule applies: 1 yr: 25%, 2 yrs: 50%, 3 yrs: 75%, 4 yrs: 100%. You are also 100% vested upon your death, normal retirement, or disability. ​



401(k) Rollover

Ready to simplify your retirement planning? You can roll over funds from previous employer's retirement plans to keep track of your money in one place. ​ Complete the 401(k) rollover form and email it to the Benefits Team for a signature, and then send to your former 401k administrator to complete the rollover process. ​ Want more guidance? Voya has a dedicated rollover team to assist with the process. They can be reached at 1-866-865-2660



Loans and Withdrawals

Loan ​ If you are an active employee, you may apply for a 401k loan. You can only have one active loan, to a maximum of 50% of your vested account balance up to $50,000. General purpose loans must be repaid in 5 years or less, while loans for the purchase of a principal residence can be paid off over a 15 year term. ​ Hardship Withdrawal ​ If you need your 401(k) funds to cover an immediate and heavy financial need (as defined by IRS rules), you may take a hardship withdrawal. You must be able to provide supporting documentation of the financial need, and the amount withdrawn will be subject to regular state and federal income tax and a 10% early withdrawal penalty. Refer to the 401(k) Summary Plan Document for the complete plan rules for withdrawals. Email the Benefits Team for a copy.



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