401(k) Savings Plan

Participating in the 401(k) Plan is one of the best things you can do to save for your future. All U.S. employees are eligible to participate in the 401(k) Plan.

Why You Should Join
How to Enroll
How to Save
How Matching Contributions are Vested
How to Select Your Investment Options
How to Roll-In a 401(k) or IRA
How to Take a Loan

Why You Should Join

  • Free money from Intuit through matching contributions—$1.25 for every $1 you contribute, up to 6 percent of your eligible pay for a maximum $10,000 per year.
  • A clear view of how much you will need in retirement, in the context of monthly income.
  • Flexible saving opportunities through pretax, Roth, or after-tax contributions from your base salary and/or bonus; also, in-plan Roth conversion for even more expanded options.
  • Professionally managed investments to take the worry out of selecting the best performers.
  • Access to experienced retirement services professionals—via phone, email or chat—to help get you on the right track to reach your retirement goals

How to Enroll

Enroll in the 401(k) plan at any time with these simple steps:

  • Log in to the Empower website or call 1-844-INTU401. (If you are not signed in on the Intuit network, you will be prompted to enter your corporate username and password.)
  • Select your contributions and investments. Contribute as much as possible—try for at least up to 6 percent to so you can take full advantage of the company match.
  • Designate your beneficiary. This is the person or people who will take ownership of your account if you die.
  • If you're 50 or older, save an additional $6,000 per year in catch-up contributions by actively enrolling through the Empower website. Note: You are not automatically enrolled in catch-up contributions when you turn 50.

If you’re a new hire, you are automatically enrolled in the 401(k) Plan after about 30 days of service. Your automatic contributions start at 6 percent of your pretax pay and invested in the Vanguard Target Fund that most closely matches your anticipated retirement at age 65. Your contributions will automatically increase 1 percent each year to help you reach your retirement goals. Make any changes to your savings rate or investments on the Empower website.

How to Save

You have three ways to contribute to the 401(k) Plan—pretax, Roth and after-tax:

Pretax Contributions

Contributions Deducted from your paycheck before taxes are withheld, reducing current taxable income
Limits* Up to 50% of your eligible compensation, subject to the IRS limit ($18,000 in 2017). If you are age 50 or older in 2017, you can contribute an additional $6,000
Withdrawals Subject to income tax

Roth Contributions

Contributions Deducted from your paycheck after taxes are withheld
Limits* Up to 50% of your eligible compensation, or the IRS limit ($18,000 in 2017)
Withdrawals Tax-free

After-tax Contributions

Contributions Deducted from your paycheck after taxes are withheld
Limits* Up to 10% of your eligible compensation, or the IRS limit ($54,000 in 2017)
Withdrawals Contributions are tax-free, earnings are subject to income tax

* Contribution limits refer to the combined total of Traditional and Roth contributions. After Tax Limit is inclusive of the combined total of Traditional, Roth, and Employer Matching contributions.

† Earnings are tax-free upon withdrawal if you own the Roth 401(k) account for at least five years and have reached age 59½.

Matching Contributions

For each $1 you contribute to your 401(k) savings plan account, Intuit will contribute $1.25, up to 6 percent of eligible pay to a maximum $10,000 per year. If you’re not already saving 6 percent, you’re missing out on a valuable part of how Intuit helps you build financial security.

Here's an example of how it works.

Green: Intuit’s contribution
Blue: your contribution
Orange: the total contribution toward your retirement

Retirement Savings graphic

Note: If you change your savings percentage during the year, your year-to-date contributions and pay will be used to determine your match.

How Matching Contributions are Vested

Vesting is a term used to describe how much of Intuit’s matching contributions you "own." It’s the percentage of the match that you could take with you when you change jobs or retire, and depends on your years of service. You always own 100 percent of your own contributions. Matching contributions are 100 percent vested after two years of service.

How to Select Your Investment Options

The way you invest your 401(k) account is completely up to you—not just your contributions, but also Intuit’s matching contributions and any amount that you roll over from another account.

If you are automatically enrolled in the 401(k) Plan, your contributions are invested in the Vanguard Target Fund that most closely matches your anticipated retirement at age 65. Intuit offers a variety of investment funds. Select the funds that are the best fit for your abilities and needs.

Vanguard Target Funds

If you want to leave selecting your funds and managing your portfolio to professional investors, the Vanguard Target Funds may be a good option for you. Each of these funds is diversified based on your retirement date, professionally managed and adjusted over time to maintain the appropriate risk and return as you get closer to your retirement date.

These funds are called Target Funds because the “target date” is your expected retirement date, assuming you’ll retire at age 65. For example, if you expect to retire in or around 2045, you could choose the Vanguard Target 2045 Fund. There are 12 funds in the Target series, in five-year increments, from 2015 to 2065.

The Vanguard Retirement Income Fund is also part of this series, and is designed for investors who are currently retired or prefer the most conservative (low risk/low return) option.

Here are the Intuit 401(k) Plan investment options, as of January 2017:

Target Funds

Target Funds Expense Ratio Asset Class
Vanguard Target 2060 0.06% Asset Allocation
Vanguard Target 2055 0.06% Asset Allocation
Vanguard Target 2050 0.06% Asset Allocation
Vanguard Target 2045 0.06% Asset Allocation
Vanguard Target 2040 0.06% Asset Allocation
Vanguard Target 2035 0.06% Asset Allocation
Vanguard Target 2030 0.06% Asset Allocation
Vanguard Target 2025 0.06% Asset Allocation
Vanguard Target 2020 0.06% Asset Allocation
Vanguard Target 2015 0.06% Asset Allocation
Vanguard Target Retirement 0.06% Asset Allocation

Core Funds

Core Funds Expense Ratio Asset Class
Putnam Stable Value 0.32% Capital Preservation
SSgA Global Equity ex US Index NL Ser C 0.17% International Funds
SSgA Russell Small Cap Index Fd Class S 0.05% Small Cap Funds
SSgA S&P Mid Cap Index NL Class C 0.03% Large Cap Funds
SSgA S&P 500 Index NL Ser N 0.03% Large Cap Funds
SSgA U.S. Bond Index Fund Class C 0.06% Bond

Self-Directed Brokerage

The Plan also offers a self-directed brokerage option that lets you invest in a wide variety of investments beyond the ones available within the Plan. Investments through the brokerage option are not selected by Intuit or its partners. This option is generally intended for more experienced investors who have the time and knowledge to manage a more sophisticated portfolio.

To use the brokerage option, you must have a minimum balance of $1,000 in the core plan; you may invest 100 percent of your account in brokerage investments.

The brokerage account is offered through Charles Schwab for an annual fee of $50. To open a brokerage account, call 1-844-INTU401 and speak to an Intuit 401(k) Plan Participant Service Representative.

How to Roll-In a 401(k) or IRA

Consolidating your retirement funds into a single account makes it easier to manage your asset allocation and create a diverse investment mix. It can also help you avoid some costly mistakes. By consolidating and transferring in other 401(k) or IRA accounts into the Intuit 401(k) Plan, you can avoid the headache of monitoring multiple investment accounts, simplifying the process for you and your beneficiaries to manage your financial affairs.

To get help rolling another retirement account into the Intuit 401(k) Plan, call 1-844-INTU401.

How to Take a Loan

Your 401(k) Plan account is meant for the future. However, you may find yourself in a financial situation where you need to borrow from your account. The 401(k) Plan allows you to borrow up to 50 percent of your vested account balance—from a minimum $1,000 up to a maximum $50,000. You’ll pay the money back into your account, plus interest, through after-tax payroll deductions. Initiating a loan costs $35, and there is a quarterly maintenance fee of $3.75.

To request a loan, go to Empower website or call 1-844-INTU401.