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Nevada Power is an electric utility company owned by Berkshire Hathaway. It has 2500 employees and is a backbone of the State of Nevada. Employees currently at the company have access to a 401k which offer attractive savings alternatives. Here are some specifics about the plan you should be aware of:
- Nevada Power matches the first 6% of your contributions on a dollar per dollar basis. Both employee and employer contributions immediately vest. There is also an additional 4% fixed contribution. The fixed contribution vests after three years.
- The plan offers both a traditional 401k and a Roth 401k option. With the traditional 401k plan, the contributions are made pre tax and the earnings are tax deferred. On the Roth 401k option, the contributions are after taxes but the earnings are tax free.
- The plan is administered through Fidelity so their investment products are what you choose from
- It is important to go analyze the fund, index, and ETF choices. The history of each instrument, their managers, historical track records, and fees all have to be understood.
- Your age, time horizon, risk tolerance, return objectives, and liquidity needs need to be considered when thinking about what assets to choose in your 401k plan.
If you need help in making your 401k plan more productive, please visit this page.
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