You have just opened your new 401K packet. You find inside the package, a prospectus that list all of the funds, a handbook explaining your benefits, and three or four pages of stapled papers, which must be signed and returned. There are certain things in the application you should pay especial attention to:

Vesting Period - Know how many years you must participate in the company's 401K in order for their company match to be credited to your account in the event you leave the company. (Many companies have 5 or 7 years to be fully vested)
Company Match - How much money is your company going to contribute to your 401K.( You may see $1 for $1 on the first 2%, and $.50 on the next 1%)
Beneficiary - Please name a beneficiary and a contingent one. Your 401K could be subject to probate if no beneficiary is named.
Salary Reduction - Decide what percentage of your salary would you like deduct for your 401K. Rarely do you see an after-tax 401K, so your contributions will probably be pre-taxed.
Mutual Funds or Company Stock - Learn all of your fund options. Do an assessment of your own risk tolerance. Your buddy next to you at work does not have the same financial needs and situation as you do. And what did well in the market last year is not a good formula for picking funds in your 401K.
Handbook - Read it carefully and keep it in an available place
Financial Professional - Your employer should have an investment specialist accessible to review your 401K with you. Free 401K Rollover Quote

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