PlanTrac®—Access your workplace retirement plan information
PlanTrac offers everything you need to know about your workplace retirement plan. With PlanTrac, you can:
- View account details including your balance, investment allocation and rates of return
- Change your investment allocation for current or future contributions
- Access investment information, plan documents and your plan’s message board
- Request a loan, withdrawal or investment advice (for select plans)
Want to see how it works? Watch the PlanTrac demo video (opens in a new tab)
Enroll in your workplace retirement plan
To access PlanTrac, you'll need to enroll in your plan. Depending on the method your plan administrator has chosen, you will either enroll at work or online.
Enroll at work
If enrollment is handled at work, simply visit your plan administrator and fill out the appropriate forms.
Select Enroll now in the "Log in to PlanTrac" section at the top of this page. Next, you'll input your Social Security number, temporary PIN and birth date.
What's my temporary PIN?
When asked for a temporary PIN, use the last four digits of your Social Security number and your birth month and day (format: MMDD).
Here's an example:
- Last four digits of your Social Security number: 1234
- Birth date: April 16 (MMDD)
- Your temporary PIN: 12340416
Your temporary PIN will expire after 90 days. If your PIN has already expired, call 800-228-8076.
Get help investing
Selecting the right mix of investments can be confusing. Your plan may have options to help you.
Investment management with ProNvest
ProNvest is an independent money manager that you can hire to manage the investments in your account for a reasonable fee. Ask your plan administrator or look for the "Investment Advice" tab in PlanTrac to see if ProNvest is offered.
Simple investing with a target date fund
Target date funds place your money in a varied mix of investments and will adjust automatically to become more conservative as you near retirement. You might like this option if you’d rather not sort through all of your plan’s investment options.
Diversified investing with a model portfolio
A model portfolio uses the funds available in your plan to create a mix of investment options based on your risk tolerance or age. This can help you spread out your investments and avoid the guesswork.
How do I make a hardship withdrawal from my plan?
Before making a hardship withdrawal, you'll want to know it works, how to qualify, and the taxes and penalties involved.
How do I request a hardship withdrawal?
A retirement plan may, but is not required to, provide for hardship withdrawals.
To make a withdrawal, your employer will generally require that you submit a request in writing. Plans handle withdrawals differently, so you’ll want to check out the distribution requirements specific to your plan.
Before you make a hardship withdrawal, it’s good to understand how you may qualify and how it will affect your taxes and the actual amount you receive.
How do I qualify for a hardship withdrawal?
A hardship withdrawal must satisfy an immediate financial need. Hardship withdrawals may be used to pay for things like:
- Medical expenses
- College tuition payments and related costs
- Payments to prevent foreclosure or eviction from your home
- Expenses to repair damage to your home
- Money to purchase your primary residence
- Funeral expenses
How much money can I withdraw?
You may be able to withdraw up to the total vested balance of your account, minus the amount of any previous hardship withdrawals you've made. In some cases, you may be penalized from making further contributions to your retirement savings plan for a certain time period after a hardship withdrawal, which will further impact your retirement savings. Make sure to check your plan rules to make an informed decision.
Will making a withdrawal affect my taxes?
Hardship withdrawals are subject to income tax and, if you're not at least 59 ½ years of age, a 10% withdrawal penalty. However, unlike a retirement plan loan, you don't have to repay the withdrawal amount.
The bottom line
Making a withdrawal from your plan before retirement may be necessary when facing a hardship. Just keep in mind that the taxes and penalty will significantly impact the final amount.
What mistakes am I making with my money?
Make sure you're avoiding these pitfalls to create better financial habits.
Everybody wants to have extra cash at the end of the month. Even better if there's enough to add to your savings or to put toward retirement. But in reality, that doesn't always happen.
Here are six common money mistakes you can avoid to create better money habits.
Mistake #1: Spending your whole paycheck
Sometimes it's fun to be a big spender, but you can't do it all the time. Instead, set up automatic withdrawals to a savings account the same day your paycheck goes in. Then, you won't even have to think about saving.
Mistake #2: Buying coffee every morning and eating out too often.
We all have our favorite places to eat, but if you make coffee at home and eat in more often than not, you can easily save a few hundred dollars a month just by living within your means.
Mistake #3: Treating your credit card like another source of income.
Sure, it seems like charging one tank of gas isn't a big deal. But small things add up quickly when you don't pay off your balance every month.
Mistake #4: Having zero financial goals.
Yes, it's important to cultivate friendships, have fun, and to travel. But, think beyond this year. Set some long-term goals and stick to them so you can enjoy what's ahead.
Mistake #5: Failing to meet your 401(k) employer match.
If your boss hands you an extra three percent of your salary, you say "thanks" and take it. That's exactly what happens when your company matches a percentage of what you save toward retirement. So take the maximum your company gives you. Don't leave free money on the table.
Mistake #6: Neglecting to plan for retirement.
Even if your company doesn't have a retirement plan in place, start saving today. The compound interest you earn from starting now can be astronomical compared with what you'll have if you delay.
So avoid these mistakes. Create good money habits now and you'll increase your quality of life today and tomorrow.
Learn about workplace retirement plans
Knowing the best ways to save and invest in your plan can reap long-term rewards. Learn more about investing in your plan
Rolling over your workplace retirement plan?
Avoid tax penalties and ensure a smooth transition with a Rollover IRA. Learn more about rolling over your plan
Investing with BB&T
We can help you invest other assets, or set you up to invest on your own. Learn more about investing with BB&T