What is a service grant? – Government Grants For Disabled Housing

You will have a service grant for each of your accounts.

Service Grant For Accounts in a New 401(k) or IRA

To get a service grant, open an IRA. Open a 401(k). You will have a service grant for the following accounts:

Employe Retirement Savings Plan

Health Savings Account

Qualified Health Savings Plan

An employer match.

The service grant is for each of the accounts within the IRA, and for each individual account.

If you change a service grant, you need to re-open an IRA.

Example of a service grant and Service Grant for an IRA

Joan is in a 401(k). In her account, she have one service grant. After you open an IRA, have another service grant.

Example of a service grant and Service Grant for an Individual 401(k)

Bob is still in a 401(k). Before opening an IRA, have two grants. Make Bob pay $200 each month. After you open an IRA, have three service grants. With three grants in Bob’s account, you can make Bob pay $200 for two months.

Important Information

Employers may match employee contributions to a service grant if they pay at least 90 percent of the benefits of the 401(k) or individual retirement account.

Example of one service grant and one service grant for an IRA

John is in a single-taxable account, and has two service grants. Since he works part-time, he uses one of the two grants to fund his account. When John uses the second service grant to fund his account, the employer matching contribution is 10 percent of the employer matching contribution.

Example of one service grant and one service grant for a 401(k) or IRA

Alice has two service grants. Because she uses one grant in her IRA to fund a life insurance policy, she can use the other grant for her IRA. When she closes her IRA, she can take the remaining grant to open her account.

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