© 2024 Icon Savings Plan. All rights reserved.
Western States Contracting retirement plan by Icon
Icon is our retirement plan provider.
Here’s what you need to know to get your account activated:
Plan set-up is easy.
Setting up your plan with Icon takes only 5 minutes. All you need to do is answer a few questions, and we’ll take care of everything else. It’s important to note that Icon is a registered investment advisor, providing you with professional expertise and guidance throughout the process.
Your savings are tax-advantaged
You have the opportunity to save up to $7,000 per year or $8,000 if you’re over 50. The best part? There’s no minimum requirement to get started. Whether you want to start small or aim for the maximum contribution, the choice is entirely up to you. We’re here to support your saving goals, no matter where you begin.
Invest in smart portfolios
We ensure that your savings are invested in a carefully designed portfolio that aligns with your needs and we use low-cost index funds. Icon takes care of all the necessary rebalancing of your portfolio.
You're in control
You decide how much to contribute from your pay, and when you get paid that amount goes directly from payroll to your retirement account.
It only takes 5 minutes to set up.
It’s easy to set up and easy to use. Here’s how it works:
1
Create your account
Your account automatically links to payroll. Every time you get paid, your contributions are automatically invested.
2
Icon will recommend a portfolio
Icon will create a portfolio recommendation tailored to your needs.
3
Start Saving
You decide how much to contribute— up to $7,000 annually, or $8,000 if you're over 50.
Reach your long-term wealth goals with smart features and simplified investing.
Low fees
Low fees mean you keep more of your money.
Smart portfolios
It's your personal plan, with investments tailored to your needs.
Portable
Fully portable, it follows you from job to job. No rollovers.
Plan Details
Saving and investing with smart portfolios.
Just answer a few questions, and we’ll give you a portfolio tailored to your needs with diversified, low-cost index funds. Your Icon smart portfolio handles all of the rebalancing and keeps an eye on your plan. We’ll give you tips along the way to make sure you stay on track.
Low fees mean you keep more of your money.
Retirement plans often charge high fees that erode your savings. We don’t make money on your investments or trade activity. Instead we charge a flat monthly fee of just $4.00.
Your money is in good hands.
Icon portfolios are built with low-cost, high quality investments from the most respected asset managers in the world: Vanguard and BlackRock.
Your savings grow with tax-advantaged investing.
Your Icon plan is a traditional IRA, and as long as your money remains in your account, you pay no taxes on the investment growth. Your annual contributions may be tax-deductible.
Turns out, you can take it with you.
Icon is portable, which means as your life changes your plan follows you from job-to-job. It doesn’t require a rollover and you can continue to use your plan at your next job or through your own bank account.
We’re here if you need us.
You can do everything you need in your dashboard. But sometimes, it’s easier to chat with someone. Contact us at: Support@IconSavingsPlan
Questions? We have answers.
Question about contribution amounts?
For 2023 the total contributions amount you can make for this calendar year are $7,000 or $8,000 if you are over 50.
Can I have Multiple IRA’s?
Absolutely! It’s quite common for individuals to have more than one IRA. The good news is that you can maintain multiple IRA accounts simultaneously.
For instance, let’s take the example of Korri. She’s making the most of her retirement savings by maximizing her annual contributions to her Icon Personal Retirement Plan offered through her employer. Additionally, she also holds another IRA account that contains rollovers from a previous job. In this scenario, Korri has the freedom to maintain her old IRA while continuing to maximize her contributions to her Icon plan.
Remember, the annual contribution limit for IRAs is $7,000, or $8,000 if you’re aged 50 or above. Having multiple IRAs allows you to diversify your retirement investments and cater to different financial goals.
What kind of tax-advantaged account is the Icon Personal Retirement Plan?
We offer our retirement plan through an Individual Retirement Account (IRA). We’ve chosen this type of plan to provide you with more flexibility and control, while avoiding the limitations, complexities, and high fees often associated with 401k plans.
With an IRA, we can easily tailor the plan to meet your specific needs. You maintain full control over your account, allowing you to customize your investments based on your preferences. Plus, you’ll never have to worry about rollovers or the risk of a lost account.
We believe in empowering you to make the most of your retirement savings, and our IRA-based plan is designed to do just that.
Can I rollover old 401k plans into Icon?
Yes, for more information contact us.
Can I borrow from my Icon account?
You generally cannot take a loan from an IRA. You can make withdrawals to meet specific needs.
- A qualified first-home buyer distribution
- For higher education expenses
- If you become permanently disabled
- For the birth or adoption of a child
Can I change my contributions?
Yes! You have the flexibility to change your contributions whenever you need to. Whether you want to increase or decrease the amount you’re setting aside for your retirement account. We understand that life circumstances may change, and we’re here to support you in aligning your savings with your evolving needs.