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General policy:  GCM provides an employer sponsored contribution plan called a 401(k) plan. This plan is similar to an individual retirement account (IRA) except that only employers may establish a 401(k) plan for employees through their payroll. GCM's 401(k) Plan offers two types of savings opportunities for our employees - a traditional 401(k) and a Roth 401(k).  The Traditional 401(k) Plan allows employees to save money for retirement while deferring federal, state, and in some cases local taxes on the amount invested. The Roth 401(k) Plan does not offer tax savings at the point contributions are made to the retirement plan, but, the employee's Roth contributions as well as the interest and dividends earned while invested in the plan are  not subject to federal and/or state income taxation at the point of withdrawal (at retirement - age 59½ or above). If withdrawals are made to either of these 401(k) Plan Retirement accounts prior to age 59½ the employee may incur tax penalties. Employees who have worked for GCM at least 1 year may be eligible to begin participating in the 401(k) plan (previous internships and employment with GCM may apply toward eligibility). Upon becoming eligible to participate, employees will receive an enrollment packet from the GCM Finance Department. For questions or additional information about GCM's 401(k) Plan please contact the Finance Department.