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Do you know how the 401(k) plan got its name? It is from a subsection of the Internal Revenue Code in 1978. Since then, it became the most popular retirement tool available to workers in the US. All employees appreciate the opportunity to save for their retirement years and take advantage of our employer match, which essentially provides free money. Employers also benefit from offering a 401(k) plan in various ways: - Employers use it as a recruiting tool and to retain top talent. - They enjoy tax advantages as they can deduct contributions from their Federal tax returns. - A 401(k) plan serves as a powerful tool to boost employee satisfaction, showing that they care about their employees' future and not just their current work performance. This can result in increased loyalty and a stronger commitment to the company's success. #401k #retirementplanning #employeebenefits #workplanning #financialplanning

You start a new job and then you enroll in the company’s 401k plan. We all do it without question - it’s a normal part of job offers in America! But have you ever stopped to learn what a 401k is? We all know it’s a retirement plan, but how does it work? What’s the difference between a Roth and a Traditional 401k? Where do my contributions go? There are some great benefits to a 401k, but they come with limitations. Pros: ?? Often come with employer matches on contributions ?? Can give you a tax advantage ?? You can save up to $22,500 a year Cons: ?? They’re tied to your employer ?? Contributions can only be made through payroll deductions ?? Often get forgotten when you switch jobs I want to make sure you take full advantage of your 401k option, while also being fully aware of their limitations, check out my guide to 401ks on my website! https://lnkd.in/dzNjhCPf

Is it time for your company to think beyond the 401k? Enhancing your company’s 401(k) with a non-qualified plan can showcase a forward-thinking approach to employee benefits that may help your organization attract and retain key employees. Director of Retirement Plan Solutions James Rosselle, QKA, QPA, CPFA, explains more and shares examples of plans that have been right for different employers. Read more in our latest edition of Invested Magazine. https://lnkd.in/eFfEv5BC

The following article is going to talk about HOW to get employees to enroll.. Even using verbiage like SINCE EMPLOYEES GENERALLY GO ALONG WITH MOST RETIREMENT PLAN PROVISIONS...AUTO ENROLLMENT AND AUTO INCREASE...that reads to ME how I can make more money off of YOU. Preparing for retirement is important...BUT I'm going to share this article...BUT I'm also going to share a link as to WHY we need to retire the 401k..so many fees AND it's a finite amount of money. If I manage to invest 500k and only take 40k a year...that will only last me 12 years AND only if the market doesn't do anything crazy..like it did in 2022. We offer alternatives that grow with the market but doesn't drop when it does...also even if your account runs out we pay you forever like a Pension... Excerpt: In the last two years, participation rates among private sector employees fell below 50%, according to a new Principal survey, "Why are employees not participating in their 401(k)s?" Since employees generally go along with most retirement plan provisions, adding plan design features, such as auto-enrollment and auto-increase, are some of the fastest ways to help boost participation rates" Don't believe me...click here...but make sure to watch the feature video https://lnkd.in/dYFhzX4R Why it's time to retire the 401k https://lnkd.in/gpX968m7 #401k #Pension #retirement #money #future ##financialliteracy #income #retirementincome #family #future #family #protection #knowthefacts ##peaceofmind

Did you know that our 401(k) plan is open to ALL contingent workers, regardless of how many hours worked or their full-time/part-time status!? Our most recent article takes a deep dive into our 401(k) plans and why every worker counts around here! https://lnkd.in/gzNJsGUE

WHY IT'S TIME TO RETIRE THE 401K **401ks aren't a bad vehicle, but know the facts and know what is happening with your money and future money *** The following article is going to talk about HOW to get employees to enroll.. Even using verbiage like SINCE EMPLOYEES GENERALLY GO ALONG WITH MOST RETIREMENT PLAN PROVISIONS...AUTO ENROLLMENT AND AUTO INCREASE...that reads to ME how I can make more money off of YOU. Preparing for retirement is important...BUT I'm going to share this article...BUT I'm also going to share a link as to WHY we need to retire the 401k..so many fees AND it's a finite amount of money. If I manage to invest 500k and only take 40k a year...that will only last me 12 years AND only if the market doesn't do anything crazy..like it did in 2022. We offer alternatives that grow with the market but doesn't drop when it does...also even if your account runs out we pay you forever like a Pension... Excerpt: In the last two years, participation rates among private sector employees fell below 50%, according to a new Principal survey, "Why are employees not participating in their 401(k)s?" Since employees generally go along with most retirement plan provisions, adding plan design features, such as auto-enrollment and auto-increase, are some of the fastest ways to help boost participation rates" Don't believe me...click here...but make sure to watch the feature video https://lnkd.in/dYFhzX4R Why it's time to retire the 401k https://lnkd.in/gpX968m7

?? Understanding Vesting in Your 401(k): Ensuring You Fully Own Your Contributions Vesting schedules in a 401(k) plan dictate when employees gain full ownership of employer contributions. Immediate vesting allows employees to own contributions right away, while graded vesting schedules might spread this ownership over several years, typically up to six. This structure ensures that benefits accrue to long-term employees, aligning employee and employer interests. Familiarizing yourself with your plan’s specific vesting rules is crucial, particularly if you’re planning career moves or trying to maximize retirement benefits. #401kBasics #401k #accounting

We come across this often when reviewing employee 401(k) plans. You should review your plan documents before setting up 401(k) deferrals, especially if you want to front-load contributions.

More than ? of working adults don’t have access to a 401(k) through their job. 401(k) plans are often seen as the first golden benefit offered by employers. Employers label this as “saving for retirement.” But over ? of people don’t qualify for this benefit: Freelancers Part-time workers Employees whose employers don’t offer a 401(k) This article suggests alternatives like IRAs (traditional and Roth), taxable investment accounts, and options for the self-employed, including SEP IRAs and solo 401(k)s. But have you considered what this article doesn’t mention? What if there were a product that could: A. Provide financial support to your loved ones in case of your death. B. Offer living benefits for when life gets tough. C. Deliver retirement income with no market loss, growing 3 to 5 times faster than a standard 401(k). Curious to know more? Let’s connect in the DMs! I specialize in helping people achieve financial freedom with tailored solutions. Let’s build your path to financial freedom together!

401(k) plans have evolved to include a number of different types for large and small employers. Here is a basic guide to the types of 401(k) plans.