Should I Offer My Employees Health Insurance Or 401(k) First?
Posted: January 13, 2020
Should I Offer My Employees Health Insurance Or 401(k) First?It is an employees’ market today, which makes it a challenge to find the best talent. Once you get them on board, the next challenge is retention. Offering a great employee benefits package is one of the best ways to keep your best employees. Although there is some cost to the company, providing a range of employee benefits helps keep your business stable. If you...
What Happens If I Stop Adding To My 401(k)?
Posted: December 28, 2019
What Happens If I Stop Adding To My 401(k)?If you have a 401(k) account through your employer, it is never a good idea to stop contributing to it, even temporarily, if you can possibly avoid it. If you are experiencing a financial crisis of some sort, the solution is not to stop adding to your 401(k). The following are some important reasons to continue contributing to your 401(k), even in times of financial...
What Does Being “Vested” In Your 401(k) Mean?
Posted: November 28, 2019
What Does Being “Vested” In Your 401(k) Mean?As defined by the IRS, vesting in a retirement plan means ownership. Each employee vests a certain percentage of their account in the 401(k) plan every year. An employee who becomes 100% vested in his or her 401(k) account balance owns 100% of the balance. When this occurs, the employer cannot take it back (forfeit) for any reason. Amounts that are not vested in a...
What Happens To My Savings Accounts If My Company Closes?
Posted: October 13, 2019
What Happens To My Savings Accounts If My Company Closes?Many employers today offer health savings accounts (HSAs), flexible spending accounts (FSAs), and 401(k) retirement savings accounts as part of their company group benefits. These types of savings accounts are a valuable part of an overall compensation package that employers use to attract and retain top talent. But the world business is uncertain, and companies may go under. What happens to your savings accounts if...