Workplace Benefits Planning Services
401(k) Plans
Pay Yourself First
“Paying yourself first” means making your savings the first expense each month, rather than saving whatever is left over. This simple habit can help you steadily grow your net worth and prioritize long-term financial goals.
For retirement, consider tax-advantaged accounts like 401(k)s, which may include employer matching. For shorter-term savings, use a separate account or investment vehicle that aligns with your risk tolerance and timeline.
Starting early and making saving a priority allows your money to work for you, turning a small monthly habit into long-term financial growth.
403(b) Plans
Saving for the Future
A 403(b) plan is a retirement savings plan designed for employees of public schools, nonprofit organizations, and certain tax-exempt entities. It allows participants to contribute a portion of their salary on a pre-tax or Roth (after-tax) basis, providing opportunities for tax-deferred growth or tax-free qualified withdrawals in retirement.
Employers may also make contributions, often matching a percentage of employee deferrals, which can significantly boost retirement savings. Contribution limits are set annually by the IRS, and employees age 50 or older may qualify for “catch-up” contributions to accelerate savings.
403(b) plans offer a variety of investment options, including mutual funds and annuities, allowing participants to tailor their portfolios based on risk tolerance, time horizon, and long-term goals. Withdrawals are generally subject to ordinary income tax, and early distributions before age 59½ may incur penalties unless certain exceptions apply.
For employees in education or nonprofit sectors, 403(b) plans provide a powerful, tax-advantaged way to save for retirement while potentially benefiting from employer contributions. Working with a financial professional can help ensure contributions, investments, and distributions align with your overall retirement strategy.
Investment returns and guarantees vary by product and issuer.
Defined Benefit Plans
Traditional Retirement Plan
A Defined Benefit Plan is a traditional employer-sponsored retirement plan that guarantees a specific monthly benefit at retirement, based on factors such as salary history, years of service, and age. Unlike defined contribution plans (like 401(k)s), the investment risk and funding responsibility primarily rest with the employer, not the employee.
These plans can provide a predictable and stable income stream in retirement, helping participants plan with confidence. They are especially valuable for business owners or high-earning employees seeking to maximize retirement contributions, as they often allow for higher contribution limits than defined contribution plans.
Funding and administration are more complex than other retirement plans, and benefits may be paid as a lump sum or a lifetime annuity. Despite their complexity, defined benefit plans can be a powerful tool for long-term financial security, offering guaranteed retirement income that supplements Social Security and personal savings.
Plan features, funding, and guarantees vary by employer and plan type.
Profit Sharing Plans
Share in Your Own Future Success
A Profit Sharing Plan is an employer-sponsored retirement plan that allows companies to contribute a portion of their profits to employees’ retirement accounts. Contributions are discretionary and may vary year to year, giving employers flexibility based on business performance.
Employees typically have individual accounts that grow tax-deferred, and contributions are usually vested according to a schedule set by the employer. Profit sharing plans can complement other retirement programs, such as 401(k)s, helping employees build additional retirement savings while aligning their interests with the company’s success.
These plans offer businesses a way to reward and retain employees, while providing participants with a potential boost to long-term retirement income. Contributions are subject to annual IRS limits, and withdrawals follow standard retirement plan rules, including potential taxes and penalties for early distributions.
Plan features, contributions, and tax treatment vary by employer and plan type.
Worksite Insurance Plans
A Variety of Coverage
of insurance products—such as life, disability, accident, or critical illness coverage—directly through the workplace. These plans are often voluntary, meaning employees can choose coverage that fits their needs, usually at group rates that may be more affordable than individual policies.
By offering worksite insurance, employers help protect employees from unexpected financial challenges while enhancing overall benefits packages. Employees benefit from convenience, simplified enrollment, and the potential for payroll-deducted premiums, making it easier to maintain coverage.
Worksite insurance can complement personal insurance policies and other workplace benefits, supporting financial security for employees and their families.
Coverage, benefits, and availability vary by employer and policy.