How to Roll Over Your 401(k)
Posted: March 13, 2021
If you leave your job for reasons other than retirement, you have four options on what to do with your 401(k). You can: Leave it with your former employer Consolidate it into your new employer’s 401(k) plan Cash it out Roll it over into an IRA or Roth IRA. Rolling Over a 401(k) to an IRA IRAs offer more investment options than 401(k)s. IRA fees...
Am I Required to Provide My Employees with Short-Term or Long-Term Disability?
Posted: February 28, 2021
Short-term disability insurance provides some income replacement when a non-work-related illness or injury leaves an employee unable to work for a limited time period. Long-term disability insurance serves the same purpose, only for longer periods of time, ranging from two years to retirement age, depending on the policy. No law requires employers to offer long-term disability insurance to employees. However, five states and Puerto Rico...
What Benefits Should I Offer My Employees?
Posted: February 13, 2021
Employee benefits will cost your business. There is no avoiding that, but the pros outweigh the cons. Advantages of offering benefits include better recruitment and retention, greater wellness and productivity, tax advantages, and a more positive company culture. Developing a benefits package represents a leap in the growth of your company. A major step in the process is deciding what benefits to offer. What Are...
Is My Work Health Insurance Better Than Marketplace Insurance?
Posted: January 28, 2021
Group health insurance is one of the most important benefits employers offer their employees. Under the Affordable Care Act (ACA), companies with 50 or more full-time employees must offer affordable health coverage that provides minimum value to full-time employees and their dependents, or they may be subject to an “employer shared responsibility” payment to the IRS. Larger employers have the incentive to offer health coverage...
What Happens if I Withdraw My 401(k) Early?
Posted: January 13, 2021
A 401(k) is a company-sponsored retirement plan that gives employees a tax break on the portion of their salary they contribute to the plan. Contributions are automatically withdrawn and invested in funds of the employee’s choosing, and employers have the option to match contributions. 401(k) plans are designed for retirement savings. Early withdrawal of funds carries heavy penalties under normal circumstances. How Soon Can You...