Congratulations! You’ve just been hired or have become eligible to participate in your employer sponsored retirement plan! Great, what does that mean for you? Well, your employer wants to give you the ability to save for your retirement directly from your paycheck each pay period.  In most cases, they want to help you fund your retirement account with their own contribution. Where do you start to understand what has been provided to you?

Whether you are just starting or completing your work career, this is a great benefit for you to take advantage of. Depending on what you do for work will determine what kind of plan you have. If you work for the government, they may have a pension or 457 plan, if you work for a non-profit like a school or hospital it could be a 403b plan, or if you work at a for-profit company like a restaurant or software company you could have a 401k. Usually the plan benefits are similar, they will allow you to put money into your account and invest it. At the same time, your employer can put money in it as a match, profit sharing, or discretionary contribution.

Where can you learn more about what your company offers? You can review the Plan Summary Description documents. This will cover what kind of plan is being offered to you, how it can be funded, and how you can invest your money. Depending on the plan they can have a variety of rules, for example, some of the more common rules can place restrictions on how the money can be taken out. Why would they want to restrict you on how to spend your money? The government has these rules in place because they will give you tax advantages to entice you to participate in the plan. They want to see their citizens invest in their long-term retirement.

So why does your employer want you to save money to eventually stop working? Well, like any other employer benefit, they want to show you that they care about their employees and want to help you achieve your goal of retiring.

Does your company offer a retirement plan, if not, ask them why? If you are in a decision-making position, consider providing this benefit. An employer sponsored retirement plan will attract strong quality people to your company, help retain employees, and in some scenarios provide tax write offs. It can be more affordable than you may think. Feel free to reach out to SHP Financials’ Plan Advising Specialist who can provide free quotes and explain the benefit for your company and employees. Contact us at (886) 746-2401 or

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