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Employer-Sponsored Retirement Plans

Approximately 30 percent of American workers have a defined benefit plan which pays a fixed monthly benefit at retirement. The majority of Americans, however, either contribute to a 401(k), which is a plan for a profit-based company, or a 403(b) plan for a nonprofit company.

The allowable maximum amount an employee can contribute to such plans changes from year to year and is based on whether a worker is less than or older than 50 years of age and the type of plan. Ideally, every worker should be contributing the maximum allowable amount annually. In addition, almost all companies provide a company matching contribution and many also contribute a profit-sharing match. Various other employer plans also may be available to workers. These plans will be an important part of one’s retirement picture.

The retirement team at Financial Insights guides clients in selecting an asset allocation within their particular employer-sponsored plan that is most appropriate for them. The team continues to monitor the plan going forward. They are up to date on the guidelines and nuances of various employer plans of for-profit corporations, nonprofit corporations and state and federal organizations.

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