There’s no set structure, and companies aren’t required to match employee 401(k) contributions; for those that do, formulas vary.
Not everyone has a 401(k) at work, but that is irrelevant. Retirement safeguards are in place for workers, and besides, anyone can open an IRA either at a bank or online.
Re-enrollment in a 401(k) is a popular employer approach that puts workers on the right investment track and offers protections for plan sponsors.
Advocates say the best place to address these issues is at the state level, and California is the closest to implementing a state-run plan.
What is the trend among large corporations to offer retiring leaders some guidance or preparation for both the financial and emotional impact of retirement? Why do they do it and what types of services do they offer?
— Fact-finding Mission, president, consulting/legal, Los Gatos, California
My company wants to start an employee stock ownership plan, or ESOP, that defines a vesting year as being an actively employed participant on Dec. 31 of that year and you credited with at least 1,000 hours of employment. Should this include regular hours, overtime hours, and PTO hours? What else might we need to consider?
— ESOP Fable, financial/insurance/real estate, Des Moines, Iowa