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A 401(k) is a profit-sharing retirement saving plan some U.S. employers offer. It lets you contribute a portion of your pre-tax income to a tax-advantaged investment account.
To start, though, you may want to consider talking with a tax advisor before making any withdrawals from your 401(k) or pension fund. This will help you avoid possible unwanted tax penalties.
Most Americans are generally familiar with the idea of planning for retirement, whether it's through an employer-backed 401(k), a private IRA, or some other investment vehicle. But not all of ...
Schedule the meeting: While there is some debate in the literature, many experts recommend scheduling terminations for early in the day and early in the week. Coordinate with the IT department to deactivate network access at the time of the termination. Prepare a meeting place by booking a room that private and separated from other employees.
Severance agreements cannot contain clauses that prevent employees from speaking to an attorney to get advice about whether they should accept the offer, or speak to an attorney after they sign. The offer also cannot require that the employee commit a crime, such as failing to appear subject to court subpoena for proceedings related to the company.
An employee may be terminated without prejudice, meaning the fired employee may be rehired for the same job in the future. This is usually true in the case of layoff. Conversely, a person can be terminated with prejudice, meaning an employer will not rehire the former employee for the same job in the future. This can be for many reasons ...
IRA and 401(k) withdrawals before age 59 1/2 typically incur a 10% penalty, but if you leave a job at 55 or later, you may be able to tap into that employer’s 401(k) penalty-free.
My post on 401(k) plans generated some spirited comments. Some readers asked what "subsidy" employers get from 401(k) advisors and mutual fund families. Here's the way it works. Brokers and fund ...