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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.
Announcing your retirement a few months in advance is often considered a courtesy to your company. Not only does it give your employer time to manage the transition and hire a replacement, but it ...
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.
Some readers asked what "subsidy" employers get from 401(k) advisors and mutual fund families. Here's the way it works. Brokers and fund families (with few exceptions) make.
After an employee is fully vested, the employee is eligible to retain the entire amount contributed by their employer, even if they leave the company before retirement. Under federal law, an employer can take back all or part of the matching money they put into an employee's account if the worker fails to stay on the job for the vesting period.
If you retire before age 59.5, you may be too young to withdraw from an IRA or 401(k) penalty-free. And if you retire prior to age 62, you're too young to claim Social Security benefits. There’s ...
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