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For any of our clients from Nestle who had assets invested in the stock market in 2008, odds are, you experienced post-traumatic stress following the market collapse and succeeding crisis.
When we think about post-traumatic stress disorder, we typically envision combat, tornadoes, and hurricanes. But we'd like to remind our Nestle clients that PTSD is not limited to life-threatening events. Events threatening financial security (and even career security) can be very traumatic.
| 'PTSD is not limited to life-threatening events. Events threatening financial security (and even career security) can be very traumatic.' |
|
A study reported in the Oxford Health & Social Work Journal examined the risk of PTSD associated with sudden and dramatic personal financial loss. The authors conducted a survey of 173 Madoff victims and found that 58% met the criteria for a PTSD diagnosis, 61% acknowledged high levels of anxiety, 58% were depressed and 34% had health-related issues. Moreover, 90% of these victims felt a substantial loss of confidence in any financial institutions.
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We know from Dr. Abraham Maslow that when people have their security threatened through any event, all of their confidence and self-esteem can be destroyed, and they then focus all of their attention on searching for recovery.
What is the primary purpose of Nestlé's 401(k) Savings Plan?
The primary purpose of Nestlé's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.
How can employees enroll in Nestlé's 401(k) Savings Plan?
Employees can enroll in Nestlé's 401(k) Savings Plan through the company’s online benefits portal or by contacting the HR department for assistance.
Does Nestlé match employee contributions to the 401(k) Savings Plan?
Yes, Nestlé offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for Nestlé's 401(k) Savings Plan?
The maximum contribution limit for Nestlé's 401(k) Savings Plan is determined by the IRS and may change annually; employees should check the latest guidelines for the current limit.
Can employees of Nestlé choose how their 401(k) contributions are invested?
Yes, employees of Nestlé can choose from a variety of investment options within the 401(k) Savings Plan to align with their retirement goals and risk tolerance.
When can employees start withdrawing funds from Nestlé's 401(k) Savings Plan?
Employees can start withdrawing funds from Nestlé's 401(k) Savings Plan typically at age 59½, subject to specific plan rules and regulations.
What happens to an employee's 401(k) account if they leave Nestlé?
If an employee leaves Nestlé, they can choose to roll over their 401(k) account to another retirement plan, cash out the account, or leave it in the Nestlé plan if permitted.
Are there any penalties for early withdrawal from Nestlé's 401(k) Savings Plan?
Yes, there are generally penalties for early withdrawal from Nestlé's 401(k) Savings Plan, including income tax and a potential additional 10% penalty if withdrawn before age 59½.
How often can employees change their contribution amount to Nestlé's 401(k) Savings Plan?
Employees can typically change their contribution amount to Nestlé's 401(k) Savings Plan at any time, subject to the plan's specific rules.
Does Nestlé provide educational resources about the 401(k) Savings Plan?
Yes, Nestlé provides educational resources and workshops to help employees understand their 401(k) Savings Plan options and make informed decisions.
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