Discover the Top Retirement Destinations for Fiserv Employees in 2023: Where to Thrive After Your Career

Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in Fiserv. With that under consideration, it is imperative to acknowledge that retirement does not necessarily have equal value across state lines. One’s state of residency determines their taxes, cost of living, and climate, making some locations more desirable and fitting for retirement to certain Fiserv employees. In addition, income and purchasing power can have different values in various locations of the country. For the purpose of this article, we will be ranking the top states that are ideal for retirement.

For those employed in Fiserv, spontaneously moving to a different country with desirable characteristics for retirement may seem appealing. Despite that, it is crucial to consider working with a financial advisor to increase your likelihood of success and consolidate a solid financial plan that will cater to your retirement needs. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement . ¹ When taking that into account, those working for Fiserv may benefit from meeting with an advisor at The Retirement Group and running a complimentary cash flow analysis to better understand their future prospects for retirement.

Best States for Minimizing Taxes in Retirement

When contemplating a comfortable retirement, those employed in Fiserv must recognize how reducing tax liability is a top priority. The following states listed below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. These states also have no state income tax, and favorable sales, property, inheritance, and estate taxes.

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Alaska

Florida

Georgia

Mississippi

Nevada

South Dakota

Wyoming

As an employee of Fiserv , if those states aren’t appealing to you, you may want to consider the subsequent tier of states with reduced taxation. While the tax benefits aren’t up to par with the ones mentioned above, these following states have no taxes on social security income. As an example, Washington has no state income tax but has a 6.5% state sales tax. With that under consideration, while it is essential for Fiserv employees to look into the pros and cons of taxation when considering retirement in another state, finding a home that is suitable and comfortable for your needs is of utmost importance as well.

Alabama
Arkansas

Colorado

Delaware

Idaho

Illinois

Kentucky

Louisiana

Michigan

New Hampshire

Oklahoma

Pennsylvania

South Carolina

Tennessee

Texas

Virginia

Washington

West Virginia

Reference(s):

https://magazine.northeast.aaa.com/daily/money/retirement/the-true-cost-of-a-financial-advisor-revealed/#:~:text=Still%2C%20research%20suggests%20people%20who,an%20advisor%20over%2025%20years .

What is the primary purpose of Fiserv's 401(k) plan?

The primary purpose of Fiserv's 401(k) plan is to help employees save for retirement by providing a tax-advantaged savings vehicle.

How can Fiserv employees enroll in the 401(k) plan?

Fiserv employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Fiserv offer matching contributions to its 401(k) plan?

Yes, Fiserv offers matching contributions to its 401(k) plan, which helps employees increase their retirement savings.

What types of investment options are available in Fiserv's 401(k) plan?

Fiserv's 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and company stock.

What is the vesting schedule for Fiserv's 401(k) matching contributions?

The vesting schedule for Fiserv's 401(k) matching contributions may vary, so employees should refer to the plan documents for specific details.

Can Fiserv employees take loans against their 401(k) savings?

Yes, Fiserv employees may have the option to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What is the minimum contribution percentage for Fiserv employees participating in the 401(k) plan?

The minimum contribution percentage for Fiserv employees is typically set at 1%, but employees are encouraged to contribute more to maximize their savings.

Are there any fees associated with Fiserv's 401(k) plan?

Yes, there may be fees associated with Fiserv's 401(k) plan, including administrative fees and investment management fees, which are disclosed in the plan documents.

How often can Fiserv employees change their contribution amounts?

Fiserv employees can change their contribution amounts at any time, subject to the plan's guidelines.

What happens to Fiserv employees' 401(k) savings if they leave the company?

If Fiserv employees leave the company, they can roll over their 401(k) savings to another retirement account, withdraw the funds, or leave the savings in the Fiserv plan if allowed.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Fiserv offers a comprehensive retirement program for its employees, which includes both a 401(k) plan and a pension plan. The 401(k) plan allows employees to contribute on a pre-tax basis, or on a post-tax basis through the Roth 401(k) feature. Fiserv matches 100% of the first 1% of an employee's contribution, and 50% of the next 4% of eligible compensation, providing a potential match up to 3% (Working at Fiserv, Inc.). This 401(k) plan, named the Fiserv Employee Savings Plan, is administered through Vanguard (Working at Fiserv, Inc.). In addition to the 401(k), Fiserv also offers a defined benefit pension plan for long-serving employees, depending on their hire date (Working at Fiserv, Inc.). This plan typically includes employees who were part of First Data Corporation before its acquisition by Fiserv. The pension plan's eligibility criteria involve a combination of years of service and age qualification; typically, employees need at least five years of service and must be of retirement age, which is usually defined as 65 (Working at Fiserv, Inc.). However, specific details regarding the pension formula and years of service requirements were not explicitly stated on the documents accessed.

Restructuring and Layoffs: In early 2024, Fiserv announced a significant restructuring plan, which included a workforce reduction affecting approximately 5% of its global employees. This move was part of a broader effort to streamline operations and focus on core business areas amid challenging economic conditions. The decision to reduce the workforce reflects the company's strategy to adapt to shifting market demands and improve operational efficiency.

Fiserv provides stock options and RSUs as part of its compensation package. Fiserv issues stock options under the acronym SO and RSUs under the acronym RSU. In 2022, 2023, and 2024, Fiserv employees, especially executives and key personnel, are eligible for these benefits. The specifics are detailed in the company's compensation sections of annual reports.

Fiserv Health Benefits Overview 1. Official Fiserv Website: Health Insurance: Fiserv provides a range of health insurance options, including medical, dental, and vision plans. These options include PPO (Preferred Provider Organization) and HDHP (High Deductible Health Plan) plans. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs): Available for employees to save on out-of-pocket expenses. Wellness Programs: Includes resources for mental health support, fitness programs, and preventive health services. 2. Glassdoor: Employee Reviews: Employees appreciate the comprehensive benefits package which includes a range of health insurance plans and wellness incentives. Some have noted that while the benefits are robust, they may come with high deductibles depending on the plan chosen. 3. Indeed: Health Benefits: Reviews indicate that Fiserv’s health benefits are competitive, offering multiple plan choices with various coverage levels. Employees also mention access to telemedicine services as a plus. 4. LinkedIn: Benefits Overview: Includes detailed information on Fiserv’s health benefits such as medical, dental, and vision plans. Also highlights their emphasis on work-life balance and employee wellness programs.