Discover the Top 5 Advantages of Continuing to Work in Retirement for Jacobs Engineering Group Employees

In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.(1) As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits you can enjoy after you retire from Jacobs Engineering Group.

1. Mental Benefits

Working during your Jacobs Engineering Group retirement can help maintain mental agility as you learn new skills. Staying engaged in work helps build 'mental muscle,' which can lessen the risk of developing dementia and Alzheimers(2) and ward off the signs of aging.

2.. Physical Benefits

Staying active during your Jacobs Engineering Group retirement years is crucial for continued health. Whether you choose to work full-time or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.

3. Financial Benefits

Besides the obvious extra income, working during your Jacobs Engineering Group retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.(3) Finding a strategy that works for you can truly pay off.

4. Emotional Benefits

Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your years or retirement from Jacobs Engineering Group.

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5. Social Benefits

One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.

Sources

1. AARP.org, February/March 2015

2. Forbes, 2017

3. Social Security Administration, 2017

4. Association for Psychological Science, 2017

What type of retirement savings plan does Jacobs Engineering Group offer?

Jacobs Engineering Group offers a 401(k) retirement savings plan to help employees save for their future.

Is participation in the 401(k) plan at Jacobs Engineering Group mandatory?

No, participation in the 401(k) plan at Jacobs Engineering Group is voluntary; employees can choose whether or not to enroll.

What is the minimum age requirement to participate in Jacobs Engineering Group's 401(k) plan?

Employees must be at least 21 years old to participate in Jacobs Engineering Group's 401(k) plan.

Does Jacobs Engineering Group offer any matching contributions to the 401(k) plan?

Yes, Jacobs Engineering Group offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the vesting schedule for the matching contributions at Jacobs Engineering Group?

The vesting schedule for matching contributions at Jacobs Engineering Group typically follows a graded schedule over several years, allowing employees to earn ownership of those contributions over time.

Can employees of Jacobs Engineering Group choose how their 401(k) contributions are invested?

Yes, employees of Jacobs Engineering Group can choose from a variety of investment options for their 401(k) contributions, including mutual funds and target-date funds.

What is the contribution limit for the 401(k) plan at Jacobs Engineering Group?

The contribution limit for the 401(k) plan at Jacobs Engineering Group is set by the IRS and may change annually. Employees should check the current limits for the specific year.

Does Jacobs Engineering Group allow employees to take loans against their 401(k) savings?

Yes, Jacobs Engineering Group allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.

What happens to my 401(k) account if I leave Jacobs Engineering Group?

If you leave Jacobs Engineering Group, you have several options for your 401(k) account, including rolling it over to another qualified plan, cashing it out, or leaving it with Jacobs Engineering Group.

How can I access my 401(k) account information at Jacobs Engineering Group?

Employees can access their 401(k) account information through the designated online portal or by contacting the plan administrator at Jacobs Engineering Group.

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

Name of Pension Plan: Jacobs Engineering Group does not seem to have a traditional defined benefit pension plan. Instead, they provide a 401(k) plan with matching contributions. Years of Service and Age Qualification: Generally, Jacobs Engineering Group’s retirement benefits are based on the 401(k) plan, which does not have specific age or years of service requirements for vesting. Employees are eligible to participate in the 401(k) plan regardless of their years of service or age. Pension Formula: As Jacobs Engineering Group primarily offers a 401(k) plan rather than a defined benefit pension plan, there is no traditional pension formula applicable. Name of 401(k) Plan: Jacobs Engineering Group 401(k) Plan Eligibility: Employees are eligible to participate in the Jacobs Engineering Group 401(k) plan upon hire. Matching Contributions: Jacobs Engineering Group provides matching contributions to employees' 401(k) accounts. The exact matching formula and contribution limits can be found in the company’s benefits documentation.

Jacobs Engineering Group Announces Workforce Reduction (January 2024): Jacobs Engineering Group has announced a reduction in its workforce as part of a broader restructuring effort to streamline operations and enhance efficiency. The company cited a need to align its resources with evolving market conditions and strategic priorities. This reduction impacts various departments and is part of a larger trend of restructuring seen across the industry. Addressing this news is crucial due to the current economic climate, which is marked by uncertainty and a shifting investment landscape. Understanding these changes can help stakeholders navigate their financial and career planning effectively.

Jacobs Engineering Group (Jacobs) offers stock options and RSUs to its employees. The stock options typically include Company Stock Option Plans (CSOP) and RSUs under the Jacobs RSU Plan. These benefits are available to senior management and key employees.

Health Insurance: Jacobs offers comprehensive health insurance plans, including medical, dental, and vision coverage. Retirement Plans: 401(k) plans with company match, pension plans. Paid Time Off: Includes vacation days, sick leave, and personal days. Other Benefits: Employee Assistance Program (EAP), wellness programs, and flexible work arrangements.