Healthcare Provider Update: Offers a wide range of benefits including medical coverage through Aetna, FSAs, life and disability insurance, and retirement plans 1.
As ACA premiums rise and subsidies expire, Light & Wonders flexible plan options and preventive care coverage offer employees a stable and cost-effective alternative to marketplace plans.
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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 Light & Wonder.
1. Mental Benefits
Working during your Light & Wonder 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 Light & Wonder 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 Light & Wonder 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 Light & Wonder.
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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
3. Social Security Administration, 2017
4. Association for Psychological Science, 2017
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Light & Wonder offers a comprehensive benefits package that includes both a 401(k) plan and a retirement pension plan. The 401(k) plan at Light & Wonder, offered through Fidelity, is a cornerstone of their retirement offerings. Employees can contribute to the plan and are eligible for a company match, where Light & Wonder will match 100% of the first 1% of eligible earnings contributed and 50% of the next 5%, meaning employees who contribute 6% or more receive a 3.5% match. This plan is available to all employees, with eligibility beginning immediately upon employment (MyLNWBenefits).
The company's retirement pension plan is known as the "Defined Contribution Plan," where employer contributions are made directly to individual accounts. Eligibility for the pension plan requires a minimum of five years of service, and employees must be at least 21 years old. The pension formula is based on the final average salary and the number of years of service. This formula determines the annual pension benefits employees will receive upon retirement (MyLNWBenefits).
The 401(k) and pension plan structures at Light & Wonder ensure that employees have multiple pathways to secure their retirement, aligning with industry standards for retirement savings and security. These details were found on the Light & Wonder benefits website (MyLNWBenefits) (MyLNWBenefits).
Light & Wonder has been managing its benefits with a focus on healthcare options and 401(k) matching for its employees. The company offers up to a 3.5% match on employee 401(k) contributions and comprehensive healthcare plans including virtual primary care, telemedicine, and preventive services. They also introduced fertility benefits and tobacco cessation programs as part of their enhanced healthcare strategy. Additionally, Light & Wonder maintains on-site health clinics at their manufacturing facilities, offering free care to employees. This news is important because it highlights the company’s commitment to supporting employees' health and retirement benefits amidst ongoing economic changes, potentially positioning it as a resilient player in the evolving political and tax environment.
Light & Wonder offers a variety of stock options and Restricted Stock Units (RSUs) to its employees, primarily aimed at retaining top talent and incentivizing long-term performance. Stock options provide employees the right to purchase company shares at a predetermined price after a set vesting period. Meanwhile, RSUs are granted as company stock, becoming fully owned after the vesting period without any purchase requirement.
In 2022, Light & Wonder (LNW) had approximately 2 million stock options and 3 million RSUs outstanding, continuing to use these incentives as a core part of employee compensation (Business Wire) (Stock Analysis). The RSUs are made available to both executives and key employees, while stock options are more broadly distributed. The company has maintained these plans through 2023 and 2024, adjusting vesting schedules and eligibility criteria to align with its ongoing growth strategy and performance targets (Stock Analysis).
Light & Wonder has prioritized employee health by offering comprehensive benefits, including three medical plan options tailored to different needs. Their healthcare packages, which include Essential Care, Choice Care, and Critical Care plans, emphasize preventive care with no cost for in-network services. Light & Wonder also offers virtual care through Aetna/CVS and Doctor on Demand, providing employees access to medical consultations from home, with minimal copays. Employees enrolled in these programs benefit from family planning services such as in vitro fertilization and surrogacy support through Progyny, highlighting their commitment to diverse healthcare needs. This reflects Light & Wonder's proactive approach to healthcare, integrating digital access to medical professionals while focusing on comprehensive family health solutions (MyLNWBenefits) (MyLNWBenefits).
The company has also introduced wellness initiatives like onsite health clinics at their Allentown, PA, and Irvine, CA locations, which offer no-cost services for routine checkups, vaccinations, and flu shots. Their B. Well Centers ensure that employees have direct access to healthcare during work hours, fostering a culture of wellness. Given the current economic uncertainties, providing robust healthcare is crucial for maintaining employee morale and productivity. Light & Wonder's benefits reflect an awareness of healthcare's broader impact on the workforce in light of political and tax changes affecting corporate healthcare contributions (MyLNWBenefits) (MyLNWBenefits).
For more information you can reach the plan administrator for Light & Wonder at , ; or by calling them at .
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5. BenefitsPRO, 2017