New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Discover the Top 5 Advantages of Continuing to Work in Retirement for Signature Bank Employees

Healthcare Provider Update: Healthcare Provider for Signature Bank Employees of Signature Bank typically have access to various healthcare providers depending on the health insurance options offered through their employment. Signature Bank's health plan networks may include major national insurers, such as UnitedHealthcare, Cigna, and Anthem, alongside local providers, ensuring a range of healthcare options for their employees. Potential Healthcare Cost Increases in 2026 In 2026, healthcare costs for employees at Signature Bank are expected to rise significantly due to projected record increases in ACA marketplace premiums. Some states are facing hikes exceeding 60%, particularly as enhanced federal premium subsidies are set to expire. This could lead to out-of-pocket premium costs increasing by an average of over 75% for many enrollees. Contributing factors include escalating medical expenses, aggressive rate increases from insurers, and continued inflationary pressures in healthcare provision, which pose serious financial implications for members relying on ACA coverage. Click here to learn more

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 Signature Bank.

1. Mental Benefits

Working during your Signature Bank 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 Signature Bank 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 Signature Bank 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 Signature Bank.

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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 Signature Bank offer to its employees?

Signature Bank offers a 401(k) retirement savings plan to its employees.

How can employees of Signature Bank enroll in the 401(k) plan?

Employees of Signature Bank can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Signature Bank provide matching contributions to the 401(k) plan?

Yes, Signature Bank offers matching contributions to the 401(k) plan, subject to certain conditions.

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

The vesting schedule for Signature Bank's 401(k) matching contributions typically follows a graded vesting schedule, which employees can review in the plan documents.

Can employees of Signature Bank take loans against their 401(k) savings?

Yes, Signature Bank allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What investment options are available in Signature Bank's 401(k) plan?

Signature Bank's 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a minimum contribution requirement for employees participating in Signature Bank's 401(k) plan?

Yes, Signature Bank may have a minimum contribution requirement for employees participating in the 401(k) plan, which can be confirmed through the plan documents.

How often can employees of Signature Bank change their 401(k) contribution amounts?

Employees of Signature Bank can typically change their 401(k) contribution amounts during open enrollment periods or as specified in the plan guidelines.

What happens to my 401(k) savings if I leave Signature Bank?

If you leave Signature Bank, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if allowed.

Does Signature Bank offer financial education resources for employees regarding their 401(k) plan?

Yes, Signature Bank provides financial education resources and workshops to help employees understand their 401(k) plan and make informed investment decisions.