Healthcare Provider Update: Stepan provides health insurance through Blue Cross Blue Shield of Illinois, along with dental, vision, and wellness programs 3. As ACA premiums surge, Stepans employer-sponsored plans may offer more predictable costs and better coverage, especially for employees with chronic care needs. 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 Stepan.
1. Mental Benefits
Working during your Stepan 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 Stepan 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 Stepan 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 Stepan.
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- 401K, Social Security, Pension – How to Maximize Your Options
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- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 is the purpose of the 401(k) plan at Stepan?
The purpose of the 401(k) plan at Stepan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.
How can Stepan employees enroll in the 401(k) plan?
Stepan employees can enroll in the 401(k) plan by completing the enrollment form provided by the HR department or through the company’s benefits portal.
Does Stepan offer a company match on 401(k) contributions?
Yes, Stepan offers a company match on 401(k) contributions, which helps employees maximize their retirement savings.
What is the maximum contribution limit for the Stepan 401(k) plan?
The maximum contribution limit for the Stepan 401(k) plan is in accordance with IRS guidelines, which are updated annually.
Can Stepan employees change their contribution percentage at any time?
Yes, Stepan employees can change their contribution percentage at any time, subject to the plan's guidelines.
What investment options are available in the Stepan 401(k) plan?
The Stepan 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
When can Stepan employees take a loan against their 401(k) savings?
Stepan employees can take a loan against their 401(k) savings after meeting specific eligibility criteria set forth in the plan documents.
What happens to my Stepan 401(k) if I leave the company?
If you leave Stepan, you have several options for your 401(k), including rolling it over to an IRA or another employer’s plan, or cashing it out, subject to taxes and penalties.
Does Stepan provide any educational resources about the 401(k) plan?
Yes, Stepan provides educational resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
Are there any fees associated with the Stepan 401(k) plan?
Yes, there may be administrative fees associated with the Stepan 401(k) plan, which are disclosed in the plan documents.
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5. BenefitsPRO, 2017