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Empowering Women at Arch Resources: 4 Essential Retirement Strategies to Consider

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Preparing for retirement at Arch Resources can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Arch Resources employees ahead of the curve.

Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
Be proactive about your retirement after Arch Resources. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Arch Resources retirement accounts stand today? Being proactive with your Arch Resources retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.

Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

Transamerica.com, 2021

GAO.gov, 2021

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What type of retirement savings plan does Arch Resources offer?

Arch Resources offers a 401(k) retirement savings plan to help employees save for their future.

Does Arch Resources match employee contributions to the 401(k) plan?

Yes, Arch Resources provides a matching contribution to employee 401(k) contributions, subject to certain limits.

What is the eligibility requirement to participate in the Arch Resources 401(k) plan?

Employees of Arch Resources are eligible to participate in the 401(k) plan after completing a specified period of service.

How can employees at Arch Resources enroll in the 401(k) plan?

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

What investment options are available in the Arch Resources 401(k) plan?

The Arch Resources 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

Can employees at Arch Resources take loans against their 401(k) savings?

Yes, Arch Resources allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

What is the vesting schedule for the Arch Resources 401(k) matching contributions?

The vesting schedule for Arch Resources’ matching contributions typically follows a graded schedule, which employees can review in the plan documents.

How often can employees at Arch Resources change their 401(k) contribution amount?

Employees at Arch Resources can change their 401(k) contribution amount at specified times throughout the year, as outlined in the plan guidelines.

What happens to the 401(k) savings if an employee leaves Arch Resources?

If an employee leaves Arch Resources, they can choose to roll over their 401(k) savings into another retirement account or take a distribution, subject to tax implications.

Are there any fees associated with the Arch Resources 401(k) plan?

Yes, there may be administrative fees associated with the Arch Resources 401(k) plan, which are disclosed in the plan documents.

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

Arch Resources announced a restructuring plan aimed at reducing operational costs and focusing on higher-margin assets. This restructuring includes potential layoffs and shifts in focus from certain coal operations. Given the current economic climate and potential impact on energy markets, it is crucial to follow these changes as they could influence investment strategies and regulatory adjustments.

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For more information you can reach the plan administrator for Arch Resources at One CityPlace Dr Suite 300 Creve Coeur, MO 63141; or by calling them at (314) 994-2700.