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Empowering Women at Stepan: 4 Essential Retirement Strategies to Consider

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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

Preparing for retirement at Stepan 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 Stepan 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 Stepan.  Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Stepan retirement accounts stand today? Being proactive with your Stepan 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 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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For more information you can reach the plan administrator for Stepan at , ; or by calling them at .

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