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

Understanding Risk Tolerance: A Guide for Olympic Steel Employees Navigating Retirement Changes

Healthcare Provider Update: Healthcare Provider for Olympic Steel The primary healthcare provider for Olympic Steel is typically Cigna HealthCare. Olympic Steel, like many employers, partners with specific insurance companies to offer health benefits to its employees. Potential Healthcare Cost Increases for 2026 As we approach 2026, Olympic Steel may face significant healthcare cost increases alongside broader market trends. Expected premium hikes in the Affordable Care Act (ACA) marketplace could exceed 60% in certain states, driven by rising medical costs, the potential expiration of enhanced federal premium subsidies, and substantial demands from large insurers. Consequently, employees enrolling in these plans might see their out-of-pocket expenses surge by over 75%, aggravating budget constraints for the company and its workforce. With a projected employer-sponsored insurance increase of 8.5%, Olympic Steel must prepare for an environment where healthcare expenses will be a critical concern, likely leading to shifts in benefits and out-of-pocket responsibilities. Click here to learn more

The world of investing is very subjective--the investment plan that’s right for you depends largely upon the level of comfort that you have when it comes to risk. We'd like our clients from Olympic Steel to remember that you can’t completely avoid risk when it comes to investing, but it's possible for you to manage it.

There are two aspects of risk tolerance for Olympic Steel employees to consider: (1) the capacity of your investment plan itself to absorb losses, and (2) how comfortable you are personally with risk. The first aspect can be quantified--the more flexibility your investment plan has when it comes to potential loss, the more risk your plan can tolerate. For example, as we’ve discussed, a long investment time horizon may allow you to take on more risk than a short time horizon.

'You can’t completely avoid risk when it comes to investing, but it is possible for you to manage it..'

The second aspect, how comfortable you are personally with risk, is more of an emotional measure, and depends on many factors, including your objectives, life stage, personality, and investment experience. Some investors are comfortable with a high degree of risk, while others can tolerate only minimal risk. Individual risk tolerance is an important factor for Olympic Steel employees in deciding which individual investments are appropriate for them, as well as how their investment dollars should be allocated among different investment classes.

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Investors are typically grouped into three categories for purposes of discussing risk tolerance: aggressive (those who have a high degree of risk tolerance); moderate (those willing to accept some degree of risk), and conservative (those who are risk averse).

What is the 401(k) plan offered by Olympic Steel?

The 401(k) plan offered by Olympic Steel is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees at Olympic Steel enroll in the 401(k) plan?

Employees at Olympic Steel can enroll in the 401(k) plan by completing the enrollment forms provided by the HR department or through the company’s online benefits portal.

Does Olympic Steel offer a company match for the 401(k) contributions?

Yes, Olympic Steel offers a company match for employee contributions to the 401(k) plan, helping employees to maximize their retirement savings.

What is the maximum contribution limit for the 401(k) plan at Olympic Steel?

The maximum contribution limit for the 401(k) plan at Olympic Steel is aligned with IRS guidelines, which are updated annually.

When can employees at Olympic Steel start contributing to their 401(k) plan?

Employees at Olympic Steel can start contributing to their 401(k) plan after completing their eligibility period, which is typically outlined in the employee handbook.

What investment options are available in Olympic Steel's 401(k) plan?

Olympic Steel's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Can employees at Olympic Steel take a loan against their 401(k) savings?

Yes, employees at Olympic Steel may have the option to take a loan against their 401(k) savings, subject to the plan’s terms and conditions.

What happens to my 401(k) savings if I leave Olympic Steel?

If you leave Olympic Steel, you can either roll over your 401(k) savings into another retirement account, leave it in the Olympic Steel plan (if eligible), or cash it out, although cashing out may incur taxes and penalties.

How often can employees at Olympic Steel change their contribution amounts to the 401(k) plan?

Employees at Olympic Steel can typically change their contribution amounts to the 401(k) plan at designated times throughout the year, usually during open enrollment or after a qualifying life event.

Is there a vesting schedule for the company match in Olympic Steel's 401(k) plan?

Yes, Olympic Steel has a vesting schedule for the company match, which determines how much of the matched contributions you own based on your years of service.