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Unlocking Retirement Potential: 5 Essential Updates to Your World Fuel Services 401(k) You Need to Know

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Healthcare Provider Update: Offers medical, dental, vision, mental health, FSAs, and disability insurance, along with paid leave and tuition reimbursement 7. As ACA premiums increase, World Fuels employer-sponsored plans may offer more predictable costs and better coverage than individual marketplace options. Click here to learn more

Over the last forty years, the 401(k) plan has become the most popular retirement savings vehicle for World Fuel Services employees, outpacing both individual retirement accounts (IRAs) and traditional pension plans. This change highlights a major shift in retirement planning, as employees are now more responsible for shieldinging their financial security than they were in the past when employers handled defined benefit pension plans. The shift from self-managed 401(k) plans to guaranteed company pensions is a significant shift in the design of retirement benefits. Even though the 401(k) has many benefits, improvements might be made to better serve the needs of World Fuel Services retirees in the future.

According to recent findings from the Employee Benefit Research Institute (EBRI) , raising catch-up contributions might greatly increase retirement savings for World Fuel Services employees who are getting close to retirement. In addition to the regular cap, individuals 50 years of age and beyond can contribute an extra $6,500 to their 401(k) plans as of 2021. World Fuel Services employees in their later years of employment who need to increase their retirement savings will find this option especially helpful. Improving these contributions could further assist retirees' financial stability and better prepare them for longer retirement periods, as life expectancy continues to rise. These changes would be an essential improvement over the 401(k) plans that are in place.

Examine the development and significance of the 401(k) plan, which has surpassed IRAs and traditional pensions to become the most popular option for retirement savings for World Fuel Services employees. Discover how these programs, which give you flexibility and control over your retirement funds, have evolved to meet the demands of contemporary finance. To better prepare for a secure future, recognize the need for self-managed retirement planning and the possibility of increasing 401(k) contributions. This is perfect for World Fuel Services professionals aiming to maximize their financial stability as they approach retirement.

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Think of the 401(k) as the flagship ship cruising the wide retirement waters for World Fuel Services employees. Previously, retirees depended on the crew of the ship—traditional pensions—to lead them securely to their final destination: retirement. But as times have evolved, World Fuel Services employees are now in control and using contemporary navigational aids (401(k) plans) to design their own path. These tools have developed to provide greater flexibility and control, but just as improving a ship's equipment can increase its effectiveness and safety, so too can improving a 401(k) plan's features, such as adding more investment options and raising contribution limits, assist in a a safer and more comfortable transition to retirement.

What is the 401(k) plan offered by World Fuel Services?

The 401(k) plan at World Fuel Services is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can I enroll in the World Fuel Services 401(k) plan?

Employees can enroll in the World Fuel Services 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.

Does World Fuel Services match contributions to the 401(k) plan?

Yes, World Fuel Services offers a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.

What is the vesting schedule for the World Fuel Services 401(k) matching contributions?

The vesting schedule for World Fuel Services' 401(k) matching contributions typically follows a graded vesting schedule over a period of years, which is outlined in the plan documents.

Can I change my contribution percentage to the World Fuel Services 401(k) plan?

Yes, employees can change their contribution percentage to the World Fuel Services 401(k) plan at any time by submitting a request through the HR portal.

What investment options are available in the World Fuel Services 401(k) plan?

The World Fuel Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can I start withdrawing from my World Fuel Services 401(k) plan?

Employees can typically start withdrawing from their World Fuel Services 401(k) plan without penalty at age 59½, subject to specific plan rules and regulations.

Are there any loans available against my World Fuel Services 401(k) plan?

Yes, World Fuel Services may allow employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.

What happens to my World Fuel Services 401(k) if I leave the company?

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

How often can I make changes to my investment choices in the World Fuel Services 401(k) plan?

Employees can make changes to their investment choices in the World Fuel Services 401(k) plan on a regular basis, typically quarterly or as specified 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.
World Fuel Services provides RSUs and stock options as part of their compensation packages.
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For more information you can reach the plan administrator for World Fuel Services at 9800 NW 41st St. Miami, FL 33178; or by calling them at 800-345-3818.

*Please see disclaimer for more information

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