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Etsy Employees: Discover the Rising Trend of 'Work for Pleasure' in Your Retirement Journey

Healthcare Provider Update: Etsy provides health insurance through UnitedHealthcare, covering 100% of premiums for employees and dependents. Additional benefits include dental (Delta Dental), vision, mental health support, and wellness programs 1. As ACA premiums rise and subsidies expire, Etsys fully covered plans offer a strong buffer against market volatility, making employer-sponsored coverage significantly more cost-effective Click here to learn more

A recent Fidelity Investments poll illuminates new trends in the ever-changing retirement planning landscape. Notably, 66% of respondents envision a phased-in approach to retirement, which deviates from the conventional full-stop strategy. This choice shows a shift towards flexible retirement solutions across generations, as evidenced by the significant interest shown by both Gen Zers and millennials.

The wide-ranging implications of this trend point to the necessity of flexibility in retirement advice and planning when preparing to retire from Etsy. The departure from traditional retirement models highlights a more comprehensive reassessment of retirement goals and work-life balance, reflecting shifting perspectives toward the end of your Etsy career. Advisors who want to fulfill their Etsy clients' complex needs must have a thorough understanding of these preferences as retirement planning continues to change.

A growing number of retirees who desire social connection and intellectual stimulation in addition to financial security are adopting the idea of 'Work for Pleasure' in phased retirement, a viable option for Etsy employees. According to an American Psychological Association study, continuing to work after retirement can enhance mental well-being, increase life satisfaction, and facilitate the transition to complete retirement. Retirement is now seen as a new chapter with opportunity for learning, growth, and contribution rather than as an end. This is especially true for seasoned professionals from high-ranking roles.

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Retirement is becoming less and less like the unexpected curtain call at the end of a play and more like a well planned art display. Similar to how an exhibition progressively moves from one theme and era to another, providing visitors with an extensive array of experiences, the modern retirement trip, as defined by Fidelity Investments, takes place in stages. With this method, people can combine the elegant brushstrokes of their personal passions and hobbies with their professional creations. Today's retirees and soon-to-be retirees find joy and fulfillment in doing work that pleases them, much like an artist who paints for the love of art even after their formal career has concluded. This is creating a retirement experience that is as nuanced and fulfilling as a well-curated gallery.

What type of retirement plan does Etsy offer to its employees?

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

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

Yes, Etsy provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement for Etsy employees to participate in the 401(k) plan?

Employees at Etsy are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.

Can Etsy employees choose how to invest their 401(k) contributions?

Yes, Etsy employees can choose from a variety of investment options within the 401(k) plan to align with their retirement goals.

What is the vesting schedule for Etsy's 401(k) matching contributions?

Etsy has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own those contributions.

How can Etsy employees access their 401(k) account information?

Etsy employees can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.

Are there any fees associated with managing Etsy's 401(k) plan?

Yes, there may be administrative fees associated with Etsy's 401(k) plan, which are typically disclosed in the plan documents.

Can Etsy employees take loans from their 401(k) accounts?

Yes, Etsy allows employees to take loans from their 401(k) accounts under certain conditions, as outlined in the plan guidelines.

What happens to an Etsy employee's 401(k) if they leave the company?

If an Etsy employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash it out, or leave it in the Etsy plan if allowed.

Does Etsy provide financial education resources related to the 401(k) plan?

Yes, Etsy offers financial education resources and workshops to help employees make informed decisions about their 401(k) savings.

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

Etsy offers its employees a comprehensive retirement plan, primarily centered around a 401(k) with competitive employer matching contributions. Employees are eligible for the 401(k) plan after meeting specific criteria, such as one year of service and being at least 21 years old. The 401(k) plan at Etsy allows participants to make tax-deferred contributions, up to a maximum set by the IRS. For the year 2024, this limit is $23,000, with an additional catch-up contribution of $7,500 for employees aged 50 and over (Investopedia) (CapitalGroup NACG). The plan also includes various investment options, including mutual funds and stocks, which employees can choose from depending on their risk tolerance and retirement goals. Etsy's 401(k) plan emphasizes the importance of consistent employee participation and is structured to align with federal guidelines like ERISA, which protects retirement assets. Although Etsy does not offer a traditional pension plan, its 401(k) plan is designed to be flexible and supportive of long-term retirement savings, with employer contributions enhancing the growth potential of the plan

Restructuring Layoffs: Etsy announced in December 2023 that it would be laying off 11% of its workforce, amounting to approximately 225 employees. This move comes as the company faces a challenging macroeconomic environment and increased competition. The layoffs are expected to cost Etsy between $25 million and $30 million, primarily due to severance payments, employee benefits, and related expenses. The restructuring is aimed at achieving greater operational efficiencies and cost savings, especially in the wake of flat gross merchandise sales since 2021. Additionally, Etsy has made significant changes to its executive team, including the departure of its Chief Marketing Officer and Chief Human Resources Officer, with their responsibilities being redistributed among existing executives.

2022: Etsy employees were eligible for stock options and RSUs as part of their compensation package. Specific details about the vesting schedules and performance criteria are detailed in the company's annual report (Source: Etsy Annual Report 2022, Page 45). 2023: Etsy continued offering stock options and RSUs to its employees. The grants were generally provided based on seniority and role within the company (Source: Etsy Proxy Statement 2023, Page 38). 2024: In 2024, Etsy maintained its stock option and RSU programs. Employees in management and critical roles were prioritized for these benefits

1. Official Etsy Website Etsy Careers Page: Often provides information about employee benefits, including health benefits. Etsy Employee Handbook: If available, it may have specific details on healthcare benefits. 2. Reliable Sources and News Outlets Glassdoor: Employees often share details about their benefits here. Indeed: Offers company reviews and sometimes specific details on benefits. LinkedIn: Check for company updates or employee discussions on benefits. Forbes: May provide news or articles about employee benefits. Business Insider: Could offer insights into employee benefits and company news.