How Do Retirement Plans Work at Taylor Benefits Insurance

At Taylor Benefits Insurance, retirement plans are designed to help employees save for their future, with the goal of providing a comfortable income in their golden years.

The company offers a range of retirement plans, including 401(k) and IRA plans, which allow employees to contribute a portion of their paycheck to their retirement accounts on a pre-tax basis.

These plans are often matched by the employer, with Taylor Benefits Insurance matching a portion of the employee's contributions to help their retirement savings grow faster.

By starting early and taking advantage of employer matching, employees can build a significant nest egg over time.

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Supplemental Retirement Plans can be a valuable addition to your retirement savings. University employees can participate in the Voluntary 403(b) Plan and the 457(b) Deferred Compensation Plan, both designed to help you save for retirement.

Both plans offer traditional pre-tax contributions or post-tax Roth contributions through payroll deduction. The university does not make contributions toward these plans.

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You can choose to contribute to one or both plans, depending on your needs and goals. Some employers may offer matching contributions, but the university does not make contributions toward these plans.

Supplemental Retirement Plans can provide an additional source of income in retirement. By contributing to these plans, you can potentially reduce your tax liability and increase your retirement savings.

These plans are designed to be flexible and allow you to adjust your contributions as needed. You can also roll over or transfer funds from one plan to another, if desired.

Supplemental Retirement Plans can be a valuable tool in your overall retirement strategy. By taking advantage of these plans, you can potentially secure a more comfortable retirement.

The City offers a Roth IRA plan administered through Mission Square, allowing employees to save for retirement with tax-free growth and withdrawals.

Contribution limits for the Roth IRA are set annually by the IRS, so it's essential to check the current limits to maximize your savings.

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To enroll in the Roth IRA, employees must self-enroll through the Mission Square website, making it a convenient option for those who want to take control of their retirement planning.

The Mission Square website is a great resource for additional information on the Roth IRA plan, including details on contribution limits, fees, and investment options.

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Long Term Disability is an important benefit offered by Taylor Benefits Insurance. All employees who participate in either MePERS or Mission Square retirement plans will be covered under a Long Term Disability plan.

Employees who participate in MePERS will have their LTD plan administered by MePERS itself, which means there's no need to worry about extra costs or paperwork.

Employees who participate in Mission Square, on the other hand, will be automatically enrolled in a LTD plan administered by UNUM. This plan is included as part of the Mission Square benefits package, so employees don't have to pay extra for it.

There is no charge to the employee for either LTD plan, which is a big plus for those who need to rely on this benefit in case of a long-term illness or injury.

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