Retirement
Plan now to retire later: Invest in your 401k Plan
Helping you worry less about retirement is one of our goals. We provide a 401k through Charles Schwab.
We contribute .75% of every dollar for the first 4% of your contribution, for a total of 3% Smithers contribution.
If you do not make an election, we make it easy for you and automatically enroll you at 6% (As of 1-1-22) of gross pay, and your money is invested in your age based Target Retirement Fund. One of the features of the Smithers 401k plan are automatic enrollment and increases over time that allow you maximize your savings.
We also offer Target Retirement funds that will manage your plan for you.
After your first paycheck, new employees can enroll in the Smithers 401k Retirement Plan.
To login to your personal Schwab account: https://workplace.schwab.com/public/workplace/retirement-planning
2 programs to choose from, and 22 Investment choices.
- 401(k) – pre-tax contribution
- Roth 401(k) – post-tax contribution
2026 Employee Elective Deferrals (Traditional and/or Roth 401(k) Maximum Contribution – $24,500.
Combined total between Traditional and Roth.
Catch-up contributions – Those employees age 50 or over can contribute an additional $8,000.
Can be split between Roth and Traditional 401(k).
Retirement Advice and to discuss rolling over a retirement fund into your Smithers retirement plan:
- Talk with a Charles Schwab representative at (800) 724-7526 or in-person at their office.
- We offer on-site retirement planning advice every fall through Captrust
Retirement approaching: Information to help ease the transition to retirement
Resources
Your employer has partnered with CAPTRUST to provide you with independent advice to help you make progress toward your financial wellbeing. They are available to provide you with financial guidance for your goals, including your retirement plan decisions (conversations include emergency savings, debt, budgeting, college savings, etc.). Call them at 800-967- 9948, or to learn more or schedule an appointment, go to www.captrustatwork.com.
Medicare Information and Help With Enrolling:
What is Medicare?
Medicare is the health insurance program run by the Federal Government. It is available to those 65 and older, those under 65 with certain disabilities, and those with end-stage renal disease
Assembling the Right Coverage
Assemble different types of coverage
Original Medicare
Part A : Hospital Insurance
Part B: Medical Insurance
Part D: Prescription Drug Coverage
Optional coverage by approved private companies.
Medicare Supplemental Insurance
Option coverage from private insurance companies that fill gaps in Original Medicare Coverage.
— OR —
Combine the parts into one plan
Medicare Advantage Plans
Part C: (HMOs and PPOs)
Combines Part A (Hospital) and Part B (Medical) and in some cases, Part D (Prescription Drugs)
It’s not supplemental coverage. A variety of plans are offered by private insurance companies approved by Medicare.
When to Enroll in Medicare
- Starting three months before your 65th birthday
- Or three months before you retire
- Or to move employer based coverage if you are 65 or older
How to Enroll in Medicare?
- Call 1-800-722-7331
- Sign up at your local Social Security office
- Online at www.ssa.gov
Why wait? Call 1-800-722-7331 today to get your questions answered. Or, click HERE to schedule a convenient time to speak with one.
We have partnered with UROne Benefits to provide you and your family members assistance in navigating the Medicare landscape. Click here to learn more about Medicare and connect with an advisor from UROne Benefits to evaluate your options.