International Travel Nurse Blog

Planning for your Future with Insight Global Health

Insight Global Health 401k benefits

Throughout your employment process, IGHealth’s (or IGHealth) unmatched compensation package has been continuously highlighted. Our offered salary is incomparable to others and our benefits are endless. One of the many benefits we offer to you is a 401k retirement plan. Here you will find an explanation of what the plan entails and how it will benefit you. 

401k Retirement Plan Explained

IGHealth offers two types of 401k plans to help prepare you for your future because let’s be honest – we all don’t want to work forever, do we? Making contributions to your plan is convenient. Your contributions are automatically deducted from your paycheck and transferred to your plan. You take all the responsibility away from yourself to save money and learn how to live without it as you won’t have access to it in your tangible funds! There is no minimum amount of money you can contribute, although we do suggest you invest as much as you can afford to take advantage of our matching contributions (learn more below). There is however, a maximum amount of money you can contribute. The most you can contribute to these plans in a year is $22,500 until the age of 50. Once you have turned 50 years old, you are able to contribute an additional $7,500 annually. 

IGHealth offers 2 Types of Retirement Plans

Traditional 401k

A traditional 401k is a retirement plan offered to many American employees by their employer. You are able to make pre-taxed, annual contributions, while gaining interest on your investments. Once you choose to defer a percentage of your salary into the plan, your pre-tax contributions are deducted from your pay before income taxes are taken out. This means that you can actually lower the amount of current income taxes you pay each period. Also, you pay no taxes on any earnings until you withdraw them from your account, generally at retirement, enabling you to keep more of your money working for you now.

Roth 401k

Unlike your traditional plan which is pre-tax, this plan allows you to contribute after-tax dollars, but then withdraw tax-free dollars from your account once you retire. This plan helps you at the time of retirement as you will not have to pay taxes on your money again. However, your current income would remain the same and your income taxes would reflect your earned salary to date.

Please note: No matter the plan you choose, you do have the flexibility to select from investment options that range from more conservative to more aggressive, making it easy for you to develop a well-diversified investment portfolio.

Eligibility 

Once you have become a United States resident and you have been employed by IGHealth for three months, you will be eligible to begin making contributions to your plan. You also need to be the age of 21 years or older. To take advantage of our employee match contributions, you will need to be employed by us for one year.

Enrollment

Investing in yourself is easy with your retirement plan. You can count on us to support you every step of the way with our account management website, Fidelity NetBenefits. We will show you how to get started step by step.

Step 1: You will first need to register your account. When doing so, you will click on “Register Now” and follow the prompts to set up your account.

Step 2: Once your account is registered, you will want to log in.

Step 3: Decide how much to invest and enter your contribution per pay period.

Step 4: Select how you want to invest your contributions among the investment options available in the plan.

Step 5: Remember to designate your beneficiary, or beneficiaries, by accessing “Profile” on NetBenefits.

Congratulations! You are all set up and your future starts now!

Employee Match Contributions

IGHealth wants you to be the best version of yourself with the most money in your pocket! Because of that, we offer to help your retirement savings grow by matching your contributions! We provide a match of 50% up to 4% of your deferral contributions, not to exceed $250 per contribution. 

Withdrawing Money from your Account

Despite it being possible, we do not recommend it. Withdrawing money from your account prior to retirement comes with a hefty penalty charge. However, we do understand life throws us curve balls and taking a loan from your account is sometimes your only option. That option is available to you and IGHealth can help you with that process if you find it necessary. Withdrawals from your plan are generally permitted without penalty in the event of termination of employment, retirement, disability, or death. You also have the option to roll over your funds from one account to another if you decide one better suits your lifestyle. For example, when you first began working you chose to invest your money into a Traditional 401k plan because you liked the idea of keeping more money in your pocket for the day-to-day. Fast-forward a few years and you are much more financially stable. You decide it would be better for your future if you transfer your funds to a Roth 401k to avoid having to pay taxes at retirement. You are able to transfer your funds without penalty.

Above all else, IGHealth cares for others. This concept applies to your mental and physical, as well as your financial well-being. We relentlessly pursue opportunities to empower those around us because we believe that together, anything is possible. Contact us today for your future to start now!