Benefit Consultant, Gil Gonzalez, shares his expertise on financial wellness and retirement planning utilizing 3121 plans for your employees.
“Wellness” is a word we hear a lot these days. Healthcare professionals remind you to keep tabs on your wellness, insurance carriers reward you in benefits for wellness checks, Twitter philosophers urge you to take time to work on your mental wellness and post photos of sweets or their legs on a pool lounger, hashtagged “treat yourself.” What does this all mean in relation to finances? What about retirement?
Gil Gonzalez, consultant at FBS, took interest in these topics when his mother lost her ability to work and he entered the world of insurance to help support her. Gil takes a moment out of his busy schedule consulting for clients in south Texas to show us what steps can be taken to ensure financial wellness for employees and who can take advantage of 3121 plans.
Here are some highlights from the podcast:
What is a 3121 plan? (4:09) “A Savings plans for employees who are not eligible to participate in the state employee retirement system.”
What are the advantages for the employee who use 3121 plans? (6:39) “The employees, instead of putting it on an after-tax contribution, would now be entering the savings [before tax], which is at 7.5%. The savings is actually more in contribution, but it’s going to feel less, because it’s not being taxed.”
Listen to the podcast for more information on 3121 plans.