Lowe’s offer various kinds of benefit plans to its employees and staff. Lowe’s has introduced 401(k) plan which will help its employees to plan and invest for their future. New employees and staff members can participate in this plan only after six months from their date of hiring. This plan provides employees an opportunity to save for their future. It helps them to have a financial freedom for holidays and also after the retirement.
How Much Can You Invest in 401(k) Plan?
The myloweslife company itself deducts money with Payroll deduction method. Lowe’s offers a 401(k) Plan in which employees can contribute 1% to 50% of eligible compensation. This cannot exceed $18,000 in a calendar year. Lowe’s also includes a matching structure based on the level of employee contribution.
Investment Options: Lowe’s company offers below mentioned streamline financing options;
- Target Date Funds
- Professionally Managed Funds
- Stock Fund.
As you can see, you can select any of the above Investment options. You can even own a part Lowe’s Company with the help of “Stock Fund”.
Catch-Up Contribution:
Lowe’s Company also offers an additional $6,000 plan if you are 50 or older employee in the Company. This plan is popularly known as Catch-Up Contribution.
Advantages:
- One only has to decide the amount. While all the contributions are made directly from your paycheck.
- Need not pay federal taxes on their contributions. Taxes are paid only on withdrawal of funds.
- One can pick any flexible and convenient investment options.
- The main advantage is invest now and you can save for your retirement.
- Investments are highly secure. One of the biggest advantages is that the Contributions will not cancel even though you leave the job.
Spending Accounts: Being an employee of Lowe’s Company, you can easily pay for healthcare and dependent care expenses with the following:
Health Savings Account (HSA):
- To cover medical bills, you should enroll in the HDHP medical plan.
- For employee-only coverage and also for family medical coverage, you have to contribute $3,350 and $6,750 respectively.
- If an employee is 55 and above in age, then he/she can give an additional $1,000.
- One should Use only HSA debit card to make the eligible payments.
- One is susceptible to taxes and fines if they withdraw their money from the other accounts which are not for healthcare costs.
- One can also pay their bill out of pocket. The only thing that you have to do is to fill an online form for reimbursement.
This is all about Lowe’s Employee 401(K) Plan & Spending Accounts Benefits. There are more such plans in Lowe’s Company. All you need to do is to explore more and choose the one that best suits you.