Right now, you have an opportunity to make a real difference in the future of your retirement. How? By joining the UFCW Local 888 and Employers 401(k) Plan.
The traditional defined-benefit pension plan is still the retirement benefit of choice for unions. But over the past few years a growing number of multi-employer unions including UFCW Local 888 have started adding 401 (k) plans to their retirement benefits. Depending on the terms of the individual collective bargaining agreement, some of our members can now enjoy the advantages of having a 401 (k) plan.
Advantages of a 401 (k) Plan
A big advantage of saving in a 401k plan is the tax benefit. Your contributions are tax-deductible and your earnings grow tax-deferred. You won’t have to pay taxes on the money in your account until you withdraw it.
A 401k plan is a good way to build a disciplined savings program. Because your contributions are deducted from your paycheck, you don’t have to remember to save the money. And in many cases you may not miss it.
Another advantage of this plan is it’s a way to build additional retirement savings. Financial planners estimate you should expect your retirement living expenses to equal at least 70 percent of your salary the last year you work. If your pension and Social Security won’t cover that or you want a more-generous retirement, 401k savings can help bridge the gap.
We are excited to offer you this worthwhile benefit and we hope you will use it to help make your retirement dreams a reality. So get started today and take the first step toward a brighter financial future!
For more information on how to get started visit BPA 401K or call the 401K department at 1-800-223-1503 from 8:00 A.M.- 4:30 P.M.