If you’ve accepted a new position, don’t forget to select benefits and coordinate your old and new ones.
- Your old 401(k) plan. If the new plan has a good array of investment options, ask if you are allowed to rollover your old plan to your new one.
- Set-up payroll deductions for your new retirement plan. Most contributions reduce your taxable income for income tax purposes
- Sign up for long-term disability insurance – while we see many people wanting to discuss life insurance, there is more risk of disability than losing your life. Depending upon your salary, make sure the benefit accommodates your expenses. If not, you might consider a private supplemental plan. This is especially true for higher wage earners. If the policy covers 60% of your salary, is that enough? Is there a ceiling on the coverage such as $5,000/month?
- Health insurance – coordinate leaving your other job and becoming active on your new plan
- Know the vacation, sick leave and/or paid time off policy including using it or losing it provisions
- Life insurance is usually inexpensive through the company group plan. You may also have the opportunity for additional coverage.
- Wellness benefits such as discounts to gyms, onsite flu shots, etc. might be offered.
- Continuing education – is there a tuition reimbursement program?
Benefits are not usually a major consideration when switching to a new job. Many HR booklets/webpages aren’t scintillating reading. However, it is in your best interest to become familiar with the benefits available so you can maximize their use.