Money and Savings
Financial well-being means something different to everyone. We all start at different points, set different goals and save for the future differently. Wolters Kluwer offers benefits and programs that help you create a plan that works for you today while empowering you to achieve your long-term goals.
Benefits that make a difference for your money and savings include:
401(k) Plan
Your Wolters Kluwer 401(k) Plan is a tax-advantaged long-term savings vehicle that both you and Wolters Kluwer contribute to.
Here's how Wolters Kluwer contributes to your 401(k):
- Matching contributions: Dollar-for-dollar match on the first 3% of eligible pay you contribute.
- Annual discretionary contribution: Targeted to be 2.5-3% of eligible pay annually; amount can vary year to year.
- Student debt match program: Allows you to earn a Wolters Kluwer 401(k) plan match when you make payments toward your student loans. Student debt match program participants can receive a company match up to 3% annually in their 401(k) account through:
- Contributions to their retirement account.
- Payments toward their student loans.
- A combination of both options.
All new employees are automatically enrolled in the 401(k) at a 3% contribution rate to maximize the company matching contributions. If you do not want to participate in the 401(k), you will need to actively opt out of the plan.
Part-time employees are eligible for the 401(k) Plan after 1,000 hours of service.
Make your choice checklist:
- Understand automatic saving features. You are automatically enrolled in the 401(k), and contributions automatically increase each year, so it’s important to understand how it works so you can make the best savings choices for you and your family. Learn more.
- Evaluate how much to contribute. You can opt out of the automatic contributions or change your contribution amount at any time. Learn about your contributions.
- Consider your investment options. Based on your financial goals and risk tolerance, you can invest the money in your 401(k) in a variety of options. You have the flexibility to change your investment elections at any time. You can change your investment by logging into your 401(k) account through Fidelity.
- Name your beneficiary(ies). You can change your beneficiaries at any time, and always make sure they are up to date after major life events such as marriage, divorce or the birth of a child. This designation will determine who receives your 401(k) funds if you pass away.
Health Savings Account (HSA)
An HSA offers the opportunity to save and pay tax-free for eligible health care expenses, including medical, prescription drug, dental and vision expenses today and into the future. You can grow your balance through your own contributions (up to annual IRS limits), Wolters Kluwer quarterly contributions and interest/investment returns on your invested HSA dollars.
Make your choice checklist:
- Review what medical plans are paired with an HSA. Both Wolters Kluwer consumer driven health plans (Enhanced HSA Plan and Core HSA Plan) are paired with a Health Savings Account (HSA). The PPO Plan does not allow for an HSA.
- Decide how much to contribute. Each year, the IRS limits how much you can contribute. These annual maximums include your and Wolters Kluwer’s contributions. For annual IRS limits, visit the IRS website.
- Consider your needs. How you use your HSA money is up to you. You can use it like a regular bank account to pay the health care bills you have today ― or a savings or investment account that you can grow and use for health care bills in the years to come.
- Check eligible expenses. You can withdraw your money tax-free at any time to pay for qualified health and prescription drug costs, dental care and vision care expenses (a list can be found on the IRS website). View examples of eligible expenses.
- Understand how an HSA works with a Health Care FSA. If you enroll in an HSA-eligible plan and participate in the Health Care FSA, you will be limited in how you can use the funds in your Health Care FSA.
Flexible Spending Accounts (FSAs)
We provide two types of FSAs — a Health Care FSA and a Dependent Care FSA. Both FSAs provide opportunities for you to set aside pre-tax dollars to help pay for eligible out-of-pocket expenses throughout the plan year.
Make your choice checklist:
- Review eligibility. You can participate in the FSAs regardless of your medical plan enrollment. If you enroll in an HSA-eligible plan you can use the Limited Purpose FSA (instead of the full Health Care FSA) to help cover your more immediate dental and vision expenses while keeping your HSA focused on medical and longer-term savings.
- Plan ahead. You can carry over up to $610 in unused FSA balances into the next calendar year. Any funds over the $610 carry over limit will be forfeited, so be sure to plan your savings and contribution amounts carefully. For annual IRS limits, visit the IRS website.
- Review eligible expenses. You can withdraw your money tax-free at any time to pay for qualified expenses (a list can be found here). View examples of eligible expenses.
Commuter Benefits
You have access to commuter benefits which give you the opportunity to set aside pre-tax dollars to pay for eligible public transportation and parking expenses related to your commute to work.
Make your choice checklist:
- Review annual limits and eligible expenses. Each year the IRS limits how much you can save tax-free for eligible transit and parking expenses. For annual IRS limits, visit the IRS website.
- Enroll or change your coverage. You do not need to take action during enrollment to elect a commuter account. You can enroll or change coverage by the 10th day of the month (or the 4th day of the month if you live in New York or New Jersey) for the next benefit month, at Your Benefits Resources. You can stop or change your participation at any time.
Business Travel Accident Insurance
Wolters Kluwer automatically provides you insurance while traveling on company business which provides coverage for emergency medical claims, loss/theft of personal belongings and evacuation services.
There is no action you need to take to enroll or take advantage of this benefit.
Maximize your benefits throughout the year
Start saving with the 401(k) as soon as possible.
The longer your money is invested, the more time it has to grow through compound interest.
Contribute at least 3% to your 401(k) Plan.
If you are contributing less than 3%, you are not maximizing the company matching contribution which means you are leaving money on the table.
Regularly evaluate your savings plan.
As your financial situation changes, you may be able to contribute more to your long-term savings. Consider gradually increasing your contributions over time.
Invest money in your 401(k) and HSA.
Invest the money based on your risk tolerance and financial goals, and the money may grow with interest over time.
Save with tax advantaged accounts.
The 401(k) Plan, HSA, FSAs and commuter account all allow you to make pre-tax contributions. Pre-tax contributions are deducted from your income before taxes are calculated, which reduces your taxable income. This means you pay less in income taxes in the year you make the contribution.
