We have many clients who are current and retired employees of Lansing Board of Water and Light (BWL). Our experience working with BWL employees makes us uniquely equipped to handle their needs. A few examples of how we can help BWL employees are below:
- Help with understanding the differences between their 401a and 457 and help them determine whether you should utilize the 401a, 457, or a combination of the two.
- Provide information and guidance on the investment options offered by ICMA along with practical strategies to help make the most of these options.
- While you are still working you can contribute directly to the 401a and/or 457 plans directly through your payroll deduction. You can also take advantage of what is called a Self-Directed Brokerage option for your 401a and/or 457. This allows you to hire your own financial advisor to help manage your retirement and gives access to many more investment options. Lastly, even if you are still working, at age 55 you are eligible to roll your 401a assets into an IRA through an in-service rollover option. There are pros and cons for each of these options and we can explain the differences between them and help determine what the best option is for you!
- At retirement or termination of employment, a BWL employee is eligible to rollover their 401a and/or 457 assets to an IRA (Individual Retirement account). There are multiple benefits for doing this including access to a wider array of investments and increased flexibility but there are also disadvantages. We can help you determine if the benefits of rolling over your 401a/457 outweigh the disadvantages.
We have a clear understanding of what benefits you will receive when you retire. From your investments to your insurance benefits we know what you can expect. The knowledge and experience we have gained working with BWL employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.
Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.