- Money Management, Retirement
How Caregivers Can Benefit from the Secure Retirement Plan
Being a caregiver means giving your time, energy and heart to others. But did you know that your work also earns you a powerful financial benefit? Through SEIU 775 Benefits Group, you have access to a Secure Retirement Plan, a benefit designed to help you build long-term financial stability without taking money out of your paycheck.
What are the benefits of your Secure Retirement Plan?
Caregivers become eligible for the Secure Retirement Plan after just 6 months of work. Once you’re in, you’re immediately vested. This means the money in your account is yours to keep once you retire, no matter how long you are a caregiver. You don’t have to contribute anything from your own paycheck because every dollar comes directly from your employer as a benefit for the hours you work as a caregiver.
How it works:
- You earn retirement contributions for every hour you work as a caregiver.
- If you stop caregiving work, contributions will pause but you will still have money in your account.
- The longer you work, the more your account grows.
Watch caregivers share how the Secure Retirement Plan has helped them feel more confident about their future!
How is the Secure Retirement Plan different?
Unlike many retirement plans that require you to opt in or contribute your own money, the Secure Retirement Plan is automatic and fully funded by your employer. Here’s a quick comparison:
Feature | Secure Retirement Plan | Other Retirment Plans (General) |
|---|---|---|
Contributions | 100% employer funded | Often employee funded |
Enrollment | Automatic after 6 months | May require opt-in |
Eligibility | Based on caregiving hours | May require minimum earnings/hours |
Flexibility for Variable Schedules | Rewards every caregiving hour worked | May not accommodate irregular hours |
This plan is designed to benefit all caregivers regardless of number of hours, schedule regularity or employment history.
How and when can you access your money?
You can start accessing your Secure Retirement money at age 65, typically. Whether you’re still working or retired at that time, you have options:
- Choose between monthly payments or a lump sum withdrawal, depending on how much money is in your account.
- If you continue working, you can receive monthly payments while also getting contributions to your account from your employer.
- Once you reach a certain age and are retired, you’ll need to take a required minimum distribution (the minimum amount you must withdraw from your retirement account each year). The SRP will let you know when you have reached that age.
- Note: if you are still working at this time, this rule does not apply. However, you can still take out monthly payments if eligible.
It’s important to know that withdrawals before age 65 aren’t allowed. This protects your savings and allows your money to grow through compounding interest, helping make this a more powerful tool for long-term financial stability.
The SRP recognizes your hard work by helping you build a strong financial future. Explore your account, track your progress, and contact Milliman, the SRP administrator, with any questions.
