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Money Why you should sign up for your employee stock plan. Now

16:07  13 november  2017
16:07  13 november  2017 Source:   moneysense.ca

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10% might sound like a lot coming off your paycheque but it’s worth it.

To understand how a typical employee stock option plan works, let’s look at an example. Should You Keep the Stock ? Keeping too much company stock is considered risky. Why Are Individual Stocks Riskier Than Mutual Funds? Sign up .

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employee stock plan: How gleeful you’ll be once you see all that free money (Shutterstock)© Used with permission of / © Rogers Media Inc. 2017. How gleeful you’ll be once you see all that free money (Shutterstock)

Say you’re shopping and when you’re at the counter the cashier says, “Thanks for paying $150 for those shoes. Would you like to take with you an extra $40 as a thank-you for buying them?” Would you say no?

Let’s be real, your jaw would drop, you’d film the incident and it’d go viral because that doesn’t actually happen. Right? Actually, if one of the benefits you’re offered at work is an Employee Share Accumulation Plan (ESAP) that kind of does happen. That’s right, your employer is likely offering you free money and if you’re not enrolled in that plan, you’re missing out majorly. (The big money is in getting stock options but that comes later when you climb the ranks into top executive positions.)

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Now , you should always work with your attorney and tax advisor when building your equity strategy. Promotions are a big part of why this plan is plain awesome. Step 7. Set an expiration timeline. When an employee leaves, when should their stock options expire?

Time to Retire, Now What? Living in Retirement in Your 60s. Should I Reverse Mortgage My Home? Should I Get a Long Term Care Policy? If you 're fortunate enough to work for a company that offers an employee stock purchase plan (ESPP), then take note, because you have a wealth of opportunity

When I got my first full-time job (benefits, the whole shebang) all of my more seasoned co-workers said the same thing. Join the ESAP. I was lucky enough to have their encouragement and didn’t end up wasting too much time before signing up for what my new employer was offering me. So how does this so-called promise of ‘free money’ work, exactly? Here’s what you need to know:

HOW DO STOCK PLANS WORK?

Here’s how it works if you work at a publicly-traded company (that’s when the company’s shares are available for anyone to purchase because it trades on the stock market): most employers let you enrol after a required number of months. You enrol and depending on what you can afford, choose to contribute a certain percentage of your paycheque.

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We often talk about plans that “recruit, reward and retain” employees , but you should also consider the importance of helping an employee “retire.” While it is important that employees understand the “how” of the plan , you first have to sell the “ why .” Think of it this way: you invest dollars to set up a

Tl;dr: For Non-qualified Stock Options (NSOs or NQSOs), you should likely purchase your options as soon as you You are an employee of Unicorn, Inc., a private company with IPO aspirations, and you have been granted Never miss a story from Lee Yanco, when you sign up for Medium. Learn more.

Depending on your employer, you’re usually given the option of contributing anywhere between 1% and 10% of your gross pay. What most employers do is match a certain percentage of your contribution. As in, give you free money. Usually their contribution starts off as not a whole lot, matching maybe 25% of what you are putting in. But many companies boost their contribution to 50% after a certain period of time and to even 100% (though that type of generosity is pretty rare these days.) My fellow broke young folk—that should be your incentive to join your company’s ESAP ASAP! Even if you can’t afford to max out your contributions right now, you can work towards that goal and eventually get a lot of free money from your employer.

WHAT IS VESTING?

If you like the sound of an employee stock plan and have dreams of cashing out those sweet employer contributions in six months, think again. Generally, ESAPs have a required vesting period. As in you have to wait a certain number of months or years before the stock that your employer has purchased for you is ‘mature’ enough for you to withdraw. Then you can do with it what you will. That said, you may be able to cash out the shares you’ve purchased with your own contributions whenever you want, depending on your plan. So if you had $2,500 in total in your ESAP (including the 25% employer contributions) you’d be able to withdraw everything but that 25%, so $2,000.

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SIGN UP . Got stock options at work and have no idea what you should do with them? Join the crowd. It comes in the form of stock options, restricted stock or employee stock purchase plans , among others.

Execution-only service for your equity awards. Employee stock purchase plans . 6039 reporting. Read our article for nine reasons why you should have an ESPP. Participant service highlights. Single sign -on access.

HOW IS IT TAXED?

Well, your contributions to the plan aren’t tax deductible and if you decide to cash out the stocks you purchased with your own money, you’ll be taxed on the capital gains you make. Meanwhile, the employer match is usually considered taxable income and is included in your gross earnings on your paycheque, from which tax is then deducted. Even free money has a bit of a cost, I guess. But remember, the stock market is normally risky, but knowing your employer’s contribution means a guaranteed return of 25% to 50%, you can handle a little of tax to the government.

Keep in mind, if your company offers an RRSP or TFSA option, you could transfer the ESAP to those tax shelters so your future gains are protected or tax-deferred over the longer term. However, the act of transferring the shares will trigger capital gains so you’d have to pay taxes before seeing any benefit of going this route.

FINAL WORD (OF WARNING)

If your employer offers one, join that stock plan now. Like, right now. If you don’t have any other investments at all though, beware. As with any investment, there are risks. Employer matching may be a plum deal but regardless, you need to diversify. You can’t have all your eggs in one basket (i.e. your employers’ shares) because if they go down, you’re going down with them.

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Sign up or log in to customize your list. 1. Selling employee stock options now and waiting for Long Term Capital Gains or selling later. 0. What phased out tax benefits should I be aware of (aka how much stock should I sell)?

Should you offer employee equity in your small business? We outline the benefits of offering an employee stock purchase plan . According to a 2016 report by CNBC, 16% of workers said their ESPP is their most important benefit, up 10% from 2014. Why ESPPs Work.

Be sure to check back for regular updates as Prajakta leads us on a journey as she learns what it takes to invest her own money.

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