A change in your family life can keep you busy and is sometimes stressful. Often, it can also mean a change in your finances. Whether you are welcoming a new addition or experiencing a relationship change (like a marriage or divorce), we want to help you be sure your finances are ready for whatever comes your way.
My family life is changing
Your Checklist
Add new family members to your benefits plan (or remove them if needed)
When you have a change in family status, like adding new members or taking some off your benefits, you need to let the Global Benefits and Well Being Department know about the changes within 60 days of the life event. You won’t be allowed to change coverage after that time until the next Open Enrollment period if you miss the 60-day deadline. Contact the Benefits Department at benefits.department@lw.com to get started.
Keep beneficiaries up to date
If the beneficiaries for your benefits, such as for your life insurance coverage or your 401(k), will be affected by your family status change, be sure to make those changes. You can change your beneficiaries at any time. Go to self service on LathamNET to change your life insurance beneficiaries. Go to Schwab to change your 401(k) beneficiaries.
Match your contribution to your life stage
As your responsibilities change, you may want to evaluate your 401(k) contribution levels and/or investment choices.
Ayco provides access to personal financial coaches at no cost to you, so you can talk about changes to your budget or investments that need to be made based on new circumstances.
Schwab respresentatives can also provide information about your 401(k) investment choices and contribution levels if you are thinking about making a change.
Ready to take action?
Schwab
The Latham 401(k) Plan trustee and recordkeeper. When you contact Schwab, you can get investment advice, check your account balance, change your investments, update your beneficiaries and access educational tools and resources.
