U.S. Benefits

Maintaining your physical and mental health - your benefits can help you now more than ever

The global coronavirus pandemic has changed the world and has impacted us all. We wanted to let you know that we are focused on and committed to your well-being – physical, mental and financial. We have made some important changes to some of our benefit plans to help support you and address any unexpected challenges or expenses you may be facing.

Your health is the most important priority—and that includes your mental health. Beyond your health plan, there are many common wellness benefits and resources to help you through this crisis. Chemours offers you many other benefits that are especially useful now, including telemedicine, employee assistance programs, and more. Now is a great time to check out all the benefits available to you.

Financial Consultation Checklist COVID Response Financial Well-Being Counseling

5 Questions to Ask Before you borrow from your 401(k): Make sure you understand the consequences*

Is it a short-term need? Generally, your 401(k) should be the last place to go for money. Consider using your 401(k)-retirement savings for a short-term 'bridge' loan when the money can be repaid in a short time, such as closing on your new house before selling your old house.

Is my job secure? In many situations, if you take out a 401(k) loan and then lose your job, you’ll be required to pay back the loan in full within a specified time frame, often 60 days. If you don't have the ability to do that, the loan will be considered an early distribution, and you'll owe taxes and penalties on it.

Am I using the money to buy an appreciable asset? In other words, are you putting your investment money into another investment? "The loan is more justifiable for appreciable assets, such as a home purchase.

Am I hoping to use the money to pay college tuition? Know that there are a variety of other ways to borrow for school that won't directly impact your retirement funds.

Do I have other options? Make sure you look at all the other options available to you before you borrow from your 401(k), your 401(k) should be the last place to go for money.

 

*Source: Fidelity