March is here, and with spring comes tax season—a great time for a financial wellness checkup. This month, take some time to review your 401(k) and investment goals, learn how to maximize your monthly savings with tax-advantaged accounts, and make sure you’re getting the most from your Snowflake benefits. 

401(k) Plan

Snowflake’s 401(k) plan through Fidelity makes it simple to save for your retirement while saving money now through tax benefits. We offer three ways to save:

• Traditional Pre-Tax: Contributions go into your account before taxes, and earnings grow tax-free while the money is in your account. Income taxes are paid on the contribution and earnings when you take your money out. 
• Roth Post-Tax: Contributions go into your account after taxes, and earnings grow tax-free while the money is in your account. No income tax is owed when you take your money out on the earnings if certain requirements are met.
• After-Tax: Contributions go into your account after taxes, and earnings on After-Tax contributions grow tax-deferred until withdrawals begin. This means your earnings are taxable income when withdrawn from the Plan. Remember to utilize the automated Roth In-Plan conversion. It will allow you to convert your After-Tax contributions to Roth, allow your earnings to grow, and be distributed tax-free if certain requirements are met.

As you begin to do your 2022 taxes, some employees who joined Snowflake in 2022 may have realized they have overcontributed between their prior employer’s 401(k) and Snowflake’s 401(k). If you are in this position, please create a benefits ticket here. You must remove the excess funds before 4/15/2023.

Visit the 401(k) webpage for more information. 

Save the Date!

We have a 401k Educational Webinar coming up! The registration link and webinar information have been added to your calendar.   

SageView Advisory Group, investment consultant for Snowflake, will present an educational webinar to explain the Snowflake 401(k) plan’s key features, focusing on maximizing the tax-deferral benefits.

Health Savings Accounts 

Health Savings Accounts (HSA) offer flexibility, ease of use, and tax advantages that can make them an attractive savings vehicle. If you are enrolled in the Cigna High Deductible Health Plan (HDHP), consider maximizing your contribution to the HSA. An HSA is a tax-advantaged savings account allowing you to set aside pre-tax money from each paycheck for qualified medical, dental, and vision expenses. The funds in your HSA account roll over annually, grow tax-free, and are yours to keep even if you leave Snowflake. But that’s not all! Snowflake boosts your savings with up to a $1000 contribution for single coverage and $2000 for those who also cover dependents. 

As long as you are a Cigna HDHP plan member, you can enroll or change your HSA contribution anytime during the year. Just go to your Empyrean account, select “Change Your Current Benefits” and choose “Change in Health Savings Account” and follow the prompts ensuring that you save/submit your transaction at the end.

To learn more and to view a complete list of HSA-eligible expenses, check out the HSA page. 

Commuter Benefits

Consider taking advantage of our pre-tax parking and transit benefits. These accounts let you set aside pre-tax dollars through payroll deduction – up to $300 per month per account – to use for transit and/or parking. 

You can enroll in this benefit any time during the year, so please visit the commuter page to learn more, including how to enroll.