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Financial Benefits

Saving for a comfortable retirement is key to our philosophy and something we encourage all employees to put at the forefront of their planning.

Unusual in today’s business climate, Waddell & Reed’s employees are eligible for both a defined benefit retirement plan and a defined contribution plan, including company matching. While more detail is provided when you join us, the following are highlights of our financial and retirement benefit plans, along with other perks:

Defined Benefit Pension Plan

We offer a traditional pension plan that provides a fixed, pre-established benefit for eligible employees at retirement. The costs to fund our defined benefit plan are paid entirely by the company. Employees are enrolled in the plan after one year of service and are vested after five years of service.

401(k) and Thrift Plan

Employees may contribute eligible earnings on a pre-tax and/or post-tax basis. The Company will match dollar-for-dollar on the first 3% of eligible pay, and 50 cents for every dollar on the next 2% of eligible pay (there may be variations for some, based on specific individual circumstances). Employees are eligible to participate after 30 days and are eligible for company matching contributions immediately upon participation. Employee contributions are always 100% vested; company matching contributions are 100% vested after 1 year of service.

The Thrift Plan provides an additional after-tax savings opportunity. Most employees may contribute up to 6% of their pay on an after-tax basis to the plan.

Health Savings Account (HSA)

An HSA provides a unique tax-advantaged opportunity to pay for current and future out-of-pocket healthcare expenses with pre-tax dollars for you, your spouse and dependents. These individual accounts can have a triple tax advantage because employee contributions can be made on a pre-tax basis, investment earnings are not taxable and you are not taxed when these dollars are used to pay qualified medical expenses. Employees who elect the High Deductible Healthcare Plan are eligible to have an HSA.

Flexible Spending Accounts (FSA)

FSA accounts allow you to pay or be reimbursed for eligible expenses with pre-tax dollars that you elect to contribute to an FSA account. We offer four types of FSA accounts:

  • Health Care FSA
  • Limited Purpose Health Care FSA
  • Dependent Care FSA
  • Transit/Parking FSA

Education Assistance Program

We believe in the ongoing advancement of our colleagues and encourage the development of skills and knowledge that help us remain innovative and competitive. Employees may be reimbursed for 100% of the cost of tuition and fees for any approved undergraduate or graduate degree program that complements company business operations. Full-time employees seeking a degree from an accredited college or university are eligible for reimbursement of tuition required for the degree. The degree being sought must be in a field of study that is compatible with the general business structure of the Company or a section of the Company. Every course is eligible for reimbursement unless the course is in a non-academic field such as one related to a hobby or amusement. A grade of "C" or better in each undergraduate course or a grade of "B" or better in graduate work is required for reimbursement. Reimbursement is subject to the annual cap of $8,000 per calendar year per employee. Internal Revenue Service regulations require reimbursement amounts over $5,250 be taxable to the employee.

Net Asset Value Purchase

Waddell & Reed offers employees the opportunity to purchase shares mutual funds at net asset value (NAV). Net asset value equals the price per share before a sales charge is added. This investment privilege is also extended to spouses, children, parents, and parents of spouses.

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