Planning for the future is a critical part of your career journey. For associates at Big Lots, the company provides a robust retirement savings plan through a partnership with Empower. This platform is designed to help you track your savings, manage your investments, and ensure you are on the right path toward financial security after your retail career. Navigating these financial tools can sometimes feel overwhelming, but understanding how to access and use the portal is the first step toward taking control of your financial health.
Understanding the Partnership Between Big Lots and Empower
Big Lots partners with Empower to provide 401(k) and other retirement savings services to its employees. Empower is one of the largest retirement plan providers in the United States, offering a user-friendly digital interface where you can view your balance in real-time. By using this platform, you can see how your current contributions will grow over time and make adjustments based on your personal financial goals.
The primary goal of this system is to simplify the complex world of retirement planning. Whether you are a full-time corporate employee or a part-time store associate, the platform offers tools tailored to your specific needs. It provides a clear snapshot of your “Retirement Readiness,” which helps you understand if you are saving enough to maintain your lifestyle once you stop working.
How to Access Your Retirement Account
Accessing your account for the first time requires a few specific pieces of information to verify your identity. Because these accounts contain sensitive financial and personal data, the security measures are stringent. You will generally need your Social Security Number, your date of birth, and the zip code associated with your employee record on file with Big Lots.
Registering Your New Account
If you have never logged into the retirement portal before, you will need to complete the registration process. Follow these straightforward steps to get started:
- Navigate to the official login page designated for Big Lots associates.
- Select the option to register or sign up as a first-time user.
- Enter your personal identification details as requested by the secure form.
- Create a unique username and a strong password that meets the security requirements.
- Set up multi-factor authentication, such as a code sent to your mobile phone, to add an extra layer of protection to your savings.
Logging In Regularly
Once your account is registered, logging in is a quick process. It is recommended that you check your account at least once every quarter. Regular check-ins allow you to monitor market performance, confirm that your contributions are being processed correctly from your paycheck, and ensure that no unauthorized changes have been made to your profile.
Key Features of the Retirement Portal
The Empower platform offers more than just a balance statement. It is a comprehensive financial planning tool that provides several interactive features. Understanding these features can help you maximize the benefits offered by Big Lots.
The Retirement Readiness Score
One of the most helpful tools is the Retirement Readiness Score. This feature uses an algorithm to estimate how much monthly income you will have during retirement based on your current savings rate and projected market growth. If your score is low, the tool allows you to simulate changes—such as increasing your contribution by 1% or 2%—to see how those small shifts can significantly impact your future wealth.
Managing Contributions
As a Big Lots associate, you have the flexibility to change how much of your paycheck is diverted to your 401(k). Within the portal, you can easily increase or decrease your contribution percentage. Many financial experts suggest contributing at least enough to receive the full company match, as this is essentially additional compensation provided by your employer for your future use.
Investment Selection
Your money is not just sitting in a regular savings account; it is invested in various funds. The portal allows you to choose where your money goes. You can opt for target-date funds, which automatically adjust their risk level as you get closer to retirement age, or you can manually select specific stock and bond funds if you prefer a more hands-on approach. If you are unsure which to choose, the platform often provides educational resources to explain the different levels of risk and reward associated with each fund.
Updating Beneficiaries and Personal Information
Life changes, and your retirement account should reflect those changes. It is vital to keep your beneficiary information up to date. A beneficiary is the person or entity who will receive your retirement funds in the event of your passing. This is a separate designation from your general will, so it must be managed directly within the retirement portal.
Additionally, ensure your contact information remains current. If you move or change your primary email address, updating this in the portal ensures you receive important tax documents and legal notices regarding your plan. While some information might sync from the Big Lots HR system, it is always best to verify it manually within the retirement platform.
Troubleshooting Common Access Issues
It is common to encounter hurdles when trying to access financial accounts. If you find yourself locked out or unable to find your information, there are several steps you can take to resolve the issue without unnecessary stress.
Forgotten Passwords
If you forget your password, use the “Forgot Password” link on the login page. You will typically be asked to verify your identity via the email address or phone number you provided during registration. Avoid writing your password down in visible places; instead, consider using a secure password manager.
Account Locks
If you enter the wrong password too many times, your account may be temporarily locked for security reasons. In most cases, these locks expire after 24 hours. However, if you need immediate access, you may need to call the customer service line specifically for Big Lots retirement plan participants.
Connecting with Human Resources and Support
While the retirement portal is managed by Empower, some issues may require coordination with the Big Lots Human Resources department. For example, if your payroll contributions seem incorrect or if you are having trouble with your initial eligibility, the HR team is your best resource. For technical issues with the website or specific questions about investment funds, the support team at the retirement provider is the appropriate contact.
Most associates find that the easiest way to get help is through the internal “MyLife” portal or the associate handbook, which contains specific phone numbers and links for all benefit providers. Keeping these numbers saved in your phone can save you time when you have a quick question about your benefits package.
Conclusion
Taking the time to manage your Big Lots retirement benefits through the Empower platform is one of the most productive things you can do for your long-term financial stability. By registering your account, monitoring your contributions, and utilizing the planning tools available, you can turn your daily hard work into a secure future. Remember that retirement planning is a marathon, not a sprint, and small actions taken today can lead to significant rewards later in life. For more information on navigating workplace benefits and improving your financial literacy, explore our other guides on employee resources and personal finance management.