SAVINGS & SECURITY

Financial wellbeing is fundamental to long-term stability. First Lantern offers several programs that help Lanterns protect their income, save for the future, and build financial resilience. These benefits are designed to serve diverse organizations—from multigroup environments to public agencies to corporate teams.

Retirement Savings

First Lantern provides retirement programs that help Lanterns save steadily throughout their careers. Depending on your organization, you may participate in a defined contribution plan, a defined benefit plan, or both.

Defined Contribution Plans (401(k)/403(b)/457(b))

These plans allow Lanterns to contribute a portion of their pay on a pre-tax or Roth (after-tax) basis.

  • Flexible contributions: Increase, decrease, or pause contributions at any time within plan rules.
  • Organization contributions: Some organizations contribute matching or automatic deposits to help your savings grow faster.
  • Investment options: Choose from diversified funds, including target-date funds designed to adjust risk automatically as you approach retirement age.
  • Portability: Your account stays with you even if you move between participating groups or transition to a new role.

Defined Benefit / Pension Plans

Some Lanterns participate in pension plans that provide a guaranteed monthly benefit at retirement.

  • Benefits are based on service credits, contributions from participating groups, or a formula tied to earnings.
  • Pension plans may allow for early retirement options, survivor benefits, and cost of living adjustments depending on the plan design.

Health Savings Accounts (HSA)

If enrolled in a qualified medical plan, Lanterns may open an HSA to set aside pre tax dollars for eligible medical expenses.

Key Features:

  • Money goes in tax-free, grows tax-free, and can be used tax-free for qualified healthcare costs.
  • Funds never expire—you keep your balance year to year, even if you change organizations or retire.
  • Many Lanterns use their HSA as a long-term investment vehicle to save for healthcare in retirement.

Flexible Spending Accounts (FSA)

FSAs help Lanterns set aside pre-tax money for healthcare or dependent care needs.

Health Care FSA

Covers eligible expenses such as office visits, prescriptions, dental work, glasses, and contact lenses.

Dependent Care FSA

Supports costs such as childcare, eldercare, after-school care, and day camps. FSAs are governed by annual limits, and unused funds may not carry forward depending on your plan’s rules.

Income Protection Benefits

Life Insurance

Life insurance helps protect your household financially if something unexpected happens.

Coverage typically includes:

  • Basic life insurance, provided at no cost
  • Optional supplemental coverage for Lanterns or their household members
  • Accidental Death & Dismemberment (AD\&D) benefits

Disability Benefits

If you’re unable to work due to illness or injury, disability benefits help replace a portion of your income.

  • Short-term disability typically covers several weeks or months of income.
  • Long-term disability provides extended coverage for serious or long duration conditions.
  • Many plans include rehabilitation or return-to-work support.