Olo

 
 

Brooklyn FI has several clients at Olo and has helped them navigate their generous benefits program and develop a plan for their stock options. Here are some insights we’ve gleaned from their employer-sponsored benefits.

Olo provides a robust benefits plan for its full-time employees, and it’s time once again to make your elections for the upcoming year. Making educated choices this open enrollment can save you money and help you navigate whatever challenges lie ahead next year. We’ve put together this guide to help as you make these choices - feel free to share it with your colleagues and friends who may find it helpful.

Please note that benefits are subject to change at any time.

Health, Dental, and Vision

Olo offers health, dental, and vision coverage to employees and their families. For a full glossary of terms that you may find in your plan documents, check out our page on health insurance coverage here.

Which healthcare plan you choose depends on a variety of factors:

  • How often you anticipate using your insurance

  • Cash flow needs

  • Tax considerations

If you rarely go to the doctor aside from an annual physical, and don’t take prescription drugs, an HSA-compatible plan may make sense - and allow you to stash away savings tax-free for medical costs later in life. However, if you want to know that a few trips to a specialist will simply cost your co-pay, and not a few thousand dollars, the PPO plan will have minimal impact on your cash flow. 

Should you choose a plan that’s not HSA compatible, you may still be able to contribute to a Flexible Spending Account (FSA). FSAs allow you to pay for out-of-pocket medical costs on a pre-tax basis.

BKFI Tip: If available, consider electing the HSA plan, maxing it out every year, and paying for your expenses out of other savings to maximize the tax-free growth of the HSA!

Life Insurance

As part of your robust benefits plan, Olo provides 1x your annual salary in life insurance - up to $290,000.

BKFI Tip: Diversification matters. No, we aren’t talking about investments, we’re talking about life insurance. If you need life insurance, be sure not to link all of it to your employer’s coverage. Consider getting your own policy that you can keep even if you leave your job. 

Bonus BKFI Tip: Don’t forget to name a beneficiary when setting up your employer-sponsored life insurance coverage. Make sure the funds go where you want them, should something happen to you. 

Disability Insurance

Olo provides disability insurance coverage. The coverage pays 60% of your base salary up to $7,800 per month. Long-term coverage typically stops paying when you’re no longer disabled, or reach retirement age.

BKFI Tip: When your employer pays the premiums for disability insurance, the benefits are taxable to you when you receive them. Consider what 60% of your pay is, and then imagine income taxes coming out of that - that’s what your take home would be under a long-term disability plan. 

RETIREMENT PLANNING

Olo’s retirement plan is administered by Lincoln and does not offer a company match. The plan allows for both pre-tax and Roth contributions, up to a maximum of $20,500. Employees age 50 or older can make a catch-up contribution of up-to $6,500 annually.

BKFI Tip: Have you maxed out your 401(k) for this year? If not, there’s still time to go in and update your contributions.

Bonus BKFI Tip: Review your 401(k) beneficiaries annually and make sure they match your wishes.