/General/General%2013.png?width=1280&height=853&name=General%2013.png)
Healthcare Provider Update: Healthcare Provider for L3Harris L3Harris Technologies typically provides its employees with healthcare benefits through employer-sponsored insurance plans. The exact healthcare provider may vary based on location and specific employee circumstances, but major insurers commonly used include UnitedHealthcare, Anthem, and Cigna. Potential Healthcare Cost Increases in 2026 In 2026, L3Harris and similar employers are facing significant healthcare cost increases. Reports indicate a projected rise of approximately 8.5% in employer-sponsored insurance costs due to multiple inflationary pressures, including rising medical expenses and increased claims. Additionally, if the federal premium subsidies under the Affordable Care Act expire without renewal, employees may see a drastic rise in their out-of-pocket expenses, compounding the financial impact on both the company and its workforce. Employers are likely to respond by shifting more healthcare costs to employees, necessitating a proactive approach to managing these anticipated changes. Click here to learn more
'Estate planning is essential for L3Harris employees nearing retirement to make sure their assets are properly allocated and their legacy is preserved, reducing future complications and optimizing the smooth transfer of benefits like retirement accounts and life insurance policies.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.
'By prioritizing estate planning, L3Harris employees can safeguard their retirement benefits, streamline the management of their assets, and confirm their loved ones are well cared for, ultimately providing peace of mind during the retirement transition.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
-
The importance of estate planning for L3Harris employees nearing retirement
-
Key steps for organizing and managing your assets, including retirement accounts and insurance
-
Common mistakes to avoid in estate planning and the benefits of starting early
The process of making arrangements for the administration and allocation of a person's assets upon their passing or in the case of incapacitation is known as estate planning. You can make sure your affairs are handled appropriately, your loved ones are cared for, and your wishes are respected by taking a few preparatory actions. From drafting a will to using key legal instruments to manage your financial and medical decisions, estate preparation entails a number of steps. For L3Harris employees nearing retirement, making these steps a priority is particularly important given the scope of benefits and accounts involved. To make sure your estate plan is in order, here is a checklist of 16 things to consider as part of your estate planning process.
Important Takeaways:
-
Make sure your estate plan is carried out smoothly by keeping track of all your assets and wishes. It may help to keep thorough written lists and let your estate administrator know where they are.
-
To facilitate a smooth transfer of assets, designate named beneficiaries on insurance policies, retirement funds, and other accounts.
1. Inventory Your Assets
L3Harris employees should begin by listing all tangible assets. This includes items such as your house, vehicles, tools, jewelry, and personal collections. Don’t forget items of sentimental value like family heirlooms and photo albums.
2. Keep Records of Your Intangible Assets
Beyond physical possessions, L3Harris retirees should gather documentation for 401k accounts, IRAs, life insurance, and L3Harris benefit accounts. Include institution names, account numbers, and storage locations for any paper documents.
3. Compile a Debt List
List your outstanding debts such as mortgages, credit cards, HELOCs, and personal loans. Include all necessary details so your estate administrator can quickly identify and resolve any liabilities.
4. Create a Membership List
Whether you’re part of L3Harris alumni associations or other organizations, list all affiliations that could provide life insurance, survivor benefits, or charitable giving connections.
5. Make Copies of the Lists You Have
Keep at least three copies: one for yourself, one for your estate administrator, and one in a secure location such as a fireproof safe or safe deposit box. L3Harris’s employee resource centers may offer guidance on document storage.
6. Examine Your Retirement Funds
L3Harris offers a variety of retirement plans. Confirm that your 401k, pension plans, and life insurance policies have updated and correct beneficiaries, especially after life events like marriage or divorce.
7. Revisit Your Policy
Review annuity and insurance policies to make sure your heirs receive benefits without delays. L3Harris life insurance plans may be a key part of your legacy, so keeping this documentation up to date is critical.
8. Permit Designations for “Transfer on Death”
For L3Harris employees with brokerage or savings accounts, designating a TOD beneficiary can reduce the burden of probate. This applies to certain accounts depending on your state’s laws.
9. Select a Trustworthy Estate Administrator
Choose a dependable person who can handle the complexity of your estate. For L3Harris employees, this might be someone familiar with handling corporate benefits and related tax forms.
10. Write Your Will
Draft a will that covers distribution of your assets, guardianship of minor children, and care of pets. A clearly written will is essential in avoiding confusion, especially when L3Harris retirement benefits are involved.
11. Examine Your Documents Frequently
Revisit your estate documents at least every two years or after major life changes to make sure they align with your current financial and family situation.
12. Make a Copy for Your Administrator
Make sure your estate administrator has access to the original will and is informed of its location. Only the original can be submitted to probate court.
13. Speak with a Financial Planner or Estate Attorney
In addition to speaking with any retirement advisor provided by L3Harris, take time to consult with an independent estate attorney to assess your unique family, financial, and tax planning needs.
14. Simplify Your Finances
L3Harris retirees often accumulate multiple retirement accounts from past employers. Consolidating them into one IRA can make future management more efficient.
15. Complete Any Other Vital Records
Documents like a durable power of attorney and a health care proxy allow decisions to be made on your behalf by someone you trust. L3Harris resources may help guide employees to legal support services for drafting these forms.
16. Make Use of College Funding Accounts
If you wish to help your grandchildren, setting up a 529 plan can benefit them while also helping reduce your taxable estate. Many L3Harris employees use these tools to support the next generation.
Typical Errors in Estate Planning
Failing to plan altogether is a major error. Not naming contingent beneficiaries or neglecting to update documents after major life events can create confusion and delay. L3Harris employees should take care to communicate their wishes clearly and review documentation often.
The Dangers of Living Without an Estate Plan
Without a clear estate plan, your assets could be tied up in probate. This process may delay access to L3Harris retirement benefits and increase legal costs for your heirs.
The Bottom Line
Though estate planning can seem overwhelming, especially for long-tenured L3Harris employees with layered benefits, starting now offers peace of mind. Early planning helps reduce future complications, allows for thoughtful giving, and helps preserve your legacy.
According to a 2020 study from the National Institute on Aging , nearly 70% of Americans over age 65 will require long-term care. These costs can significantly reduce a retirement estate. Including long-term care insurance in your planning helps manage these risks and preserve your lifestyle and legacy.
Conclusion
Use this checklist to build a solid estate plan. From naming beneficiaries and cataloging your assets to preparing legal documents and discussing end-of-life preferences, every detail matters. Estate planning is like preparing for a major expedition—you want the right gear, a clear path, and a well-considered map. Thoughtful preparation today means fewer detours for your loved ones tomorrow.
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Segal, Troy. 'Estate Planning: 16 Things to Do Before You Die.' Investopedia , 16 Jan. 2025, https://www.investopedia.com/articles/retirement/10/estate-planning-checklist.asp .
2. 'Estate Planning Checklist.' Charles Schwab , https://www.schwab.com/estate-planning/estate-planning-checklist .
3. 'Estate Planning Checklist: Five Tasks to Prioritize.' Kiplinger , https://www.kiplinger.com/retirement/estate-planning/602219/estate-planning-checklist-5-tasks-to-do-now-while-youre-still .
4. 'Estate Planning Mistakes to Avoid for Retirees and Pre-Retirees.' Goldstone Financial Group , https://www.goldstonefinancialgroup.com/essential-estate-planning-mistakes-to-avoid-for-retirees .
5. 'Estate Planning Checklist: 7 Key Steps To Making A Successful Plan.' Bankrate , https://www.bankrate.com/retirement/estate-planning-checklist .
What specific factors should L3Harris Technologies employees consider when determining the most suitable form of pension benefit at retirement? Employees of L3Harris Technologies may have various options, such as life annuities, contingent annuities, and lump-sum payouts. Understanding the implications of each option, including tax treatments and benefit guarantees, can be crucial in making a decision that aligns with long-term financial goals. It is also important to consider how the selected form may affect survivor benefits and overall retirement income planning.
Pension Options at Retirement: L3Harris Technologies employees have various pension benefit options to consider at retirement, such as life annuities, contingent annuities, and lump-sum payouts(L3Harris Technologies I…). Each option has different tax treatments, survivor benefits, and guarantees. For example, selecting a life annuity ensures a fixed monthly payment for life, while a lump-sum payout might offer more flexibility but comes with immediate tax implications. Employees should evaluate how each option aligns with their long-term financial goals and whether it provides adequate survivor protection for dependents(L3Harris Technologies I…).
How does L3Harris Technologies determine eligibility for early retirement, and what implications does this have for pension benefits? Employees should familiarize themselves with the criteria for qualifying for early retirement, including age and service requirements. Additionally, understanding the benefits that are available should retirement occur before the standard retirement age can affect financial planning, as these benefits can differ significantly from those available at normal retirement age due to reduction factors or penalties.
Early Retirement Eligibility: L3Harris Technologies determines eligibility for early retirement based on age and years of service. Employees may qualify for early retirement if they are at least 55 years old and have completed 10 years of service(L3Harris Technologies I…). Opting for early retirement can result in a reduced pension benefit due to the longer payment period. These reductions, known as early retirement penalties, affect financial planning since the payout is lower compared to waiting until the normal retirement age(L3Harris Technologies I…).
In what ways do the pension formulas at L3Harris Technologies differ, and how can employees assess which plan is most advantageous for their retirement? Employees participating in the L3Harris pension plan can choose between different formulas, such as the Traditional Pension Plan and the Pension Equity Plan. Assessing which formula may yield higher benefits involves understanding the benefits calculation processes, including how each formula accounts for years of service, salary history, and participation criteria, which can significantly impact total retirement income.
Pension Formulas: L3Harris employees can choose between different pension formulas, such as the Traditional Pension Plan and Pension Equity Plan(L3Harris Technologies I…). The Traditional Plan is based on years of service and final average pay, while the Pension Equity Plan uses a lump-sum formula that accrues value over time. Understanding how each formula calculates benefits is essential for employees to determine which plan will provide higher retirement income, depending on their service years and salary history(L3Harris Technologies I…).
How should L3Harris Technologies employees prepare for the selection of a beneficiary, and what are the potential impacts on their pension benefits? Selecting a beneficiary is an important component of retirement planning. Employees at L3Harris Technologies must understand the implications that come with adding a spouse or other individuals as beneficiaries, including the effect on benefit amounts and how beneficiary selection can influence survivor payouts. Moreover, they should familiarize themselves with the requirements for updating beneficiary information and the legal implications of such designations.
Beneficiary Selection: Choosing a beneficiary is a crucial step for L3Harris employees. Adding a spouse or another individual as a beneficiary may reduce the employee's pension benefit but ensures that a portion of the pension continues after the employee's death(L3Harris Technologies I…). Employees should be aware of the survivor benefit provisions, spousal consent requirements, and the need to regularly update their beneficiary information(L3Harris Technologies I…).
What procedures must L3Harris Technologies employees follow to appeal a denied pension benefit claim, and what timelines should they be aware of? Employees should be well-informed about the steps involved in the appeals process for denied claims, including how and when to file an appeal and the importance of providing adequate documentation. Understanding the statutes of limitations related to claims and appeals can significantly influence the outcomes for employees seeking to reinstate or secure their benefits.
Appealing Denied Claims: L3Harris Technologies employees must follow a formal process to appeal denied pension benefit claims(L3Harris Technologies I…). The process includes submitting an appeal within a specific timeframe and providing supporting documentation. It is important to be familiar with the statute of limitations and administrative remedies to ensure the best chance of success when appealing a decision(L3Harris Technologies I…).
How does L3Harris Technologies handle survivor benefits, and what actions should employees take to ensure that their surviving spouses or partners have access to these benefits? Understanding the components of survivor benefits at L3Harris Technologies is crucial. Employees should learn about the eligibility of their spouses or partners following their death, the type of benefits due, and any actions required to secure these benefits. Familiarity with the plan’s rules surrounding survivor benefits and timelines for elections can also affect the financial security of beneficiaries.
Survivor Benefits: L3Harris offers survivor benefits to spouses or designated beneficiaries(L3Harris Technologies I…). Employees must ensure that their spouse or partner is properly designated to receive these benefits, which may involve selecting an annuity option that provides continued payments to the survivor. Understanding the timelines for making these elections and the rules governing survivor benefits is crucial for securing financial support for loved ones(L3Harris Technologies I…).
What resources are available for L3Harris Technologies employees for receiving personalized retirement counseling, and how can these resources aid in making informed financial decisions? Employees may benefit from accessing professional counseling services or informational resources provided by L3Harris Technologies. These resources can include individual retirement planning sessions that help employees align their pension benefits with their overall retirement strategy, ensuring that they utilize their benefits effectively and are informed about their options.
Retirement Counseling Resources: L3Harris provides personalized retirement counseling services to assist employees with their pension and retirement planning(L3Harris Technologies I…). These resources include individual sessions to discuss how pension benefits fit into overall retirement strategies. By leveraging these services, employees can make well-informed decisions about their financial future(L3Harris Technologies I…).
How can employees of L3Harris Technologies find out more about their eligibility for the Cash Balance Plan and the advantages of this plan over traditional pension formulas? Employees should research what defines an "active Cash Balance Plan Participant" as well as the benefit calculations associated with it. Investigating the elements that set this type of plan apart—specifically regarding lump-sum distributions and the ability to track benefits—can better inform employees about the potential advantages for their future retirement income.
Cash Balance Plan: Employees interested in the Cash Balance Plan can research its advantages over traditional pension formulas. The Cash Balance Plan allows for lump-sum distributions and provides clear benefit tracking, which can be more appealing to employees looking for flexibility and control over their retirement funds(L3Harris Technologies I…).
What impact do potential changes to the L3Harris Technologies pension plan have on current employees, and what steps should they take to stay informed about such changes? Employees should remain vigilant regarding any amendments to the pension plan that could influence their retirement benefits. This includes understanding their rights under ERISA and staying engaged with communication from L3Harris regarding plan updates, ensuring that they are equipped to make timely decisions based on the latest information.
Plan Changes: L3Harris employees should stay updated on any changes to the pension plan, which could impact their benefits(L3Harris Technologies I…). Monitoring communications from the company and understanding their rights under ERISA is essential to making timely decisions based on new plan terms or amendments(L3Harris Technologies I…).
How can employees of L3Harris Technologies contact the Benefits Service Center to address specific questions regarding their pension plan or retirement strategy? It is essential for employees seeking clarity on their pension benefits or retirement planning to know how to reach out to the L3Harris Benefits Service Center. This center acts as a vital resource, and understanding its operations—including contact times, methods of contact, and the types of inquiries that can be addressed—will enable employees to receive the guidance they need regarding their benefits.
Benefits Service Center: L3Harris employees can contact the Benefits Service Center for any questions regarding their pension or retirement strategy. The center provides assistance with understanding pension benefits, resolving issues, and addressing specific inquiries related to retirement planning(L3Harris Technologies I…)(L3Harris Technologies I…).
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)