New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Moving for Retirement? Key State Tax Insights for EPAM Systems Employees

Healthcare Provider Update: Healthcare Provider for EPAM Systems EPAM Systems primarily partners with large health insurers, but specific healthcare providers may vary depending on the regional office and employee benefits package they offer. Typically, recognized national insurers such as UnitedHealthcare, Anthem, and Cigna are among those involved in providing healthcare coverage to EPAM Systems employees. Potential Healthcare Cost Increases in 2026 As 2026 approaches, EPAM Systems employees should prepare for potential healthcare cost increases, significantly influenced by the anticipated rise in Affordable Care Act (ACA) premiums. States may see hikes upwards of 60%, with many large insurers adjusting their rates to counteract escalating medical expenses and the possible expiration of federal premium subsidies. Without these subsidies, over 22 million participants could face out-of-pocket premium increases of over 75%. Consequently, employees at EPAM Systems could find themselves absorbing a larger share of healthcare costs, prompting the need for proactive planning and informed decision-making regarding their healthcare benefits. Click here to learn more

'EPAM Systems employees weighing a move in retirement should look beyond just income tax and consider the full state tax landscape to support smarter long-term planning,'—Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'EPAM Systems employees exploring relocation in retirement can benefit from understanding how different state tax rules may influence everyday expenses and long-term goals,'—Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How moving to a new state may influence income taxes in retirement.
The effect property and sales taxes can have on long-term living expenses.
Why estate and inheritance taxes matter for legacy planning.

Potential tax implications of moving

If you are thinking of moving to a new state when you retire, there are several factors to consider in advance. Beyond determining if the location suits your needs and lifestyle, it's important to find out how much you will owe in state taxes. That's because both your short- and long-term living expenses can be influenced by property and sales taxes. Additionally, certain states have estate and inheritance taxes that may affect your legacy planning.

Even if you plan to move to a state with no income tax after retiring from EPAM Systems, look closely at the full tax landscape before making the leap. In truth, income tax is just one piece of a larger equation. Here are four core tax categories to keep in mind:

1. Income taxes

As of 2025, wage income is not taxed at the state level in nine U.S. states: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. This can make these states attractive to EPAM Systems retirees who anticipate earning a higher income even after retirement.

If you plan to meet most of your income needs from pensions, traditional IRAs, and employer retirement plans, this income is generally subject to federal taxes and may be subject to state taxes. That said, most states do not tax Social Security benefits. Be sure to check if that's true in the state you'd like to move to. There are still nine states that impose income tax on Social Security, although they typically also offer exemptions or credits based on your income level. ¹

Comparing estimated state and federal taxes on retirement withdrawals can help clarify how your income could differ depending on where you live. State rules, exemptions, and formulas can vary widely.

2. Property tax

Property tax costs differ greatly depending on where you live. New Jersey, for instance, has an effective property tax of 2.23%, while Hawaii's property tax is only 0.27%. ² According to the U.S. Census Bureau, the national average is 1.02%. ³

In some states, eligible homeowners could see cost reductions through age-based or homestead exemptions. However, this is not universally true. This makes it important to understand the property tax landscape in advance of making any moves. Location and real estate values will heavily influence your total housing-related expenses in retirement.

3. Sales tax

Sales taxes can shape everyday spending, especially for retirees living on fixed income sources of revenue. As of 2025, 45 states impose a statewide sales tax, and 38 states have additional local sales taxes levied by counties or municipalities. ⁴ While exemptions for items like groceries or clothing may exist, they vary widely between states. And these exemptions typically do not mitigate sales taxes on other items, which average 7.52% nationwide. ⁴ Even in places without income taxes, the combined sales tax burden can noticeably impact the cost of living.

4. Inheritance and estate taxes

Other taxes you should consider before moving include those levied on estates and inheritances. These can be crucial as they may influence how much your heirs ultimately receive.

In addition to federal estate tax, 12 states and the District of Columbia impose estate taxes and five states levy inheritance taxes. And then there's Maryland, the only state that charges both. ⁵

Before relocating, be sure to review estate tax laws in both your current and future state of residence since rules and thresholds differ.

The bottom line

Taxes are only one piece of the cost-of-living puzzle. Housing, health care, and insurance may also factor heavily into retirement planning for those leaving the EPAM Systems workforce.

Taking a full view of a state’s tax environment can help you make sound, well-considered choices. Working with a financial planner or tax professional can help you evaluate how a move could influence your income, assets, and long-term goals.

Want help analyzing your retirement move?

The Retirement Group can help you explore how taxes and benefits might shape your retirement income and relocation decisions.

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Sources:

1. Fidelity. ' Is Social Security still taxable? ' by Fidelity Viewpoints. 2025.

2. Rocket Mortgage. ' Property taxes by state: Ranked from highet to lowest in 2025 ,' by Joel Reese. September 12, 2025.

3. USA Today. ' These states have the highest property taxes ,' by Sara Chernikoff. July 18, 2024.

4. Tax Foundation. ' State and Local Sales Tax Rates, Midyear 2025 ,' by Jared Walczak. July 8, 2025.

5. Tax Foundation. ' Estate and Inheritance Taxes by State, 2025 ,' by Katherine Loughead. Oct. 28, 2025.

Other Resources:

1. Markowitz, Andy. “ Taxes on Social Security Are Based on Your Income .” AARP , 16 Apr. 2025, updated 12 Aug. 2025, www.aarp.org/social-security/retirement/federal-income-taxes/ .

2. “ Thinking of Moving to Another State? Before You Pack, Understand How Taxes Could Affect Your Finances .” Fidelity Viewpoints , 16 Oct. 2025, www.fidelity.com/learning-center/personal-finance/moving-to-another-state-taxes .

3. TurboTax Editorial Team. “ 9 States with No Income Tax .” Intuit TurboTax , 21 Sept. 2025, turbotax.intuit.com/tax-tips/fun-facts/9-states-with-no-income-tax/c9RZgthD3/.

4. “ How Do State and Local Estate and Inheritance Taxes Work? ” Urban-Brookings Tax Policy Center , Updated Jan. 2024, taxpolicycenter.org/briefing-book/how-do-state-and-local-estate-and-inheritance-taxes-work.

5. “ Property Tax Exemptions .” Texas Comptroller of Public Accounts , n.d., comptroller.texas.gov/taxes/property-tax/exemptions/.

What retirement savings options does EPAM Systems offer to its employees?

EPAM Systems offers a 401(k) plan as a primary retirement savings option for its employees.

Does EPAM Systems match employee contributions to the 401(k) plan?

Yes, EPAM Systems provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.

What is the eligibility requirement to participate in the EPAM Systems 401(k) plan?

Employees of EPAM Systems are eligible to participate in the 401(k) plan after completing a specified period of employment, typically within the first year.

How can employees at EPAM Systems enroll in the 401(k) plan?

Employees at EPAM Systems can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What types of investment options are available in the EPAM Systems 401(k) plan?

The EPAM Systems 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds.

Can employees at EPAM Systems take loans against their 401(k) savings?

Yes, EPAM Systems allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What is the vesting schedule for EPAM Systems’ 401(k) matching contributions?

The vesting schedule for EPAM Systems’ 401(k) matching contributions typically follows a graded vesting schedule, which employees can review in the plan documents.

How often can employees at EPAM Systems change their 401(k) contribution amounts?

Employees at EPAM Systems can change their 401(k) contribution amounts during designated enrollment periods or as specified by the plan guidelines.

What happens to the 401(k) plan if an employee leaves EPAM Systems?

If an employee leaves EPAM Systems, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the EPAM Systems plan if allowed.

Are there any fees associated with the EPAM Systems 401(k) plan?

Yes, the EPAM Systems 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

EPAM Systems provides a 401(k) plan that was established in 2006. By the end of 2022, the EPAM Systems, Inc. 401(k) Plan had total assets of $258,770,185 with 4,037 participants. On average, participants had an account balance of $64,099. The plan includes automatic enrollment, meaning that employee contributions are deducted directly from payroll unless employees opt out. Additionally, EPAM Systems offers a self-directed brokerage option, allowing employees to invest part of their account as they see fit. The company matches approximately 47.93% of employee contributions, with an average employer match of $4,967 per participant in 2022. The 401(k) plan is a critical component of EPAM Systems' employee benefits package, reflecting their focus on long-term financial planning for their employees. In terms of their pension plan, EPAM Systems does not provide detailed public information about a specific pension formula or defined benefit plan in the same manner they outline their 401(k) offering. However, based on their comprehensive 401(k) plan, it is clear that the company emphasizes retirement planning through this mechanism.

Layoffs: In early 2024, EPAM Systems announced a reduction in its workforce by approximately 4% globally. This decision was influenced by a slowdown in demand for its services, which is part of a broader trend affecting the tech sector. The company indicated that the layoffs were a strategic move to align its workforce with the current economic conditions and client needs. Benefits and Pension Changes: EPAM Systems has also made adjustments to its employee benefits program, including modifications to its 401(k) matching contributions and changes to pension plan options. These changes are intended to better manage the company’s financial resources in light of current economic uncertainties. Given the volatile economic climate and evolving tax policies, staying updated on these changes is crucial for employees to make informed financial decisions.

EPAM Systems offers stock options (SO) and Restricted Stock Units (RSUs) as part of their employee compensation package. SO allows employees to purchase company stock at a set price, while RSUs grant employees company shares after certain conditions are met. These benefits are typically available to senior employees and key contributors.

Company’s Official Website: Check EPAM Systems' official site for their latest health benefits information. Health Benefits Information: Plan Types: Details on the types of health plans offered (e.g., PPO, HMO). Coverage Details: Information on coverage for medical, dental, vision, mental health, etc. Acronyms and Terms: Specific healthcare-related terms and acronyms used by EPAM Systems.