Healthcare Provider Update: Healthcare Provider for Hanesbrands: Hanesbrands Inc. typically offers health insurance to its employees through a network of major providers, including companies like UnitedHealthcare, Cigna, and Anthem Blue Cross Blue Shield, depending on the specific plan chosen by the company for its workforce. Potential Healthcare Cost Increases in 2026: As the landscape of healthcare evolves, Hanesbrands may face significant increases in healthcare costs in 2026, primarily driven by rising insurance premiums. Reports indicate that insurance premiums for Affordable Care Act (ACA) plans could surge by an average of 18% to 20%, with some states projecting hikes as high as 66%. The expiration of enhanced federal subsidies is expected to exacerbate the financial strain, potentially leaving over 22 million enrollees facing exorbitant increases in out-of-pocket expenses. Without legislative measures to extend these subsidies, many employees could see their healthcare costs skyrocket, which could significantly impact employee wellness and workforce stability. Click here to learn more
More and more Hanesbrands employees are investing in their futures through 401(k) plans. Hanesbrands employees who participate in 401(k) plans assume responsibility for their retirement income by contributing part of their salary and, in many instances, by directing their own investments.
As a Hanesbrands employee, if you are among those who direct your investments, you will need to consider the investment objectives, the risk and return characteristics, and the performance over time of each investment option offered by your plan. Fees and expenses are one of the factors that will affect your investment returns and will impact your retirement income. This article will outline some of the major factors that may impact the severity of fees relating to your Hanesbrands 401(k) plan:
'Fees and expenses are one of the factors that will affect your investment returns and will impact your retirement income.' |
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Funds that are “actively managed” (i.e., funds with an investment adviser who continually researches, monitors, and actively trades the holdings of the fund to seek a higher return than the market) generally have higher fees. The higher fees are associated with the more active management provided and sales charges from the higher level of trading activity. As a Hanesbrands employee, you may want to consider how while actively managed funds seek to provide higher returns than the market, neither active management nor higher fees necessarily guarantee higher returns.
Funds that are “passively managed” generally have lower management fees. Passively managed funds seek to obtain the investment results of an established market index, such as the Standard and Poor’s 500, by duplicating the holdings included in the index. Thus, passively managed funds require little research or trading activity. For Hanesbrands employees, it is worthy to account for the information when deciding who will manage your funds, and if their rates are adequate for the services provided.
If the services and investment options under your plan as a Hanesbrands employee are offered through a bundled program, then some or all of the costs of plan services may not be separately charged to the plan or to your employer. For example, these costs possibly may be subsidized by the asset-based fees charged on investments. Compare the services received in light of the total fees paid.
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Plans with more total assets may be able to lower fees by using special funds or classes of stock in funds, which generally are sold to larger group investors. “Retail” or “brand name” funds, which are also marketed to individual and small group investors, tend to be listed in the newspaper daily and typically charge higher fees. As a Hanesbrands employee, you should inform your employer of your preference.
Optional features, such as participant loan programs and insurance benefits offered under variable annuity contracts, involve additional costs. Consider whether they have value to you as a Hanesbrands employee. If not, let your employer know.
Retirement plans, such as 401(k) plans, are group plans. For those working in Hanesbrands, your employer may not be able to accommodate each employee’s preferences for investment options or additional services.
What is the Hanesbrands 401(k) Savings Plan?
The Hanesbrands 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth (after-tax) basis.
How can I enroll in the Hanesbrands 401(k) Savings Plan?
Employees can enroll in the Hanesbrands 401(k) Savings Plan by accessing the enrollment portal provided by the company, typically available during the onboarding process or during open enrollment periods.
What types of contributions can I make to the Hanesbrands 401(k) Savings Plan?
Hanesbrands employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are over the age of 50.
Does Hanesbrands offer a company match for the 401(k) contributions?
Yes, Hanesbrands offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the vesting schedule for the Hanesbrands 401(k) company match?
The vesting schedule for the Hanesbrands 401(k) company match typically follows a specific timeline, where employees earn ownership of the matched contributions over a set period.
Can I take a loan from my Hanesbrands 401(k) Savings Plan?
Yes, Hanesbrands allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits set by the plan.
What investment options are available in the Hanesbrands 401(k) Savings Plan?
The Hanesbrands 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How can I change my contribution percentage to the Hanesbrands 401(k) Savings Plan?
Employees can change their contribution percentage by logging into the Hanesbrands 401(k) portal and selecting the option to update their contribution rate.
What happens to my Hanesbrands 401(k) Savings Plan if I leave the company?
If you leave Hanesbrands, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.
How often can I change my investment choices in the Hanesbrands 401(k) Savings Plan?
Employees can typically change their investment choices in the Hanesbrands 401(k) Savings Plan at any time, subject to the plan's trading policies.