Discover the Top Retirement Destinations for Delek US Holdings Employees in 2023: Where to Thrive After Your Career

Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in Delek US Holdings. With that under consideration, it is imperative to acknowledge that retirement does not necessarily have equal value across state lines. One’s state of residency determines their taxes, cost of living, and climate, making some locations more desirable and fitting for retirement to certain Delek US Holdings employees. In addition, income and purchasing power can have different values in various locations of the country. For the purpose of this article, we will be ranking the top states that are ideal for retirement.

For those employed in Delek US Holdings, spontaneously moving to a different country with desirable characteristics for retirement may seem appealing. Despite that, it is crucial to consider working with a financial advisor to increase your likelihood of success and consolidate a solid financial plan that will cater to your retirement needs. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement . ¹ When taking that into account, those working for Delek US Holdings may benefit from meeting with an advisor at The Retirement Group and running a complimentary cash flow analysis to better understand their future prospects for retirement.

Best States for Minimizing Taxes in Retirement

When contemplating a comfortable retirement, those employed in Delek US Holdings must recognize how reducing tax liability is a top priority. The following states listed below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. These states also have no state income tax, and favorable sales, property, inheritance, and estate taxes.

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Alaska

Florida

Georgia

Mississippi

Nevada

South Dakota

Wyoming

As an employee of Delek US Holdings , if those states aren’t appealing to you, you may want to consider the subsequent tier of states with reduced taxation. While the tax benefits aren’t up to par with the ones mentioned above, these following states have no taxes on social security income. As an example, Washington has no state income tax but has a 6.5% state sales tax. With that under consideration, while it is essential for Delek US Holdings employees to look into the pros and cons of taxation when considering retirement in another state, finding a home that is suitable and comfortable for your needs is of utmost importance as well.

Alabama
Arkansas

Colorado

Delaware

Idaho

Illinois

Kentucky

Louisiana

Michigan

New Hampshire

Oklahoma

Pennsylvania

South Carolina

Tennessee

Texas

Virginia

Washington

West Virginia

Reference(s):

https://magazine.northeast.aaa.com/daily/money/retirement/the-true-cost-of-a-financial-advisor-revealed/#:~:text=Still%2C%20research%20suggests%20people%20who,an%20advisor%20over%2025%20years .

What type of retirement plan does Delek US Holdings offer to its employees?

Delek US Holdings offers a 401(k) retirement savings plan to its employees.

How can employees of Delek US Holdings enroll in the 401(k) plan?

Employees of Delek US Holdings can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Delek US Holdings match employee contributions to the 401(k) plan?

Yes, Delek US Holdings provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the 401(k) plan at Delek US Holdings?

The maximum contribution limit for the 401(k) plan at Delek US Holdings follows the IRS guidelines, which can change annually. Employees should check the current limits each year.

Can employees of Delek US Holdings take loans against their 401(k) savings?

Yes, Delek US Holdings allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

What investment options are available in the Delek US Holdings 401(k) plan?

The 401(k) plan at Delek US Holdings offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

How often can employees change their contribution amounts to the Delek US Holdings 401(k) plan?

Employees of Delek US Holdings can change their contribution amounts to the 401(k) plan on a quarterly basis, or as specified in the plan documents.

Is there a vesting schedule for the employer match in the Delek US Holdings 401(k) plan?

Yes, Delek US Holdings has a vesting schedule for the employer match, which determines how much of the matched contributions employees are entitled to based on their length of service.

What happens to the 401(k) plan if an employee leaves Delek US Holdings?

If an employee leaves Delek US Holdings, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.

Can employees of Delek US Holdings access their 401(k) funds while still employed?

Employees of Delek US Holdings may be able to access their 401(k) funds through hardship withdrawals, depending on the circumstances and the plan’s rules.

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

Delek US Holdings offers a 401(k) plan for its employees with several features aimed at enhancing retirement savings. Employees are eligible for the company 401(k) plan, which allows them to make pre-tax contributions from their salary. The contribution limits follow the IRS guidelines, which increased to $22,500 for 2023 and $23,000 for 2024. Delek provides a matching contribution up to a specific percentage, although details on the precise matching percentage for 2022-2024 were not readily available. Their 401(k) plan is known to include options for traditional and Roth 401(k) contributions, giving employees flexibility in how they save for retirement. Employees are typically eligible for this plan from the start of employment (SEC.gov) (SEC.gov). For pensions, Delek US Holdings does not offer a traditional defined benefit pension plan to all employees but focuses on their defined contribution 401(k) plan instead. This structure is more common in modern corporate retirement offerings, especially in the refining and logistics sectors. Their focus is on matching contributions and enhancing the overall retirement package through the 401(k) system

Delek US Holdings Restructuring and Layoffs: In early 2024, Delek US Holdings announced a significant restructuring initiative aimed at streamlining its operations. This move includes a reduction in workforce by approximately 10% across its various divisions. The company stated that these layoffs are part of a broader effort to enhance operational efficiency and align with its strategic goals in a challenging economic environment. Importance: Given the current economic uncertainties, such as fluctuating oil prices and geopolitical tensions, it is crucial for employees and stakeholders to stay informed about these changes. The restructuring could impact job security, benefits, and future company performance, making it essential to monitor how these developments unfold.

Delek US Holdings offers a range of stock options and Restricted Stock Units (RSUs) through its long-term incentive plans, primarily focused on motivating key employees and aligning their interests with shareholders. These awards are part of the company’s broader equity incentive plan, which was initially approved in 2017 and updated in 2018. The RSUs and stock options are granted under the Delek US Holdings Equity Incentive Plan and are designed to promote long-term commitment and performance. In 2022, 2023, and 2024, eligible employees received these awards based on their role and performance, with awards vesting over a period of four years. The stock options are tied to the company’s Class A common stock, while performance share units (PSUs) and performance units (PUs) are aligned with total shareholder return (TSR) relative to industry peers.

Health Benefits Overview: Delek US Holdings’ official website provides a broad overview of their benefits package. Key elements often include medical, dental, and vision insurance, health savings accounts (HSAs), flexible spending accounts (FSAs), and wellness programs. Recent Updates: The website may have recent updates about changes in healthcare plans or enhancements in coverage for 2023 or 2024.

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For more information you can reach the plan administrator for Delek US Holdings at 7102 Commerce Way Brentwood, TN 37027; or by calling them at (615) 771-6701.

https://www.thelayoff.com/ https://finance.yahoo.com/ https://www.reuters.com/ http://ww1.jnjbenefits.com/lander https://delekus.com/