Discover the Top Retirement Destinations for Evergy 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 Evergy. 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 Evergy 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 Evergy, 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 Evergy 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 Evergy 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 Evergy , 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 Evergy 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 is the purpose of Evergy's 401(k) Savings Plan?

The purpose of Evergy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their income.

How can I enroll in Evergy's 401(k) Savings Plan?

You can enroll in Evergy's 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for enrollment instructions.

What types of contributions can I make to Evergy's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to Evergy's 401(k) Savings Plan.

Does Evergy offer a company match for contributions made to the 401(k) Savings Plan?

Yes, Evergy offers a company match on employee contributions to the 401(k) Savings Plan, which helps enhance your retirement savings.

What is the vesting schedule for the company match in Evergy's 401(k) Savings Plan?

The vesting schedule for the company match in Evergy's 401(k) Savings Plan typically follows a graded vesting schedule, which means you earn ownership of the match over a period of time.

How often can I change my contribution amount to Evergy's 401(k) Savings Plan?

You can change your contribution amount to Evergy's 401(k) Savings Plan at any time, subject to the plan's rules and limits.

Are there any fees associated with Evergy's 401(k) Savings Plan?

Yes, there may be administrative fees associated with Evergy's 401(k) Savings Plan, which are disclosed in the plan documents provided to employees.

What investment options are available in Evergy's 401(k) Savings Plan?

Evergy's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How can I access my account information for Evergy's 401(k) Savings Plan?

You can access your account information for Evergy's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.

Can I take a loan from my Evergy 401(k) Savings Plan?

Yes, Evergy's 401(k) Savings Plan allows participants to take loans under certain conditions, subject to the plan's rules and limits.

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

For Evergy, the company offers both a pension plan and a 401(k) plan for its employees. The Evergy pension plan, often referred to as the defined benefit plan, requires employees to meet certain years of service and age qualifications to become eligible. The pension formula is based on the final average pay and years of service, which is typical for defined benefit plans. Non-union employees are generally enrolled in the 401(k) plan, which includes company matching contributions. The Evergy 401(k) Savings Plan, established in 1988, is the primary retirement savings option for non-union employees, while some union employees may still have access to a traditional pension plan. The specific eligibility, contribution limits, and matching details are provided in the company’s benefits documentation, typically through internal HR portals or detailed benefits guides.

Restructuring and Layoffs: Evergy announced a restructuring plan in early 2024 aimed at optimizing its operational efficiency. The plan included a reduction of approximately 5% of its workforce across various departments. This move was intended to streamline operations and reduce costs amid fluctuating energy prices and regulatory changes. Source: Bloomberg

Evergy grants stock options and RSUs as part of its employee compensation package. According to Evergy's 2022 Annual Report (Source: Evergy 2022 Annual Report, Page 45), stock options are typically offered to senior executives and key employees. RSUs are also granted to attract and retain talent, with specific vesting schedules outlined in the report. Evergy utilizes stock options and RSUs to align employee interests with company performance. The 2022 Compensation Disclosure (Source: Evergy 2022 Proxy Statement, Page 32) details that stock options are granted at an exercise price equal to the fair market value on the grant date. RSUs are granted based on performance metrics and time-based vesting criteria. In 2023, Evergy continued to offer stock options and RSUs as part of its compensation strategy. According to the 2023 Annual Report (Source: Evergy 2023 Annual Report, Page 50), stock options are given to senior management and high-performing employees. RSUs are awarded based on individual and company performance metrics.

Evergy offers a comprehensive health benefits package designed to support the well-being of its employees and their families. Their benefits include a choice of medical, dental, and vision plans, as well as life and accident insurance, long-term disability, and flexible spending accounts for medical and dependent care. The medical plans are administered through Blue Cross Blue Shield of Kansas City, and Evergy also offers SavRx for union employees as a pharmacy benefit plan (evergy.com) (Evergy | Newsroom). Specific healthcare-related acronyms used by Evergy include FSA (Flexible Spending Account) and HSA (Health Savings Account), both of which allow employees to set aside pre-tax dollars for medical expenses. Evergy’s health benefits include paid parental leave, which is part of their broader focus on work-life balance (evergy.com).

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For more information you can reach the plan administrator for Evergy at , ; or by calling them at .

https://www.thelayoff.com/#google_vignette https://finance.yahoo.com/ https://www.bloomberg.com/asia https://www.reuters.com/ https://www.cnbc.com/world/?region=world https://www.ft.com/