Discover the Top Retirement Destinations for Leggett & Platt Employees in 2023: Where to Thrive After Your Career
Healthcare Provider Update: Healthcare Provider for Leggett & Platt:
Leggett & Platt typically offers health benefits through major insurance providers, with Aetna being one of the key healthcare partners. Aetna provides a range of health and wellness solutions for its employees, ensuring access to healthcare services and support.
Potential Healthcare Cost Increases in 2026:
The healthcare landscape is bracing for significant premium hikes in 2026, driven by a convergence of factors including rising medical costs and the potential expiration of enhanced ACA premium subsidies. Reports indicate that ACA marketplace premiums could surge by as much as 75% for many enrollees, with certain states anticipating increases exceeding 60%. This scenario is compounded by large insurers filing for substantial rate increases, leading to not only a financial hit for consumers but also raising concerns over access to affordable healthcare coverage. As companies like Leggett & Platt navigate these impending cost escalations, both employers and employees will need to strategize and adapt to maintain care affordability amidst these challenges.
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Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in Leggett & Platt. 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 Leggett & Platt 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 Leggett & Platt, 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 .
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When taking that into account, those working for Leggett & Platt 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 Leggett & Platt 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.
As an employee of Leggett & Platt , 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 Leggett & Platt 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.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
For Leggett & Platt, I have found specific details about the company's pension and 401(k) plans during 2022, 2023, and 2024. Leggett & Platt offers both a defined benefit pension plan and a 401(k) savings plan for their employees. The pension plan, known as the Defined Benefit Pension Plan, calculates benefits based on years of service and final average pay. Employees become vested in the pension after five years of service. The retirement age for full benefits is typically 65, though early retirement options with reduced benefits may be available starting at age 55. The pension benefit formula considers a percentage of the employee's highest consecutive five years of earnings multiplied by the years of credited service. For instance, the maximum benefit payable by Leggett & Platt’s defined benefit pension plan in 2022 was capped at $245,000 annually, and it increased to $265,000 in 2023 and $275,000 in 2024.
In addition to the pension plan, Leggett & Platt offers a 401(k) plan called the Leggett & Platt Employee 401(k) Plan. Employees can contribute to the plan, with the company matching a portion of the contributions. The 401(k) plan allows participants to defer part of their salary pre-tax or post-tax into investment options provided by the plan. In 2022, the employee contribution limit for 401(k) plans was $20,500, which increased to $22,500 in 2023 and $23,000 in 2024. Employees over age 50 are eligible for catch-up contributions, which were $6,500 in 2022 and 2023 and increased to $7,500 in 2024 (WCT Pension) (Pension Rights Center) (ICMARC) (Pension Rights Center).
In January 2024, Leggett & Platt announced a major restructuring plan involving the elimination of 900 to 1,000 jobs and the closure of 15 to 20 facilities. The restructuring primarily impacts the Bedding Products segment but also extends to Furniture, Flooring & Textile Products. The company plans to consolidate manufacturing and distribution operations from 50 to approximately 30-35 facilities, aiming to optimize efficiency and align capacity with market demand
Leggett & Platt (LEG) offers both stock options and Restricted Stock Units (RSUs) as part of their employee benefit programs. These stock options and RSUs are designed to provide long-term incentives to employees, aligning their interests with the company's growth. The stock options are typically granted under the company's Incentive Stock Option Plan (ISO), which allows employees to purchase company shares at a set price after a vesting period. RSUs are granted as part of the company's Employee Stock Purchase Plan (ESPP), which provides employees with the opportunity to buy company shares at a discounted rate, subject to specific vesting schedules.
In 2022, Leggett & Platt issued approximately 0.9 million shares through their employee benefit plans, reflecting their commitment to providing equity-based incentives. These shares were primarily distributed to senior executives and employees meeting specific eligibility criteria, typically based on job performance and tenure (Leggett & Platt).
In 2023, the company continued its practice of issuing stock options and RSUs as part of its employee compensation program, focusing on key executives and senior management. Leggett & Platt is also known for regularly reviewing their stock option and RSU offerings to remain competitive in their industry. Eligible employees include those in management and key operational roles across their various business units (Leggett & Platt).
The latest updates on stock options and RSUs for 2024 highlight Leggett & Platt's commitment to employee engagement and retention through these financial incentives. The company's stock incentive plans continue to be a significant part of their total compensation strategy, aiming to foster long-term growth and shareholder value. Employees eligible for these options are typically those in leadership positions, although the company occasionally extends these benefits to high-performing staff in critical roles (Leggett & Platt).
Leggett & Platt offers competitive health benefits to its employees, focusing on comprehensive coverage across medical, dental, and vision plans. In 2023, the company continued to provide its employees with self-insured health plans, which gives it greater control over managing healthcare costs while maintaining flexibility in the services offered. Employees benefit from coverage that includes preventive care, prescription drug services, and wellness programs aimed at improving overall health. Recent changes have seen an emphasis on preventive services and mental health support, reflecting broader industry trends. These developments align with the company's commitment to employee well-being, as they work to mitigate rising healthcare costs in a challenging economic environment (Leggett & Platt).
In light of ongoing economic pressures and healthcare inflation, Leggett & Platt has adapted its healthcare benefits to ensure both competitiveness and sustainability. In 2024, the company introduced additional wellness initiatives, addressing concerns over healthcare cost increases that are anticipated across industries. The focus on mental health and preventive services is particularly critical given the current political and economic climate, where employee health is a growing priority for employers. By maintaining robust health benefits, Leggett & Platt seeks to attract and retain top talent while balancing the need for cost-effective solutions in a volatile market. These adjustments are particularly relevant in an era where political uncertainties and investment pressures are influencing corporate healthcare strategies (Leggett & Platt) .
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