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Unlocking the Five Essential Benefits for Military Families: A Guide for Genuine Parts Employees

Healthcare Provider Update: Healthcare Provider for Genuine Parts: Genuine Parts Company, primarily known for its automotive replacement parts, benefits from its association with several healthcare providers, but its specific health insurance options are not publicly detailed. Generally, employees are likely covered under major national providers such as UnitedHealthcare, Anthem, or Aetna, which offer group health plans as part of their employee benefits. Potential Healthcare Cost Increases in 2026: Healthcare consumers can anticipate significant premium hikes in 2026, driven by the looming expiration of enhanced subsidies under the Affordable Care Act (ACA). Reports indicate that many states could see premiums increase by as much as 66%, with average national hikes exceeding 20%. These increases stem from soaring medical costs and projected double-digit rate adjustments proposed by major insurers, putting additional financial strain on millions of Americans reliant on marketplace plans. If not addressed, this combination of factors could push some consumers' out-of-pocket healthcare expenses up by 75% or more, effectively pricing many individuals out of adequate coverage. Click here to learn more

Military families face plenty of financial challenges. If you're saving for college or Genuine Parts retirement, buying a home, or wondering how to help secure your family's financial future, don't overlook these five important benefits.

1. Thrift Savings Plan

Retirement from Genuine Parts is something you need to plan for, whether it's far away or just around the corner. Even if you can rely on a military pension because you've stayed in the service for 20 years or more, it's probably not going to provide all the retirement income you'll need, and neither is Social Security. That's why it's important to save for your Genuine Parts retirement on your own. One option you have is to contribute to the government's Thrift Savings Plan (TSP).

The TSP is a retirement savings plan for federal employees, including service members. When you make traditional contributions to the TSP, you get the same types of savings and tax benefits as you would if you contributed to a 401(k) plan offered by a private-sector employer. Contributing to the TSP is simple--your regular contributions are deducted from your paycheck before taxes (which can lower your taxable income for the year), and your contributions and any earnings accumulate tax deferred until withdrawn in retirement. You can also opt to make after-tax Roth contributions. They won't reduce your current tax liability, but qualified withdrawals in retirement will be tax-free (assuming IRS requirements are met).

You can enroll, change, or cancel your contributions whenever you'd like. You can contribute as little as 1% or as much as 100% of your basic pay (or a designated dollar amount) each pay period, up to what's called the elective deferral limit for the year. In 2020, you can contribute up to $19,500; if you're age 50 or older and are making catch-up contributions, you can contribute up to $26,000.

If you're contributing a percentage of your basic pay, you can also contribute a percentage of your incentive pay, special pay, or bonus pay (but you can't make catch-up contributions from these types of pay). And if you're deployed and receiving tax-exempt pay (i.e., pay that's subject to the combat zone exclusion), you can also make contributions from that pay, and your contribution limit for the year is even higher; the limit for total contributions from all types of pay is $57,000 for 2020.

When you leave the military, you can't continue to contribute to the TSP, but you have the option of keeping your money in the TSP or rolling it over to another retirement account, such as a traditional or Roth IRA or an eligible employer plan. For our Genuine Parts clients who would like more information on the TSP, visit tsp.gov.

2. Savings Deposit Program

Are you trying to save money to buy a vehicle or make a down payment on a home? Do you need to set aside money for a rainy day? If you're deployed to a designated combat zone for more than 30 consecutive days, you may have a unique chance to save for your goals at a guaranteed interest rate by participating in the Defense Department's Savings Deposit Program (SDP).

The SDP pays you 10% interest on deposits up to $10,000 while you're deployed, and you'll earn this interest rate on your money for up to 90 days after your return. You may deposit all or part of your unallotted pay. Interest compounds quarterly and is taxable.

Generally, you can withdraw funds and close your account only after you leave the combat zone and are no longer eligible to participate in the SDP, although emergency withdrawals, while you're deployed, are allowed in some cases. Other rules and eligibility requirements apply. For our Genuine Parts clients who would like to find out more or begin participating in the SDP, contact your local military finance office.

3. Post-9/11 GI Bill

Education benefits are one of the most valuable benefits available to servicemembers. If you're entitled to benefits, the Post-9/11 GI Bill will pay up to the full cost of in-state tuition and fees at public colleges for up to four years, or up to a certain maximum amount per academic year if you attend a private college or foreign school. The maximum for the 2019 - 2020 academic year (August 1, 2019 through July 31, 2020) is $24,476.79. Extra benefits may be available to those who are enrolled in Science, Technology, Engineering and Math (STEM) programs. But if you don't need to use your entitlement, the Post-9/11 GI Bill can provide a great way to pay for your family's education. Servicemembers who make a long-term service commitment have the opportunity to transfer unused education benefits (up to 36 months' worth) to their spouses and children.

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To transfer your unused benefit entitlement to your spouse, you must have served at least 6 years, and generally commit to serving 4 additional years from the date a benefit transfer is approved (some exceptions to this added service requirement exist). Once the transfer is approved, your spouse may begin using the benefits immediately and generally has an unlimited amount of time to use the benefits. If you opt to transfer your unused entitlement to your dependent children, they can use the benefits only after you've completed at least 10 years of service. In addition, they must have attained a secondary school diploma or equivalency certificate or have reached age 18, and they can use the benefit entitlement only until reaching age 26. If both your spouse and your children are attending school, you can opt to split your benefit entitlement among them. For our Genuine Parts clients who would like to learn more about GI Bill benefits for you and your family members, visit benefits.va.gov.

4. VA Home Loan

Saving for a down payment is one of the biggest obstacles to homeownership. Fortunately, military families can often benefit from the no-down-payment requirement of a VA loan. This type of loan, which can only be used to finance a primary residence, also features another money-saving benefit: borrowers aren't required to pay mortgage insurance.

Despite its name, the VA loan isn't handled by the government. Like other home loans, VA loans are offered by private lenders such as banks, credit unions, and mortgage companies. The VA guarantees a portion of the loan, which may make it easier for you to obtain a loan or qualify for more favorable terms, including lower closing costs and appraisal fees. Not all lenders offer VA loans, so you'll need to ask potential lenders whether they are VA-approved lending institutions.

One lesser-known feature of the VA loan program is the opportunity to do a cash-out refinancing. If you have substantial home equity, this feature allows you to refinance an existing home loan (including a non-VA loan) while borrowing extra money, which you can use to pay off debt or make home improvements, for example. A VA loan is often a good choice for military families, but it's not the only game in town. We suggest that these Genuine Parts clients compare the terms, interest rates, closing costs, and fees against other mortgage options. One drawback of a VA loan is the funding fee that's generally required. This funding fee which you pay at closing (it can be financed into the loan) is a percentage of the amount you're borrowing.

For our Genuine Parts clients who would like more information on VA loans, including how to qualify and how to apply, visit benefits.va.gov.

5. Servicemembers' Group Life Insurance

Knowing that your family will be protected is extremely important, and affordable term life insurance coverage is available through the Servicemembers' Group Life Insurance (SGLI) program. Eligible servicemembers are automatically enrolled in SGLI, and spouses and dependent children are generally automatically insured through a related program, Family Servicemembers' Group Life Insurance (FSGLI). When you leave the military, you can apply to convert your policy to Veterans' Group Life Insurance (VGLI), which provides renewable term coverage.

An SGLI policy may also be converted to an individual policy sold by a participating commercial company. (Deadlines apply to both types of conversions.) However, you should carefully evaluate your options to determine whether VGLI will meet your life insurance needs. Points to consider include premium costs, plan features, and whether term insurance is your best option. For our Genuine Parts clients who would like more information about these and other life insurance programs for servicemembers, visit insurance.va.gov.

What benefits does the GPC Pension Plan provide to employees of Genuine Parts Company, and how are these benefits calculated for both Group 1 and Group 2 employees? In the context of Genuine Parts Company, what are the critical factors that determine the pension benefits for employees and how have recent changes to the plan affected these calculations?

The benefits of the GPC Pension Plan for Genuine Parts Company employees are calculated based on the employee’s Final Average Monthly Earnings (FAME) and years of Credited Service. For Group 1 employees, benefits are frozen as of December 31, 2013, with the FAME calculated from the five highest-paid years within the last ten years of service before that date. For Group 2 employees, benefits are similarly frozen as of December 31, 2008, and the same calculation of FAME is applied using the highest earnings before that freeze date(Genuine Parts Company_P…).

How do the eligibility requirements of the GPC Pension Plan differ between Group 1 and Group 2 employees at Genuine Parts Company? Additionally, what specific service requirements must employees meet to qualify for the benefits under each group, particularly considering the impact of employment history and rehire status on benefits?

Eligibility requirements differ between Group 1 and Group 2 employees. Group 1 includes employees with Rule of 70 status, who opted to continue participation in the plan after January 1, 2009. Group 2 employees, which include those rehired before December 31, 2013, had their Credited Service frozen earlier in 2008. Group 1 employees have Credited Service frozen as of December 31, 2013, while Group 2’s freeze date is December 31, 2008(Genuine Parts Company_P…).

What strategies can employees of Genuine Parts Company consider for optimizing their pension benefits when transitioning to retirement? Are there specific actions that employees should take prior to retirement to enhance their benefit calculations under the GPC Pension Plan, particularly in relation to Credited Service and Final Average Monthly Earnings?

To optimize pension benefits, Genuine Parts Company employees should focus on maximizing Credited Service and Final Average Monthly Earnings (FAME). Ensuring a full work history before the freeze date (2013 for Group 1, 2008 for Group 2) can enhance the benefit calculation. Employees can also review their Social Security benefit estimates, which are considered in calculating their pension(Genuine Parts Company_P…).

How does the vesting process work for employees participating in the GPC Pension Plan at Genuine Parts Company, and what implications does it have for those contemplating early retirement? Furthermore, how does the ability to vest at different service intervals specifically impact the retirement planning of employees?

The vesting process for the GPC Pension Plan requires employees to accumulate vesting service years, which continues even after the freeze date. Employees are automatically fully vested after seven years of service, or if they worked at least one hour after December 31, 2013. Vesting ensures the right to the earned pension benefits, which may affect retirement planning, especially for those contemplating early retirement(Genuine Parts Company_P…).

What information should Genuine Parts Company employees know about the different forms of payment available under the GPC Pension Plan once they reach retirement age? How do options such as life annuities and lump-sum payments affect the overall financial planning for retiring employees?

Genuine Parts Company employees can choose from various forms of pension payments upon retirement, including life annuities, joint and survivor annuities, and lump-sum payments. Each option affects financial planning differently: life annuities provide steady income, while lump sums offer flexibility but require careful management to ensure long-term financial stability(Genuine Parts Company_P…).

In the event of a termination of employment, what options are available for employees of Genuine Parts Company to access their pension benefits under the GPC Pension Plan? Additionally, what are the specific procedures that employees must follow to ensure they receive their benefits in a timely manner?

In the event of termination, employees who are vested can access their pension benefits, either at their normal retirement age or earlier if they meet the eligibility criteria for early retirement. Employees must submit a request within 180 days of their termination date to receive benefits, with options for lump sum payments for amounts under $75,000(Genuine Parts Company_P…)(Genuine Parts Company_P…).

How can employees of Genuine Parts Company ensure that their beneficiaries are appropriately named under the GPC Pension Plan? What considerations should employees keep in mind when designating beneficiaries, particularly understanding consent needs for spouses and the impact of domestic relations orders?

Genuine Parts Company employees should ensure their beneficiaries are properly named, particularly if married. A spouse is the default beneficiary, but spousal consent is required if an employee designates someone else. Domestic relations orders may also affect beneficiary designations(Genuine Parts Company_P…).

What unique situations might affect the pension benefits of employees at Genuine Parts Company, and how does the plan specifically address employees on military leave or long-term disability? In these circumstances, what communication strategies should employees employ to navigate their benefits?

For employees on military leave or long-term disability, the GPC Pension Plan provides special rules for calculating benefits. These employees should maintain close communication with the Employee Service Center to ensure their benefits are appropriately adjusted(Genuine Parts Company_P…).

Regarding the reporting and update of personal information, why is it essential for employees of Genuine Parts Company to keep the GPC Employee Service Center informed about any changes in marital status or address? How can failure to report these changes potentially impact the pension benefits they receive?

Employees must keep the GPC Employee Service Center informed of any changes in marital status or address, as failure to do so could result in delayed or incorrect pension benefit payments(Genuine Parts Company_P…).

How can employees at Genuine Parts Company reach out for further clarification on the details presented in the Summary Plan Description of the GPC Pension Plan? What resources or contact points are available that could assist in navigating the complexities of the pension plan, ensuring employees can maximize their benefits effectively?

Genuine Parts Company employees can reach out to the GPC Retirement Plan Services through their toll-free number or website for clarification on the pension plan details. These resources are crucial for navigating the complexities of the pension system(Genuine Parts Company_P…).

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

Pension Plan Name of the Pension Plan: Genuine Parts Company Defined Benefit Pension Plan Years of Service and Age Qualification: Employees generally need to have at least 5 years of service to qualify for benefits. Full benefits typically begin at age 65, but early retirement options may be available with reduced benefits. Pension Formula: The pension is calculated based on a formula that takes into account the employee's years of service and average salary over the highest-paid years. 401(k) Plan Name of the 401(k) Plan: Genuine Parts Company 401(k) Plan Eligibility: Employees are eligible to participate in the 401(k) plan after completing 30 days of service. 401(k) Plan Details: The plan allows employees to contribute a portion of their salary to a tax-deferred account, with potential company matching contributions.

Restructuring and Layoffs: In early 2024, Genuine Parts announced a significant restructuring initiative aimed at streamlining operations and enhancing efficiency. This restructuring plan includes the reduction of approximately 5% of its workforce across various divisions. This move is expected to help the company better adapt to market fluctuations and optimize its operational costs. The restructuring reflects broader industry trends as companies adapt to evolving economic pressures and changing market dynamics.

Genuine Parts Company (GPC) Stock Options and RSUs in 2022 GPC offered stock options and RSUs to executives and key employees as part of their compensation package. The stock options typically included a strike price set at market value at the grant date. RSUs granted by GPC generally vested over a period of three to four years, with the exact vesting schedule specified in individual agreements. Genuine Parts Company (GPC) Stock Options and RSUs in 2023 In 2023, GPC continued to offer stock options and RSUs to their management team and senior employees. The stock options were often part of performance-based compensation. The RSUs were allocated with a focus on aligning employee incentives with company performance, typically vesting in tranches over a multi-year period. Genuine Parts Company (GPC) Stock Options and RSUs in 2024 For 2024, GPC maintained its stock option and RSU programs, enhancing the benefits for senior executives and select high-performing employees. The company adjusted the vesting criteria and performance metrics for RSUs to reflect the company's strategic goals and market conditions.

1. Official Website and Key Benefits Information Genuine Parts Company Official Website Visit: Genuine Parts Careers Review sections on employee benefits and health plans. Look for specific healthcare-related terms and acronyms. Key Terms and Acronyms: HDHP: High Deductible Health Plan HSA: Health Savings Account EAP: Employee Assistance Program FSA: Flexible Spending Account PPO: Preferred Provider Organization HMO: Health Maintenance Organization Recent Updates: Genuine Parts Company offers comprehensive health benefits, including medical, dental, and vision plans. They also provide wellness programs and access to telemedicine services. 2. Reliable Sources and Recent Employee Healthcare News a. Glassdoor Search for Genuine Parts Company’s benefits reviews. Look for employee feedback on healthcare coverage and recent changes. b. Indeed Check employee reviews and Q&A sections for insights into health benefits. c. LinkedIn Explore company posts and employee discussions about health benefits. d. BenefitsPro Look for articles or reports on Genuine Parts Company’s health benefits updates and changes. e. Business Insider Search for news articles related to recent changes in health benefits or related employee programs at Genuine Parts. 3. Summary of Findings Healthcare Plans: Genuine Parts offers a range of health insurance options including PPO and HDHP plans, with contributions to HSAs and FSAs. They also provide access to preventive care and wellness programs. Recent Changes: Recent updates to their health benefits have included enhancements to telemedicine services and expanded mental health support through EAP programs. Employee Feedback: Employees generally appreciate the comprehensive coverage but have noted that premium costs and deductibles can be high.