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Worst Month of Layoffs In Over a Year! What if Alliant Energy is Affected?

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Healthcare Provider Update: Offers health, dental, and vision insurance, along with prescription drug coverage and pre-tax savings programs. Benefits include employer-paid disability and life insurance, wellness programs, and a 401(k) match1. As ACA premiums rise and subsidies expire, Alliants comprehensive employer-sponsored plans may offer more predictable costs and better coverage than marketplace alternatives. Click here to learn more

As Alliant Energy employees face job automation and layoffs, they need to focus on one thing — building a diverse skill set and staying mentally healthy,' advises Kevin Landis, a representative of The Retirement Group at Wealth Enhancement Group. “These measures will not only help to keep the job in the present situation, but will also improve the employee’s chances of finding work in the changing job market in the future.'


'Paul Bergeron from The Retirement Group at Wealth Enhancement Group advises that Alliant Energy employees should focus on the development of their professional careers and networking in order to be ready for the potential changes in the industry,' adding, 'It is important to build a diverse career portfolio that can survive the changes that are likely to come with automation and layoff trends.'

In this article, we will discuss:

1. The Current State of Job Security: An analysis of the rising trend of layoffs in Alliant Energy companies and the impending threat of automation in the job market.

2. Emotional and Psychological Impacts: A discussion of the various psychological effects of job loss, according to experts.

3. Effective Coping Strategies: Some tips on how to deal with stress that comes with layoffs and how to stay strong during career changes.

According to Forbes, 'According to the Bureau of Labor Statistics, employers cut 90,309 jobs in March, the most in any month since 102,943 jobs were lost in January of last year.'
 It is important for the Alliant Energy employees to know that the employers are still firing a large number of workers.

It is predicted that 20 million manufacturing jobs will be lost to automation by 2030, and 37% of Americans are concerned about being replaced by artificial intelligence.  In addition, automation may put 73 million jobs in the United States at risk by 2030, which would be almost half of the current workforce. Given this fact, the Alliant Energy employees who are worried about their job security are not alone.  About 48 percent of Americans have job loss anxiety.

In a Forbes article, Dr. Gregg Jantz, the founder of the counseling and treatment center: A Place of Hope, and the author of several best-selling books, including The Anxiety Reset Continued explained that after death, job loss is one of the most stressful events in people’s lives.  'People feel a betrayal of trust, particularly when the job loss is unexpected. It's so distressing.'

As more headlines about tech industry layoffs are making the news, it can be difficult for Alliant Energy employees to control their emotions. Dr.  Jantz said the typical response to betrayal is rage. The feeling that the employer did not respect or value you is a sense of injustice. It makes people very angry when they feel that their employer does not appreciate their efforts.  You want to get your revenge, retaliation, and revenge against those you think have wronged you.

In addition, Dr. Jantz points out that “Our country is in the midst of a mental health crisis.” The most common diagnosis in the United States is anxiety, followed by depression.  When a person loses their job, these emotions increase. It is important to note that 40% of Americans have been laid off or fired at one point or another during these times. Although this may not solve your problem, you may find comfort in knowing that others have been in the same boat that you are in.  These feelings should be recognized and not acted on to your own detriment.

What Not To Do When Being Laid Off

Don't Leave Without Saving Critical Documents It is recommended to save personal or professional documents from your work computer on a regular basis.
 Some employers will escort terminated employees off the premises or immediately restrict their access. It is crucial not to be left with no important information.

Don't Discuss Termination Before Taking Time to Process When you are laid off, you may feel angry and stressed.
 You may have these emotions when interacting with management, which may be counterproductive to your goals. Let’s meet in two days and have this discussion. In the meantime, check on the company’s policies and practices so that if you can, you are ready to try to negotiate a reasonable severance package.  However, if you are unable to delay a decision on a severance package should it be offered, you should consider the terms and whether it is worth negotiating to obtain a more comprehensive package.

Don’t Refuse to Help With the Transition In order to ensure a smooth transition, you will be considered as a good employee and may get some references and recommendations from your superiors.
 No matter what situation you are in, it will always be better for you to be nice. At the very least, you will have made an honest effort to assist your employer which may result in a positive reference.

Don't Ignore the Opportunity to Resign Sometimes, resignation might be a way out of termination.
 There are advantages and disadvantages of quitting a job on your own will rather than being terminated. You may lose your unemployment benefits if you resign but sometimes you stand to gain. In any job interview, you will not be required to explain why you were fired, which can be embarrassing.

Don't Be Afraid to Request a Reference If you have good coworkers, you can ask them for a recommendation when you are still in touch with them. You can use their recommendation when you are looking for your next job.


Do Not Miss the Opportunity to Ask Why If your employer has not followed company policy on due process, you may be able to apply to human resources for more time to improve your performance. You may also be protected by an employment contract, a union contract, or an anti-discrimination statute.

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Don't Quit Without Investigating Other Positions at the Company If your superiors think you are a positive employee and have a good work ethic, there may be other positions available for you within the company. If your employer knows that you are willing to take any position, they may consider you for positions that are more suitable for your skills.

Don't Announce Your Firing Immediately Take a moment to consider what you want to say, and how you want to be perceived by your colleagues and other professional contacts before you inform everyone that you are out of a job.


Factors to Consider

If a hypothetical Alliant Energy employee is laid off, it can be a difficult issue to face. Transition is always a process that is often accompanied by negative feelings that reduce the employees’ efficiency. According to experts, those who have been laid off may tend to feel helpless, anxious, and negatively biased towards themselves.
 It is important to have these feelings, but you should not let them control you. If you give these types of thoughts too much credit, you may prevent yourself from moving forward to a better future and may end up doing something you may regret.

It is important not to vent on social media about your former employer when you are fired. For Alliant Energy employees, even if they are mistaken, you have much more to lose. By giving yourself 24 hours, you are given time to reduce the intensity of your feelings.  You will become a victim if you allow yourself to be overwhelmed by anger and send nasty emails that will prevent you from getting a job in the future. In addition, if you express anger and feelings of betrayal, you may appear to be at fault, which is extremely counterproductive in an interview setting.

Alliant Energy employees may also help narrow down their words and only use them to close friends and relatives. 'Be mindful of what you do to the people around you, such as venting continuously, being irritable, and projecting your anger onto others.
 You are telling it to your loved ones, even though they had nothing to do with this event. This is not how you should express your emotions.' Dr. Jantz gave advice.

Adaptation Strategies for Alliant Energy Employees

It is crucial for Alliant Energy employees with overwhelming emotions to practice good self-care and be resilient.
 When confronted with anger, contributing positively to your nutrition, sleep, and physical routine may prove beneficial. Walking, working out, and exercising are all methods of anger management. In addition, writing down your emotions, not engaging in self-destructive behaviors, and the knowledge that you cannot punish yourself for what has happened are also ways of dealing with these intense negative emotions.  One must also reconsider and reevaluate and determine what needs to be done in order to strengthen and improve health. Those who formerly worked for Alliant Energy are more likely to exhibit depressive symptoms if they isolate, stay indoors, and constantly withdraw.

While it is important for Alliant Energy employees to consider their work as part of their identity, it is dangerous to make it your only identity. In a study conducted by the Journal of Frontiers in Psychology, individuals who reduced themselves to their jobs felt dehumanized, like a machine or a tool, and had higher levels of disengagement, depression, and burnout.
 Therefore, Alliant Energy employees may also find it helpful to understand the concept of self-complexity. Self-complexity refers to the number of characteristics that define the important aspects of who you are. The more diverse your personality is, the more resistant you are.  Hence, it is important to build a diverse self-identity, as you would a diverse portfolio of investments. You can develop self-complexity and build your identity across various areas of your life. Therefore, when things are not going well at work, you will not feel like you have nothing left.  You may decide to spend time on your interests, religion, or health. It is possible that Alliant Energy employees may reduce feelings of depression and anxiety towards work after being laid off if they are persistent and always strive for success.  It is important to ask oneself, 'Am I angry and bitter? Is fear and anxiety all around me?' Use positive encouragement to tell the person that there is nothing wrong with them and that they are going through a tough time in their life.

Sources:

1. Zippia Team. '35+ Shocking Statistics About Automation and Job Loss in 2023: Are Robots, Machines, and AI Coming for Your Job?' Zippia, 2023.  https://www.zippia.com/advice/automation-and-job-loss-statistics/ .

2. Zippia Team. '23+ Artificial Intelligence and Job Loss Statistics [2023]: How Job Automation Impacts the Workforce.'  Zippia, 2023.  https://www.zippia.com/advice/artificial-intelligence-and-job-loss-statistics/ .

3. Zippia Team. 'Get the Job You Really Want.' Zippia, 2023.  https://www.zippia.com/answers/how-many-jobs-are-going-to-be-lost-to-automation/ .

4. Zippia Team. 'Get the Job You Really Want.' Zippia, 2023.  https://www.zippia.com/answers/will-ai-cause-job-losses/ .

5. Zippia Team. 'Get the Job You Really Want.' Zippia, 2023.  https://www.zippia.com/answers/which-jobs-are-most-at-risk-of-being-automated-by-artificial-intelligence/ .

6. 'Automation and Job Loss Statistics.' Zippia, 2023.  https://www.zippia.com/advice/automation-and-job-loss-statistics/ .

7. 'How to Deal with Layoff Anxiety.' Harvard Business Review, September 2022.  https://hbr.org/2022/09/how-to-deal-with-layoff-anxiety .

8. 'Top Things Not to Say or Do If You're Fired.' The Balance Money. https://www.thebalancemoney.com/top-things-not-to-say-or-do-if-you-re-fired-2063942.

What is the purpose of Alliant Energy's 401(k) Savings Plan?

The purpose of Alliant Energy's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.

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

Employees can enroll in Alliant Energy's 401(k) Savings Plan by completing the online enrollment process through the employee portal or by contacting the HR department for assistance.

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

Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older in Alliant Energy's 401(k) Savings Plan.

Does Alliant Energy offer a company match on 401(k) contributions?

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

What is the maximum contribution limit for Alliant Energy's 401(k) Savings Plan?

The maximum contribution limit for Alliant Energy's 401(k) Savings Plan is set by the IRS and can change annually. Employees should check the current limits for the specific year.

When can I start withdrawing from my Alliant Energy 401(k) Savings Plan?

Employees can typically start withdrawing from their Alliant Energy 401(k) Savings Plan without penalty at age 59½, or earlier in cases of hardship or other qualifying events.

Are loans available from Alliant Energy's 401(k) Savings Plan?

Yes, Alliant Energy may allow employees to take loans from their 401(k) Savings Plan, subject to specific terms and conditions set by the plan.

How does Alliant Energy's 401(k) Savings Plan handle investment options?

Alliant Energy's 401(k) Savings Plan provides a variety of investment options, including mutual funds and other investment vehicles, allowing employees to choose based on their risk tolerance and retirement goals.

Can I change my contribution percentage to Alliant Energy's 401(k) Savings Plan?

Yes, employees can change their contribution percentage to Alliant Energy's 401(k) Savings Plan at any time through the employee portal or by contacting HR.

What happens to my Alliant Energy 401(k) Savings Plan if I leave the company?

If an employee leaves Alliant Energy, they have several options for their 401(k) Savings Plan, including rolling it over to a new employer's plan, an IRA, or cashing it out (though this may incur taxes and penalties).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Alliant Energy offers its employees both a defined benefit pension plan and a 401(k) plan as part of their retirement benefits package. The company's pension plan follows a Final Average Pay (FAP) formula, where benefits are calculated based on the average salary over the final years of an employee's career, multiplied by years of service. Employees become vested in the pension plan after a specified number of years of service, generally after 10 years. Alliant Energy's defined benefit plan ensures that employees who retire at the standard retirement age of 65 or older receive a monthly pension payment, with earlier retirements receiving adjusted, reduced benefits​ (Pension Rights Center)​ (Wikipedia)​ (Wikipedia). Alliant Energy's 401(k) plan allows employees to contribute a percentage of their income to a tax-deferred savings account. The company matches a portion of employee contributions, a common feature to incentivize savings. Employees have the option to choose between traditional 401(k) contributions, which are made pre-tax, and Roth 401(k) contributions, made after-tax. These plans also provide a wide range of investment options, such as mutual funds, bonds, and stocks, which employees can select based on their retirement goals​ (Wikipedia)​ (Annuity.org). In terms of eligibility, employees generally qualify for both the pension plan and the 401(k) plan after meeting a specific threshold of years of service, which is typically 10 years for the pension plan and immediate eligibility for the 401(k) plan upon employment. The pension benefits calculation typically involves age and years of service. As for the 401(k), employees can enroll upon hire and take advantage of Alliant Energy's employer matching contribution immediately.
In 2024, Alliant Energy continued its energy transition efforts by filing a request to convert its coal-fueled Edgewater Generating Station to natural gas. This shift is part of Alliant's broader sustainability initiatives aimed at reducing greenhouse gas emissions and bolstering reliability​ (Homepage). The company reaffirmed its commitment to clean energy and community economic benefits. This restructuring is crucial to track because the energy industry is directly influenced by shifts in the economic and political landscape, which has implications for investment strategies and tax benefits​ (Alliant Energy Retirees - Home)​ (Alliant Energy Retirees - Home). Alliant Energy updated its 401(k) plan record keeper in 2023, switching to Fidelity Investments. This transition, disclosed in an 8-K filing with the SEC, signifies an effort to enhance the management and performance of employee retirement plans​ (Alliant Energy Retirees - Home). Changes in company benefits and pensions are essential to follow because they reflect how companies are adapting to both market conditions and new tax laws, affecting employees' retirement security​ (Alliant Energy Retirees - Home).
Alliant Energy offers its employees stock options (SO) and Restricted Stock Units (RSU) as part of its compensation and benefits program. Stock options provide employees the right to purchase company stock at a predetermined price, while RSUs are company shares granted to employees, typically with vesting conditions. Alliant Energy's stock options and RSUs are generally made available to senior-level management and eligible employees based on performance and tenure. In 2022, Alliant Energy continued to grant stock options under its Long-Term Incentive Plan (LTIP). These stock options (LNT-SO) allowed eligible employees to purchase shares at a set price, aligning their interests with shareholder value growth. Additionally, RSUs (LNT-RSU) were awarded, vesting over time as an incentive to retain talent and reward long-term contributions​ (Homepage)​ (Alliant Energy)​ (Homepage). For 2023 and 2024, the company sustained its stock option grants, especially focusing on performance-based RSUs, which required meeting specific performance metrics for full vesting. These RSUs are typically granted annually and can vest over several years, incentivizing executives and employees to meet long-term company goals. Information on the distribution and conditions for these awards can be found in Alliant Energy’s annual reports and proxy filings​.
Alliant Energy offers comprehensive health benefits to its employees and retirees, reflecting a commitment to supporting the well-being of their workforce. For current employees, the company provides several key healthcare options, including medical, dental, and vision insurance plans. Their health plans emphasize flexibility and affordability, with options such as the Consumer-Driven Health Plan (CDHP), which allows employees to manage their healthcare expenses using Health Reimbursement Arrangements (HRA) and Flexible Spending Accounts (FSA). Additionally, Alliant Energy provides access to mental health services through their Employee Assistance Program (EAP), which offers confidential support for personal, emotional, and financial issues​ (Alliant)​ (Homepage). The importance of discussing healthcare benefits at Alliant Energy in today's economic, investment, and political environment cannot be overstated. Rising healthcare costs and changing tax laws have made it critical for employees to maximize their benefits, especially as companies like Alliant Energy continue to adapt their offerings to provide sustainable and inclusive coverage. For retirees, Alliant Energy ensures continuity in care through early retiree medical benefits, with premium categories based on contract status. With programs such as Delta Dental and VSP for vision care, the company maintains comprehensive coverage even after retirement. As healthcare remains a significant concern in policy debates, understanding these benefits helps employees and retirees alike plan for future costs and healthcare needs.
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For more information you can reach the plan administrator for Alliant Energy at 4902 North Biltmore Lane, Suite 1000 Madison, WI 53718; or by calling them at (608) 458-3311.

https://www.businesswire.com/news/home/20240801013156/en/Alliant-Energy-Announces-Second-Quarter-2024-Results https://investors.alliantenergy.com/overview/default.aspx https://www.marketscreener.com/quote/stock/ALLIANT-ENERGY-CORPORATIO-50060931/news/Alliant-Energy-Announces-Second-Quarter-2024-Results-47538026/ https://www.alliantenergyretirees.com/ https://pensionrights.org/resources/commonly-asked-questions/ https://en.wikipedia.org/wiki/Alliant_Energy https://www.wealthenhancement.com/s/tools-calculators https://aris.alliantcreditunion.com/resource-center/retirement/net-unrealized-appreciation-nua-explained https://www.paadvisory.com/resource-center/retirement/net-unrealized-appreciation-nua-explained https://turbotax.intuit.com/tax-tips/retirement/net-unrealized-appreciation-nua-tax-treatment-amp-strategies/c71vBJZ2B https://www.henssler.com/retirement-planning-leveraging-net-unrealized-appreciation-for-tax-savings/ https://investors.alliantenergy.com/overview/default.aspx https://www.businesswire.com/news/home/20231102276975/en/Alliant-Energy-Announces-Third-Quarter-2023-Results https://pitchbook.com/profiles/company/41274-55 https://www.alliantenergy.com/aboutus/whoweare/annualreport https://www.sec.gov/Archives/edgar/data/352541/000035254124000014/lnt1231202310-kex1014.htm https://smart401kplus.com/plancontribution/alliant-energy-corporation-401k-savings-plan/ https://www.nasdaq.com/market-activity/stocks/lnt/historical

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