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WestRock Employees: Stay Informed About the Rising Threat of Online Investment Scams

Healthcare Provider Update: Healthcare Provider for WestRock: WestRock employees typically receive their health care benefits through various providers as part of employer-sponsored insurance plans. Specific details on the primary healthcare provider may vary, but it's known that large companies like WestRock often collaborate with major insurers. To identify the exact provider, employees should consult their HR department, which can provide the most accurate and relevant information. Potential Healthcare Cost Increases in 2026: As WestRock prepares for 2026, employees should brace for significant healthcare cost increases. With the expiration of enhanced federal ACA subsidies and rising medical costs, many workers could face steep premium hikes, potentially exceeding 75%. A recent survey indicates that nearly half of large employers, including WestRock, anticipate transferring more healthcare expenses to employees, raising deductibles and out-of-pocket maximums. This evolving landscape highlights the importance for WestRock employees to understand their benefits and mitigate potential financial impacts. Click here to learn more

If you work for WestRock, you have likely read news articles and other financial information about your workplace online. As investors become more dependent on the internet, fraudsters can take advantage of those searching for information on the web through social media. The FBI estimates that senior citizens lose more than $3 billion each year to financial scams including romance scams and lottery and sweepstakes scams. This is supported by the CSN Data Book 2020, which states that fraud-related losses in 2020 will exceed $3.3 billion, an increase of nearly $1.5 billion over 2019. As the worldâs population continues to age, this number is only likely to rise. Fraudsters are currently utilizing these public platforms to quickly, cheaply, and easily reach large numbers of individuals.

In addition, as a result of the abundance of resources, fraudsters can now post information that appears to be remarkably clear and credible. In light of this, the SEC's Office of Investor Education and Advocacy advises investors to maintain skepticism and avoid acting solely on the basis of information obtained from social media or other apps. WestRock employees who wish to avoid a scam should be aware that fraudsters disseminate false information anonymously, using the credentials of others, fake profiles, and even impersonating legitimate sources, making it difficult to track and hold them accountable. These individuals frequently spread inaccurate, misleading, or insufficient information. The entries convey a false sense of legitimacy, typically creating the impression that a large number of people are purchasing an investment in order to make it appear attractive to the victim. There are countless schemes that con artists use to defraud online investors. Here are a few cons that WestRock employees should avoid:

Fraudulent Imitation Schemes:

Fraud (46,3%) and identity theft (29.4%) comprise the majority of FTC complaints. With nearly 500,000 total reports, imposter schemes are the most common type of fraud. These losses totaled nearly $1.2 billion, with an average loss of $850. 'Government documents or benefits fraud' was the most common type of identity theft, with over 400,000 reported cases.

Scammers frequently impersonate banks, brokers, investment advisors, and other reputable sources of market information. From 2019 to 2020, reports of fraud and identity theft increased by 47%. Fraudsters are able to obtain a client's information by creating an account resembling a specific individual or company, web pages with a legitimate company's logo, and comments that direct clients to a bogus website. When receiving information through social media, it is essential for WestRock employees who wish to avoid becoming victims of fraud to verify the source's identity. Checking the sender's account name, profile, email address, and screen name is the first step in validating their identity.

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When contacting a company or visiting their website, you may want to review the company's SEC filings to ensure that the contact information and website address are legitimate. You can independently verify an advisor or broker's information using the phone number or website listed in their associated firm's Client Relationship Summary (Form CRS). Those working for WestRock may be able to identify a reliable source by paying attention to a platform's verification methods, such as Twitter's verified blue check mark. On social media, fraudsters have been known to impersonate SEC employees. At www.sec.gov/opa/socialmedia, you will find a list of verified SEC accounts. In addition, there have been instances of fraudsters hacking into a victim's device and contacting their contacts; therefore, if you receive information about an investment opportunity from someone in your contacts list, be sure to contact them in person before making any financial decisions.

Fraudulent Cryptocurrency Investments

The annual number of reported scams in the cryptocurrency industry is enormous. Regulators frequently assert that cryptocurrency frauds are predictable, but WestRock employees should trade with caution. Several factors make the cryptocurrency market susceptible to fraud. Due to the nature of fiat currencies, neither banks nor centralized agencies are available to flag suspicious transactions and prevent fraud before it occurs. Transactions in cryptocurrencies are irreversible; if money is lost, it cannot be recovered, even if the user reports fraud. In recent years, cryptocurrency has received a great deal of attention, and fraudsters are now using investors' fear of missing out on investment opportunities to lure them into scams.

A 'crypto' investment opportunity that promises unusually high returns to WestRock employees is likely fraudulent. The promise of risk-free, unlimited returns is a staple of 'crypto' online scams. Fraudsters frequently depict accounts with instantaneous value increases and fabricate a list of historical returns to increase the appeal of their schemes to investors. Prior to engaging in transactions, WestRock employees who are considering a 'crypto' investment must review how the investment works, ask questions, and conduct a background check on those offering the opportunity for licensing and registration.

Romance Fraud

In 2023, the FBI anticipates an increase in reported financial loss due to a rise in international romance-related crypto investment fraud. Similar to an online relationship, the con artist convinces the victim to invest in cryptocurrency rather than cash. On dating apps and social media platforms, fraudsters are increasingly impersonating individuals with deceptive intentions while concealing their identities. WestRock employees should be aware that these scams typically function by establishing an online relationship with the victim and gaining confidence/trust. Once the relationship has been established, the fraudster informs the victim of a 'once in a lifetime' investment or trading opportunity involving cryptocurrencies. The victim is then pressured to invest money on a fraudulent website and is unable to withdraw their funds. The fraudster then ceases communication with the victim and the victim is unable to recover the money.

Schemes to Manipulate the Market

Those working for WestRock must also consider how fraudsters' dissemination of false information can affect the price of a legitimate stock or cryptocurrency. Fraudsters may promote an investment while posing as another individual and create new accounts designed specifically for the fraud while concealing their true identity. In light of this, it is essential to verify the posting history and original content of an account. WestRock employees should be aware of the following schemes that rely on the dissemination of false information: pump and dump, scalping, and touting.

Pump and dump schemes inflate the price of a stock artificially by creating deceptive statements that incite a buying frenzy, followed by the sale of shares at the inflated price. Scalping entails recommending a stock to increase its price, then selling it for a profit. Touting entails promoting a stock without disclosing compensation for doing so. In other instances, fraudsters spread negative rumors on social media that generate fear, uncertainty, and doubt (FUD) to drive down the price of a stock or currency, which they then purchase at a discount. Therefore, WestRock employees should exercise extreme caution when purchasing stock in a company that is constantly promoted despite having no products or services to justify its value. Regardless of the sender, it is also essential to maintain a healthy level of skepticism regarding investment-related posts, messages, emails, and other unsolicited communication.

Fraudulent Community-Based Investment

Fraudsters are also known to exploit online communities, specifically targeting groups with shared characteristics such as age, ethnicity, nationality, religion, and sexual orientation. These cons take advantage of the trust and bonds within a community in order to defraud multiple people simultaneously. By mail or in person, fraudsters contact the leaders of these communities about a scheme. After persuading them, they recommend the same to other members without realizing that the proposed investment is fraudulent, deceiving an entire group of people. WestRock employees can avoid being duped by conducting a background check and searching the individual's name on investor.gov.

When presented with an online investment opportunity, WestRock employees must be aware of what is being offered and with whom they are dealing due to the internet's vast array of scamming opportunities. When searching for financial information online, it is essential to conduct your own research, conduct background checks on individuals, and verify the website's credibility. Before investing, it is essential to research a company's publicly available information and become familiar with its business. When protecting themselves from fraud, WestRock employees must also avoid being pressured into financial transactions and refrain from following groups into trendy investments. Taking these factors into account, WestRock employees should seek out a legitimate financial advisor to avoid falling victim to an investment scam. The Retirement Group caters to your personal financial needs and develops a customized plan to ensure a secure and comfortable retirement through proper financial planning.

Reference(s):

https://www.sec.gov/oiea/investor-alerts-and-bulletins/social-media-and-investment-fraud-investor-alert
https://www.comparitech.com/identity-theft-protection/senior-scam-statistics/
https://www.analyticsinsight.net/top-ten-cryptocurrency-frauds-of-2023/
https://www.fbi.gov/contact-us/field-offices/jacksonville/news/romance-scammers-targeting-victims-with-fake-crypto-investments#:~:text=In%202023%2C%20the%20FBI%20anticipates,victim%20to%20investment%20in%20cryptocurrency .

How does the WestRock Company Consolidated Pension Plan specifically calculate the Normal Retirement Benefit for its employees, and what considerations should employees be aware of regarding the Final Average Pay calculation used by WestRock Company?

Normal Retirement Benefit Calculation: The WestRock Company calculates the Normal Retirement Benefit based on the employee's Final Average Pay. This is defined as the average of the employee's highest five years of earnings over the last ten years of employment before termination. Earnings included in the Final Average Pay are most wages, bonuses, commissions, and amounts deferred under the company’s 401(k) plan. Employees should be aware that earnings after December 31, 2015, are excluded unless they qualify under the Rule of 75(WestRock Company_Issued…).

What are the specific eligibility requirements for the Disability Retirement Pension under the WestRock Company plan, and how does this differ for Legacy Mead and Legacy Westvaco participants within the WestRock Company workforce?

Disability Retirement Pension Eligibility: To qualify for a Disability Retirement Pension, an employee must have earned at least five years of Vesting Service and be deemed "totally and permanently disabled" according to specific criteria. Legacy Mead and Legacy Westvaco participants are subject to special rules detailed in the Legacy Supplement. Legacy Mead employees must apply separate criteria from Legacy Westvaco employees(WestRock Company_Issued…).

In what ways can employees at WestRock Company manage and maximize their Vesting Service to ensure they receive the full benefits from the companyâ€™s pension plan, particularly for those with interrupted service or re-employment?

Vesting Service Maximization: WestRock employees can manage their Vesting Service by ensuring that they complete at least five years of service, which guarantees their right to pension benefits. Employees with interrupted service can still receive credit for Vesting Service if they return within five years. Additionally, employees who leave and return within a year will receive credit for the time they were absent(WestRock Company_Issued…).

How does the WestRock Company handle the transition of benefits for employees who transfer between different positions within the company, and what impacts could this have on their eventual retirement benefits?

Transfer Between Positions: When WestRock employees transfer between different positions, their retirement benefit is calculated based on the greater of two methods. The first method calculates the benefit accrued at each position separately, while the second method applies the total benefit service across positions. Vesting Service is always combined, regardless of location or position(WestRock Company_Issued…).

How does the WestRock Company plan ensure that pension benefits are protected, particularly through the Pension Benefit Guaranty Corporation (PBGC), and what should employees know about their rights and guarantees under this insurance?

Pension Benefit Protection (PBGC): The WestRock Pension Plan is insured by the Pension Benefit Guaranty Corporation (PBGC). This federal insurance guarantees that employees will receive their vested pension benefits even if the plan is terminated. Employees should understand that PBGC coverage has limits, and benefits might be reduced under certain circumstances(WestRock Company_Issued…).

What are the consequences for WestRock Company employees who choose to withdraw from their pension plan or to rollover their benefits upon retirement or termination? How can they navigate these options effectively to avoid penalties?

Withdrawals and Rollovers: Employees can withdraw or roll over their pension benefits upon retirement or termination. Lump-sum withdrawals may be subject to taxes unless rolled over into a qualifying retirement account. Employees should consult the WestRock Benefits Center to avoid penalties and ensure compliance with federal tax regulations(WestRock Company_Issued…).

How does the WestRock Company maintain compliance with federal regulations and best practices under ERISA, and what specific rights do employees have concerning their pension benefits?

ERISA Compliance: WestRock complies with the Employee Retirement Income Security Act (ERISA), ensuring that employees' pension rights are protected. Employees have the right to receive information about their benefits, act prudently, and enforce their rights through the claims and appeals process outlined in the plan(WestRock Company_Issued…).

What resources are available to employees of WestRock Company for understanding their benefits under the Consolidated Pension Plan, and how can they utilize these resources to ensure they make informed decisions about their retirement?

Resources for Understanding Benefits: WestRock provides employees access to the WestRock Benefits Center, where they can obtain information on their pension plan. Employees are encouraged to review the Summary Plan Description and consult with the Benefits Center for clarification on their benefits and to make informed retirement decisions(WestRock Company_Issued…).

How will the integration of employee benefits from various company acquisitions impact current staff at WestRock Company, and what steps is the company taking to communicate these changes effectively to its employees?

Impact of Acquisitions on Benefits: WestRock has acquired various companies over time, and employees from these acquisitions may have different pension rules applied to them. WestRock takes steps to integrate these employees and communicates any changes through the WestRock Benefits Center. Special rules may apply based on the previous employer’s pension plan(WestRock Company_Issued…).

How can employees of WestRock Company get in touch with the WestRock Benefits Center to seek clarification about the Summary Plan Description, and what are the best practices to follow when requesting information regarding their pension plan?

Contacting the Benefits Center: Employees can contact the WestRock Benefits Center for clarification on the Summary Plan Description. Best practices include having detailed questions prepared, reviewing the SPD in advance, and requesting copies of documents or forms that clarify specific aspects of their pension plan(WestRock Company_Issued…).