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Essential Checklist for Kohl's Employees Navigating the Loss of a Loved One

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If Your Loved One Was A Veteran, You May Be Eligible For Burial And Memorial Benefits. Call 1-800-827-1000 To Find The Nearest VA Regional Office.

Losing a loved one can be a difficult experience. Yet, during this time, you must complete a variety of tasks and make important financial decisions. You may need to make final arrangements, notify various businesses and government agencies, settle the individual's estate, and provide for your own financial security. The following checklist may help guide our Kohl's clients through the matters that must be attended to upon the death of a family member.

Note:  Some of the following tasks may have to be completed by the estate's executor.

Initial Tasks

  • Upon the death of your loved one, call close family members, friends, and clergy first because you'll need their emotional support.
  • Arrange the funeral, burial or cremation, and memorial service. Hopefully, your loved one will have made arrangements ahead of time. Look among his or her papers for a letter of instruction containing final wishes. Such instructions may also be stated in his or her will or other estate planning documents. Arrange any cultural rituals, and make any anatomical gifts.
  • Notify family and friends of the final arrangements.
  • Alert your loved one's place of work, union, professional organizations, and any organizations where he or she may have volunteered.
  • Contact Kohl's and arrange for bereavement leave.
  • Place an obituary in the local paper.
  • Obtain certified copies of the death certificate. The family doctor or medical examiner should provide you with the death certificate within 24 hours of the death. The funeral home should complete the form and file it with the state. Get several certified copies (photocopies may not be accepted); you will need them when applying for benefits and settling the estate.
  • Review your family member's financial affairs, and look for estate planning documents, such as a will and trusts, and other relevant documents, such as deeds and titles. We also suggest that these Kohl's clients locate any marriage certificate, birth or adoption certificates of children, and military discharge papers, which you may need to apply for benefits. These documents may be found in a safe-deposit box, or your loved one's attorney may have copies.

  • Report the death to Social Security by calling 1-800-772-1213. For our Kohl's clients whose loved one was receiving benefits via direct deposit, request that the bank return funds received for the month of death and thereafter to Social Security. Do not cash any Social Security checks received by mail. Return all checks to Social Security as soon as possible. Surviving spouses and other family members may be eligible for a $255 lump-sum death benefit and/or survivor benefits. We suggest that these Kohl's clients go to ssa.gov for more information.
    • Make a list of assets. Put safeguards in place to protect any property. Make sure mortgage and insurance payments continue to be made while the estate is being settled.
    • Arrange to retrieve your loved one's belongings from his or her workplace. Collect any salary, vacation, or sick pay owed to your loved one, and be sure to ask about continuing health insurance coverage and potential survivor's benefits for a spouse or children. Unions and professional organizations may also offer death benefits. If the death was work-related, the estate or beneficiaries may be entitled to worker's compensation benefits.
    • Contact past employers regarding pension plans, and contact any IRA custodians or trustees. Review designated beneficiaries and post-death distribution options.

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  • Locate insurance policies. The policies could include individual and group life insurance, mortgage insurance, auto credit life insurance, accidental death and dismemberment, credit card insurance, and annuities. Contact all insurance companies to file claims. • Contact all credit card companies and let them know of the death. Cancel all cards unless you're named on the account and wish to retain the card.
  • Retitle jointly held assets, such as bank accounts, automobiles, stocks and bonds, and real estate.
  • For our Kohl's clients whose loved one owned, controlled, or was a principal in a business, check to see if there are any buy-sell agreements under which his or her interest must be sold.
  • Within 3 to 9 Months after Death

    • File the will with the appropriate probate court. If real estate was owned out of state, file ancillary probate in that state also. If there is no will, contact the probate court for instructions, or contact a probate attorney for assistance.
    • Notify creditors by mail and by placing a notice in the newspaper. Claims must be made within the statute of limitations, which varies from state to state (30 days from the actual notice is common). Insist upon proof of all claims.
    • A federal estate tax return may need to be filed within 9 months of death. State laws vary, but state estate tax and/or inheritance tax returns may also need to be filed. Federal and state income taxes are due for the year of death on the normal filing date unless an extension is requested. If there are trusts, separate income tax returns may need to be filed. These Kohl's clients may want to seek the advice of a tax professional.

    Within 9 to 12 Months after Death

    • Update your own estate plan if your loved one was a beneficiary or appointed as an agent, trustee, or guardian.
    • Update beneficiary designations on your retirement plans, including IRAs, and transfer-on-death accounts on which your loved one was named beneficiary.
    • Reevaluate your budget and short-term and long-term finances.
    • Reevaluate your insurance needs, and update beneficiary designations on insurance policies on which your loved one was the named beneficiary.
    • Reevaluate investment options.

     

     

     

     

    What type of retirement savings plan does Kohl's offer to its employees?

    Kohl's offers a 401(k) retirement savings plan to help employees save for their future.

    Does Kohl's provide a company match for contributions made to the 401(k) plan?

    Yes, Kohl's provides a company match on employee contributions to the 401(k) plan, encouraging employees to save for retirement.

    What is the eligibility requirement to participate in Kohl's 401(k) plan?

    Employees become eligible to participate in Kohl's 401(k) plan after completing a certain period of service, typically outlined in the plan documents.

    Can employees at Kohl's choose how to invest their 401(k) contributions?

    Yes, employees at Kohl's can choose from a variety of investment options for their 401(k) contributions, allowing them to tailor their investment strategy.

    What is the maximum contribution limit for Kohl's 401(k) plan?

    The maximum contribution limit for Kohl's 401(k) plan is subject to IRS guidelines, which can change annually. Employees should refer to the latest IRS limits for specifics.

    Does Kohl's allow employees to take loans against their 401(k) savings?

    Yes, Kohl's 401(k) plan may allow employees to take loans against their savings, subject to certain terms and conditions outlined in the plan.

    How can employees at Kohl's access their 401(k) account information?

    Employees at Kohl's can access their 401(k) account information online through the plan's designated website or by contacting the plan administrator.

    Is there a vesting schedule for Kohl's 401(k) company match?

    Yes, Kohl's has a vesting schedule for the company match in the 401(k) plan, which determines when employees fully own the matched funds.

    Can part-time employees at Kohl's participate in the 401(k) plan?

    Yes, part-time employees at Kohl's may be eligible to participate in the 401(k) plan, depending on their hours worked and the specific eligibility criteria.

    What happens to my Kohl's 401(k) if I leave the company?

    If you leave Kohl's, you have several options for your 401(k), including leaving the money in the plan, rolling it over to another retirement account, or cashing it out.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Kohl's offers a comprehensive retirement savings program for its employees, which includes both a 401(k) plan and a company match program. The specific plan is named the Kohl's Department Stores Inc. Savings Plan, managed through Alight, and covers over 84,000 employees​ (Kohl's). For the 401(k) plan, full-time employees are eligible to participate immediately upon hire, while part-time employees become eligible after working 1,000 hours within their first 12 months of employment​ (Capitalize). The company offers a 100% match on employee contributions, up to 5% of their salary​ (Capitalize). Although Kohl's currently offers no pension plan, the 401(k) remains a critical component of retirement savings for its employees. It allows workers to save with the security of a company match, encouraging long-term financial health.
    Kohl's is undergoing significant restructuring efforts as part of its broader business transformation. The company announced the layoff of approximately 250 employees in 2023 as part of this effort to streamline operations and improve profitability. In addition, Kohl’s is focusing on modernizing its brand to align with the Active and Casual lifestyle categories. Key initiatives include expanding its digital business, driving growth in core categories, and enhancing customer loyalty programs, including updates to its Kohl's Card Rewards program. The company is also committed to ESG goals, aiming for Net Zero emissions by 2050 and increasing diversity among suppliers​ (Kohl's Corporate).
    Kohl's offers both Non-Qualified Stock Options (NQSOs) and Restricted Stock Units (RSUs) as part of their equity compensation plans for employees and certain contractors. For stock options, employees can purchase Kohl's shares at a predetermined strike price, with potential tax impacts occurring at the time of exercise. RSUs, on the other hand, are granted as stock units that vest over a set period. Once vested, these RSUs are treated as ordinary income and the shares are automatically transferred to the employee. Both stock options and RSUs are available to Kohl's employees, but only employees are eligible for Incentive Stock Options (ISOs), which have specific tax treatments and holding requirements​ (Kohl's Corporate)​ (Kohl's Corporate)​ (Zajac Group). In 2022, 2023, and 2024, Kohl's continued to offer RSUs to its employees as part of its incentive program. RSUs typically vest over several years, incentivizing employees to remain with the company. NQSOs can be exercised at any time after vesting, with employees being taxed on the spread between the exercise price and the fair market value at the time of exercise
    Kohl's offers a comprehensive health benefits package for both full-time and part-time employees working at least 30 hours per week. Key highlights include medical, dental, and vision coverage, which are accessible to all permanent employees. In addition, Kohl's provides a Health Savings Account (HSA) option, contributing up to $700 per year depending on the employee's insurance plan​ (Kohl's)​ (Home Page). Recent developments include a renewed focus on mental health and well-being, highlighted by Kohl's continued support for the National Alliance on Mental Illness (NAMI) in 2024​ (Home Page). This initiative aligns with their broader goal of enhancing employee well-being through partnerships with organizations that offer mental health resources. The company also offers significant wellness perks, including access to telehealth services, which became particularly relevant during and after the pandemic. Acronyms frequently mentioned within Kohl's benefits package include HSA (Health Savings Account) and PPO (Preferred Provider Organization), commonly available as options for healthcare coverage​ (Kohl's Investors). This focus on mental and physical health aligns with Kohl's overall strategy of promoting a healthy work-life balance through wellness programs, flexible work schedules, and wellness discounts. These efforts reflect the company’s commitment to improving employee well-being, which has been underscored by corporate announcements and external partnerships in recent years​
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    For more information you can reach the plan administrator for Kohl's at , ; or by calling them at .

    https://turbotax.intuit.com/tax-tips/retirement/net-unrealized-appreciation-nua-tax-treatment-amp-strategies/c71vBJZ2B https://www.stordahlcap.com/insights/understanding-net-unrealized-appreciation-nua-and-its-tax-benefits https://carlsoncap.com/articles/nua-net-unrealized-appreciation/ https://www.fidelity.com/learning-center/personal-finance/retirement/company-stock https://www.taxfavoredbenefits.com/resource-center/retirement/net-unrealized-appreciation-nua-explained https://www.hicapitalize.com/find-my-401k/kohls/ https://careers.kohls.com/benefits https://www.thelayoff.com/kohl-s https://www.foxrothschild.com/publications/interest-rate-hikes-present-challenge-for-fully-funded-pension-plans https://www.principal.com/businesses/trends-insights/2023-pension-lump-sums-dropping-new-years-ball https://corporate.kohls.com/news/archive-/2023/march/kohl-s-corporation-reports-financial-results https://zajacgrp.com/insights/a-comparison-of-employee-stock-options-vs-restricted-stock-units/ https://www.reuters.com/markets/deals/kohls-terminates-sale-talks-with-franchise-group-cnbc-2022-07-01/ https://investors.kohls.com/news/default.aspx https://www.theretirementgroup.com/featured-article/5448081/can-kohls-cut-benefits https://www.benefitsaccountmanager.com/www-ybr-com-kohls/ https://corporate.kohls.com/content/dam/kohlscorp/news/2023/march/earnings/KSS%20Q4%202022%20Earnings%20Release%20-%20FINAL.pdf https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans https://www.emparion.com/cash-balance-pension-plan-faq/

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