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Healthcare Provider Update: Healthcare Provider for Chesapeake Energy: Chesapeake Energy utilizes a variety of healthcare providers for its employees, primarily partnering with Blue Cross Blue Shield (BCBS) for health insurance coverage. This long-standing relationship allows Chesapeake Energy to offer a comprehensive benefits package that facilitates access to necessary medical services for its workforce. Potential Healthcare Cost Increases in 2026: As we look towards 2026, Chesapeake Energy employees may face significant healthcare cost increases attributed to anticipated rate hikes within the Affordable Care Act (ACA) marketplace. Premiums are projected to rise dramatically, with reports indicating potential average increases of around 20%, and in some states, even exceeding 60%. The looming expiration of enhanced federal premium subsidies is a critical factor, as it could lead to out-of-pocket premium costs surging by over 75% for the majority of policyholders. This combination of rising medical costs and subsidy reductions will require careful planning from both the company and its employees to manage the impending financial impact effectively. Click here to learn more
In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.(1) As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits you can enjoy after you retire from Chesapeake Energy.
1. Mental Benefits
Working during your Chesapeake Energy retirement can help maintain mental agility as you learn new skills. Staying engaged in work helps build 'mental muscle,' which can lessen the risk of developing dementia and Alzheimers(2) and ward off the signs of aging.
2.. Physical Benefits
Staying active during your Chesapeake Energy retirement years is crucial for continued health. Whether you choose to work full-time or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.
3. Financial Benefits
Besides the obvious extra income, working during your Chesapeake Energy retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.(3) Finding a strategy that works for you can truly pay off.
4. Emotional Benefits
Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your years or retirement from Chesapeake Energy.
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- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
5. Social Benefits
One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.
Sources
1. AARP.org, February/March 2015
2. Forbes, 2017
3. Social Security Administration, 2017
4. Association for Psychological Science, 2017
What is the purpose of the 401(k) plan offered by Chesapeake Energy?
The purpose of the 401(k) plan at Chesapeake Energy is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can employees enroll in the Chesapeake Energy 401(k) plan?
Employees can enroll in the Chesapeake Energy 401(k) plan by accessing the company’s benefits portal and following the enrollment instructions provided.
Does Chesapeake Energy offer a company match for 401(k) contributions?
Yes, Chesapeake Energy offers a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.
What types of investment options are available in the Chesapeake Energy 401(k) plan?
The Chesapeake Energy 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
At what age can employees start withdrawing from their Chesapeake Energy 401(k) plan without penalties?
Employees can start withdrawing from their Chesapeake Energy 401(k) plan without penalties at age 59½, subject to certain conditions.
Can employees take loans against their Chesapeake Energy 401(k) plan?
Yes, employees may have the option to take loans against their Chesapeake Energy 401(k) plan, subject to the plan's specific rules and limits.
What happens to the 401(k) plan if an employee leaves Chesapeake Energy?
If an employee leaves Chesapeake Energy, they can choose to roll over their 401(k) balance into another retirement account, leave it in the Chesapeake plan, or cash it out, subject to taxes and penalties.
Is there a vesting schedule for the company match in the Chesapeake Energy 401(k) plan?
Yes, Chesapeake Energy has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.
How often can employees change their contribution amounts to the Chesapeake Energy 401(k) plan?
Employees can typically change their contribution amounts to the Chesapeake Energy 401(k) plan at any time, subject to plan rules and payroll processing schedules.
What is the maximum contribution limit for the Chesapeake Energy 401(k) plan?
The maximum contribution limit for the Chesapeake Energy 401(k) plan is determined by IRS regulations, which may change annually; employees should check the latest limits for accuracy.
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5. BenefitsPRO, 2017