Healthcare Provider Update: Healthcare Provider for Cleveland-Cliffs Cleveland-Cliffs partners with Cleveland Clinic as its healthcare provider, offering a range of health services to its employees. This partnership is aimed at ensuring that employees receive quality medical care and support. Healthcare Cost Increases in 2026 As we approach 2026, Cleveland-Cliffs employees, especially those reliant on the Affordable Care Act (ACA) marketplace, may face significant healthcare cost challenges. With nationwide rate hikes projected to exceed 60% in some states, the removal of enhanced federal premium subsidies will further exacerbate this situation. More than 22 million marketplace enrollees could see their out-of-pocket premium costs rise by over 75%, driven by escalating medical expenses and insurer profit pressures. This sharp increase underscores the importance for employees to plan their healthcare budgets proactively to mitigate these potential financial burdens. 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 Cleveland-Cliffs.
1. Mental Benefits
Working during your Cleveland-Cliffs 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 Cleveland-Cliffs 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 Cleveland-Cliffs 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 Cleveland-Cliffs.
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- 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 Cleveland-Cliffs 401(k) Savings Plan?
The Cleveland-Cliffs 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their paycheck on a tax-deferred basis.
How can I enroll in the Cleveland-Cliffs 401(k) Savings Plan?
You can enroll in the Cleveland-Cliffs 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Cleveland-Cliffs offer a company match for the 401(k) contributions?
Yes, Cleveland-Cliffs offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the maximum contribution I can make to the Cleveland-Cliffs 401(k) Savings Plan?
The maximum contribution limit for the Cleveland-Cliffs 401(k) Savings Plan is subject to IRS guidelines, which may change annually. Employees should check the latest limits for accurate information.
When can I start contributing to the Cleveland-Cliffs 401(k) Savings Plan?
Employees can start contributing to the Cleveland-Cliffs 401(k) Savings Plan after they have completed their eligibility period, which is typically outlined in the plan documents.
What investment options are available in the Cleveland-Cliffs 401(k) Savings Plan?
The Cleveland-Cliffs 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can I take a loan against my Cleveland-Cliffs 401(k) Savings Plan?
Yes, Cleveland-Cliffs allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions outlined in the plan.
What happens to my Cleveland-Cliffs 401(k) Savings Plan if I leave the company?
If you leave Cleveland-Cliffs, you have several options for your 401(k) Savings Plan balance, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.
How often can I change my contribution amount to the Cleveland-Cliffs 401(k) Savings Plan?
Employees can typically change their contribution amount to the Cleveland-Cliffs 401(k) Savings Plan at any time, subject to the plan’s guidelines.
Is there a vesting schedule for the Cleveland-Cliffs 401(k) Savings Plan?
Yes, Cleveland-Cliffs has a vesting schedule for the company match contributions, which means you will need to work for a certain period before those contributions fully belong to you.
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5. BenefitsPRO, 2017