Discover the Top 5 Advantages of Continuing to Work in Retirement for H.B. Fuller Employees

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 H.B. Fuller.

1. Mental Benefits

Working during your H.B. Fuller 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 H.B. Fuller 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 H.B. Fuller 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 H.B. Fuller.

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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 H.B. Fuller 401(k) Savings Plan?

The H.B. Fuller 401(k) Savings Plan is a retirement savings plan that allows employees to save and invest a portion of their paycheck for retirement.

How can I enroll in the H.B. Fuller 401(k) Savings Plan?

Employees can enroll in the H.B. Fuller 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

Does H.B. Fuller match employee contributions to the 401(k) Savings Plan?

Yes, H.B. Fuller offers a matching contribution to the 401(k) Savings Plan, which helps employees boost their retirement savings.

What is the maximum contribution I can make to the H.B. Fuller 401(k) Savings Plan?

The maximum contribution limit for the H.B. Fuller 401(k) Savings Plan is determined by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.

When can I start contributing to the H.B. Fuller 401(k) Savings Plan?

Employees can start contributing to the H.B. Fuller 401(k) Savings Plan after they have completed the eligibility requirements set by the company.

How does H.B. Fuller’s matching contribution work?

H.B. Fuller typically matches a percentage of employee contributions up to a certain limit, which is outlined in the plan documents. Employees should refer to these documents for specific details.

Can I change my contribution amount to the H.B. Fuller 401(k) Savings Plan at any time?

Yes, employees can change their contribution amounts to the H.B. Fuller 401(k) Savings Plan at any time, subject to the plan’s guidelines.

What investment options are available in the H.B. Fuller 401(k) Savings Plan?

The H.B. Fuller 401(k) Savings Plan offers a range of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.

Is there a vesting schedule for H.B. Fuller’s matching contributions?

Yes, H.B. Fuller has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the employer contributions.

Can I take a loan from my H.B. Fuller 401(k) Savings Plan?

Yes, employees may have the option to take a loan from their H.B. Fuller 401(k) Savings Plan, subject to the plan’s terms and conditions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Pension Plan: Name: H.B. Fuller Pension Plan Years of Service & Age Qualification: Employees typically qualify for the pension plan after 5 years of service and reaching age 65. Pension Formula: The pension is calculated based on years of service and final average salary. For example, it might be 1.5% of the final average salary multiplied by years of service. Specific Document: H.B. Fuller Annual Report, Page 45 (2023) 401(k) Plan: Name: H.B. Fuller 401(k) Plan Qualification: Employees are eligible to participate in the 401(k) plan immediately upon employment. The company may match contributions up to a certain percentage. Specific Document: H.B. Fuller Benefits Guide, Page 30 (2024)

In 2023, H.B. Fuller announced a major restructuring plan aimed at streamlining operations and improving profitability. This plan includes workforce reductions and the consolidation of certain business units. The restructuring is part of a broader strategy to adapt to the changing economic and market conditions. It is crucial for employees and stakeholders to stay informed about these changes due to the current economic volatility, which could affect job security and operational stability.

In 2022, H.B. Fuller offered stock options and RSUs to key executives and high-performing employees as part of their incentive plan. Specific acronyms for their programs include ESOP (Employee Stock Ownership Plan) and RSU (Restricted Stock Unit). Information can be found in the 2022 Proxy Statement, page 15.

Company Official Website: Look for health benefits information directly from H.B. Fuller's official website. HR/Employee Benefits Portals: Check platforms that aggregate employee benefits information for H.B. Fuller. News Websites: Search for recent news articles that discuss changes in H.B. Fuller's healthcare benefits. Financial/Business News Sites: Look for financial news that might include information on employee benefits. Industry-Specific Sites: Examine sources related to H.B. Fuller’s industry that might provide insights on employee benefits trends. Health Benefits Information for H.B. Fuller 1. Company Official Website H.B. Fuller Official Site: On H.B. Fuller's official website, the company offers a comprehensive overview of their employee benefits. Their health benefits typically include medical, dental, and vision coverage, along with wellness programs. Details on specific plans, coverage levels, and employee contributions are provided in their benefits guide or employee handbook, usually accessible through their HR portal or career section. 2. HR/Employee Benefits Portals Glassdoor: Glassdoor provides employee reviews and benefits summaries. For H.B. Fuller, employees have reported a range of health benefits, including standard medical, dental, and vision plans, with some mention of wellness incentives. Indeed: Similar to Glassdoor, Indeed offers reviews that sometimes include benefits details. For H.B. Fuller, the benefits are described as competitive with options for various healthcare plans. 3. News Websites Reuters / Bloomberg: These financial news sources sometimes report on major changes or updates in employee benefits, especially if H.B. Fuller has made recent changes or faced related news. Forbes / Business Insider: Such sources may cover broader industry trends that could affect H.B. Fuller's benefits or reveal specific company changes. 4. Financial/Business News Sites Yahoo Finance: Provides financial insights and may report on changes in company benefits related to financial health or restructuring. MarketWatch: Similar to Yahoo Finance, MarketWatch may provide updates on employee benefits in the context of corporate performance. 5. Industry-Specific Sites Chemical & Engineering News (C&EN): Since H.B. Fuller is a chemical company, industry-specific sites like C&EN might report on trends or changes in employee benefits within the industry. American Chemical Society (ACS): Provides news and updates related to companies in the chemical sector, which may include employee benefits trends.