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Discover the Top 5 Advantages of Continuing to Work in Retirement for Hillenbrand 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 Hillenbrand.

1. Mental Benefits

Working during your Hillenbrand 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 Hillenbrand 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 Hillenbrand 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 Hillenbrand.

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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 type of retirement savings plan does Hillenbrand offer to its employees?

Hillenbrand offers a 401(k) retirement savings plan to its employees.

How can employees at Hillenbrand enroll in the 401(k) plan?

Employees at Hillenbrand can enroll in the 401(k) plan through the company’s HR portal during the open enrollment period or upon hire.

Does Hillenbrand match employee contributions to the 401(k) plan?

Yes, Hillenbrand offers a matching contribution to employee 401(k) plan contributions, subject to certain limits.

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

The maximum contribution limit for Hillenbrand's 401(k) plan aligns with IRS guidelines, which are updated annually.

Can employees at Hillenbrand take loans against their 401(k) savings?

Yes, Hillenbrand allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in Hillenbrand's 401(k) plan?

Hillenbrand's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.

How often can employees at Hillenbrand change their 401(k) contribution amounts?

Employees at Hillenbrand can change their 401(k) contribution amounts during open enrollment or after a qualifying life event.

Does Hillenbrand provide financial education resources for employees regarding their 401(k)?

Yes, Hillenbrand provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.

What happens to my 401(k) plan if I leave Hillenbrand?

If you leave Hillenbrand, you can choose to roll over your 401(k) balance to another qualified plan, cash out, or leave it in the Hillenbrand plan if eligible.

Are there any fees associated with Hillenbrand's 401(k) plan?

Yes, there may be fees associated with managing the 401(k) plan, which are disclosed in the plan documents provided by Hillenbrand.

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

Name of Pension Plan: Hillenbrand does not appear to offer a traditional defined benefit pension plan. Instead, the company focuses on a 401(k) plan as the primary retirement benefit for employees. Qualifications (Years of Service and Age): Since Hillenbrand primarily offers a 401(k) plan, detailed qualifications for a traditional pension plan are not applicable. For the 401(k) plan, there are typically vesting schedules and eligibility requirements, but specifics on years of service and age requirements are usually detailed in the plan documentation provided by the company. 401(k) Plan Overview: Name of 401(k) Plan: Hillenbrand 401(k) Plan Qualifications (Years of Service and Age): Employees generally become eligible for the Hillenbrand 401(k) Plan upon reaching a certain period of service, which is often outlined in the plan document. Eligibility criteria typically include completing a probationary period, if applicable, and reaching a minimum age (usually 21). Plan Details: Contributions to the Hillenbrand 401(k) Plan are typically made via payroll deductions. The company may offer matching contributions up to a specified percentage

Restructuring and Layoffs: In 2023, Hillenbrand undertook significant restructuring efforts to streamline its operations and improve efficiency. The company announced a reduction in its workforce as part of these efforts, impacting various departments. This move was aimed at adapting to changing market conditions and enhancing overall performance. It's crucial to follow these developments due to the current economic climate, which may influence investment decisions, tax implications, and political factors that could affect the company's future.

Hillenbrand provided stock options and RSUs as part of their compensation packages for employees in 2022. Employees eligible for these incentives generally include executives and key personnel. Hillenbrand typically issues stock options and RSUs to attract and retain top talent and align employee interests with shareholder interests. Hillenbrand’s 2022 annual report (Page 35) details these incentives and eligibility criteria.

Hillenbrand Benefits Overview: The official Hillenbrand website provides a comprehensive overview of their employee benefits. The company typically offers a range of health benefits including medical, dental, and vision insurance. Specific details for 2022-2024 may include plans such as High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs) and traditional PPO plans. Healthcare Terms: Common acronyms and terms include HDHP (High Deductible Health Plan), PPO (Preferred Provider Organization), HSA (Health Savings Account), and FSA (Flexible Spending Account