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Discover the Top 5 Advantages of Continuing to Work in Retirement for Hub Group Employees

Healthcare Provider Update: Hub Group provides a portfolio of medical plans, wellness programs, FSAs, and a 401(k) with discretionary match 2. As ACA costs increase, Hubs flexible benefits and health-focused initiatives may help employees avoid the financial strain of marketplace plans. 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 Hub Group.

1. Mental Benefits

Working during your Hub Group 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 Hub Group 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 Hub Group 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 Hub Group.

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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 401(k) plan offered by Hub Group?

The 401(k) plan at Hub Group is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them prepare for retirement.

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

Yes, Hub Group offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement for Hub Group's 401(k) plan?

Employees at Hub Group are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually within the first year.

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

Employees can enroll in Hub Group's 401(k) plan through the company's HR portal or by contacting the HR department for assistance.

What types of investment options are available in Hub Group's 401(k) plan?

Hub Group offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.

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

Yes, Hub Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What happens to my 401(k) account if I leave Hub Group?

If you leave Hub Group, you can choose to roll over your 401(k) account to another retirement plan, cash it out, or leave it in the Hub Group plan, depending on your preferences and the plan's rules.

How often can employees change their contribution amounts to the Hub Group 401(k) plan?

Employees can change their contribution amounts to Hub Group's 401(k) plan at any time, typically through the HR portal or by submitting a request to HR.

Is there a vesting schedule for Hub Group's 401(k) matching contributions?

Yes, Hub Group has a vesting schedule for its matching contributions, meaning employees must work for the company for a certain period before they fully own the matched funds.

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

The maximum contribution limit for Hub Group's 401(k) plan is subject to IRS regulations, which may change annually. Employees should check with HR for the current limits.

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 Information Name of Pension Plan: Hub Group Pension Plan Years of Service and Age Qualification: Generally, companies have specific criteria for years of service and age. This information is typically found in official plan documents. Pension Formula: The formula used to calculate pension benefits, which might include factors like years of service and final average salary. Specific Page Numbers: Document sources will be cited with page numbers. 401(k) Plan Information Name of 401(k) Plan: Hub Group 401(k) Savings Plan Who Qualifies: Eligibility criteria for participating in the 401(k) plan, which may include employment status or other criteria. Specific Page Numbers: Document sources will be cited with page numbers.

Restructuring and Layoffs: In early 2024, Hub Group announced a restructuring plan aimed at optimizing their operational efficiency. This plan included a significant reduction in the workforce as part of a broader strategy to streamline operations and cut costs. The company cited changing market conditions and the need for increased agility in their operations as key reasons for these changes. Source: Logistics Management

Stock Options and RSUs: In 2022, Hub Group provided stock options and RSUs as part of their employee compensation packages. These options were typically granted to key executives and senior management. RSUs were often awarded based on performance metrics and time-based vesting schedules.

Official Hub Group Website: Visit Hub Group's official website and navigate to the "Careers" or "Employee Benefits" section. This section typically includes details on health benefits provided to employees. Glassdoor: Check employee reviews and benefits descriptions on Glassdoor. Reviews often include information on health insurance plans, wellness programs, and other benefits. Indeed: Similar to Glassdoor, Indeed has company reviews and employee benefits information. Search for Hub Group’s benefits section to gather details. LinkedIn: Review Hub Group’s LinkedIn page, where company updates and employee-related information might be posted. Look for any recent posts about employee health benefits.