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Discover the Top 5 Advantages of Continuing to Work in Retirement for MRC Global Employees

Healthcare Provider Update: Provides health insurance through Blue Cross Blue Shield, with additional dental and vision coverage 2. With ACA insurers requesting double-digit hikes, MRCs employer-sponsored plans may offer more predictable and affordable coverage compared to marketplace options. 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 MRC Global.

1. Mental Benefits

Working during your MRC Global 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 MRC Global 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 MRC Global 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 MRC Global.

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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 plan does MRC Global offer to its employees?

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

How can employees participate in MRC Global's 401(k) plan?

Employees can participate in MRC Global's 401(k) plan by enrolling during the open enrollment period or when they first become eligible.

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

Yes, MRC Global provides a matching contribution to employee contributions, subject to certain limits.

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

The maximum contribution limit for MRC Global's 401(k) plan is set by the IRS and may change annually; employees should check the latest guidelines.

Are there any eligibility requirements to join MRC Global's 401(k) plan?

Yes, MRC Global has specific eligibility requirements, which typically include age and length of service with the company.

Can employees take loans against their 401(k) balance at MRC Global?

Yes, MRC Global allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

How can employees access their 401(k) account information at MRC Global?

Employees can access their 401(k) account information through the designated online portal provided by MRC Global's plan administrator.

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

MRC Global's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

Does MRC Global allow for Roth 401(k) contributions?

Yes, MRC Global offers the option for employees to make Roth 401(k) contributions, allowing after-tax savings.

What happens to my 401(k) funds if I leave MRC Global?

If you leave MRC Global, you can choose to roll over your 401(k) funds to another retirement account, cash out, or leave the funds in the plan, subject to certain conditions.

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

Employee Pension Plan Details: Plan Name: MRC Global does not appear to offer a traditional defined benefit pension plan. Pension Formula: N/A Years of Service and Age Qualification: Not applicable as the company does not provide a traditional pension plan. 401(k) Plan Details: Plan Name: MRC Global 401(k) Plan Eligibility: Generally, employees are eligible to participate in the 401(k) plan after completing a certain period of service, typically 30 days or as specified by the plan documents. Contributions: MRC Global matches employee contributions up to a certain percentage, as defined in the plan documents.

Layoffs and Restructuring: Flipper Inc. announced a significant restructuring plan in Q1 2024, resulting in a 15% reduction in its workforce. The company cited efforts to streamline operations and improve efficiency in response to changing market conditions. Additionally, Flipper is restructuring its benefit plans to focus on performance-based incentives rather than broad-based benefits.

Stock Options and RSUs: MRC Global offers stock options and Restricted Stock Units (RSUs) to eligible employees. Stock options generally allow employees to purchase shares at a set price, while RSUs are given as company shares that vest over time. Eligibility: Employees in senior management and key positions are typically eligible for these benefits.

Telehealth Services: MRC Global has recently expanded its healthcare benefits to include telehealth services, allowing employees to access medical care remotely. Mental Health Support: The company has increased its focus on mental health by enhancing their Employee Assistance Program (EAP) and offering more resources for mental wellness. Plan Adjustments: Updates to plan structures and cost-sharing arrangements have been implemented to better meet the needs of employees.