New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: Healthcare Provider for NOV The healthcare provider for NOV Inc. (formerly known as National Oilwell Varco) is typically determined by their employee health insurance plans, which can include various major insurance carriers. These providers may vary depending on the location and specific plans offered through NOV's benefits packages. Common offerings may include large insurers such as UnitedHealthcare, Aetna, or Blue Cross Blue Shield, among others. Healthcare Cost Increases in 2026 As the healthcare landscape evolves, significant premium hikes for Affordable Care Act (ACA) marketplace plans are anticipated in 2026, with some states projecting increases exceeding 60%. The primary drivers of these surges include rising medical costs, the potential expiration of enhanced federal premium subsidies, and substantial rate increases from major insurers. The Kaiser Family Foundation warns that without congressional intervention, approximately 22 million enrollees could experience a staggering rise in out-of-pocket costs, with a potential increase of over 75% in their premiums. This combination of factors signals a challenging financial environment for healthcare consumers as they navigate impending cost fluctuations. 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 NOV.

1. Mental Benefits

Working during your NOV 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 NOV 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 NOV 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 NOV.

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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 purpose of NOV's 401(k) Savings Plan?

The purpose of NOV's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.

How can employees enroll in NOV's 401(k) Savings Plan?

Employees can enroll in NOV's 401(k) Savings Plan by accessing the company's benefits portal and following the enrollment instructions provided.

Does NOV offer a company match for contributions to the 401(k) Savings Plan?

Yes, NOV offers a company match for contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What types of investment options are available in NOV's 401(k) Savings Plan?

NOV's 401(k) Savings Plan provides a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.

Can employees change their contribution percentage to NOV's 401(k) Savings Plan at any time?

Yes, employees can change their contribution percentage to NOV's 401(k) Savings Plan at any time through the benefits portal, subject to certain limitations.

Is there a vesting schedule for the company match in NOV's 401(k) Savings Plan?

Yes, there is a vesting schedule for the company match in NOV's 401(k) Savings Plan, which determines when employees fully own the matched funds based on their years of service.

What is the minimum age requirement to participate in NOV's 401(k) Savings Plan?

The minimum age requirement to participate in NOV's 401(k) Savings Plan is typically 21 years old, although employees can start contributing once they meet this age requirement.

Are there any fees associated with NOV's 401(k) Savings Plan?

Yes, there may be fees associated with NOV's 401(k) Savings Plan, including administrative fees and investment management fees, which are disclosed in the plan documents.

How often can employees change their investment allocations in NOV's 401(k) Savings Plan?

Employees can change their investment allocations in NOV's 401(k) Savings Plan at any time, although there may be restrictions on frequent trading.

What happens to an employee's 401(k) account if they leave NOV?

If an employee leaves NOV, they have several options for their 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it in the NOV plan if eligible.