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 Parsons Employees

Healthcare Provider Update: For Parsons, the primary healthcare provider is the UnitedHealthcare plan, particularly significant as it is one of the largest insurers in the country, alongside others that may service Parsons employees depending on their locations. As we move into 2026, healthcare costs are expected to escalate dramatically due to a combination of factors affecting the Affordable Care Act (ACA) marketplace. Reports anticipate substantial premium increases, with some states seeing hikes of over 60%. This surge is primarily driven by deteriorating medical cost trends and the looming expiration of enhanced federal premium subsidies, which could result in out-of-pocket premium payments rising by an average of over 75% for approximately 92% of marketplace enrollees - a situation that poses significant financial challenges for individuals relying on ACA coverage. Thus, Parsons employees are advised to consider these developments carefully as they plan their healthcare for the upcoming year. 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 Parsons.

1. Mental Benefits

Working during your Parsons 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 Parsons 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 Parsons 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 Parsons.

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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 Parsons?

The 401(k) plan at Parsons is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them build a nest egg for retirement.

How does Parsons match employee contributions to the 401(k) plan?

Parsons offers a company match on employee contributions to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

When can employees at Parsons enroll in the 401(k) plan?

Employees at Parsons can enroll in the 401(k) plan during their initial onboarding process or during the annual open enrollment period.

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

Parsons' 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

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

Yes, employees at Parsons may be able to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What is the vesting schedule for Parsons' 401(k) plan?

The vesting schedule for Parsons' 401(k) plan determines how long employees must work at the company before they fully own the employer's contributions, which may vary based on tenure.

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

Employees at Parsons can access their 401(k) account information through the company's designated retirement plan website or mobile app.

What happens to the 401(k) plan if an employee leaves Parsons?

If an employee leaves Parsons, they have several options regarding their 401(k) plan, including rolling it over to a new employer's plan or an IRA, or cashing it out, subject to taxes and penalties.

Does Parsons offer any financial education resources related to the 401(k) plan?

Yes, Parsons provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment choices.

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

Yes, there may be administrative fees and investment fees associated with Parsons' 401(k) plan, which are disclosed in the plan's documentation.