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

Healthcare Provider Update: Provides competitive medical, dental, vision, life, disability, FSAs, and a 401(k) match, plus wellness and tuition reimbursement programs4. With ACA subsidies set to expire, Peabodys internal coverage structure offers financial protection against rising marketplace premiums. 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 Peabody Energy.

1. Mental Benefits

Working during your Peabody Energy 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 Peabody Energy 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 Peabody Energy 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 Peabody Energy.

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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 primary purpose of Peabody Energy's 401(k) Savings Plan?

The primary purpose of Peabody Energy'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 basis.

How can employees at Peabody Energy enroll in the 401(k) Savings Plan?

Employees at Peabody Energy can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does Peabody Energy offer a company match for 401(k) contributions?

Yes, Peabody Energy offers a company match for 401(k) contributions, which helps employees increase their retirement savings.

What is the maximum contribution limit for Peabody Energy's 401(k) Savings Plan?

The maximum contribution limit for Peabody Energy's 401(k) Savings Plan is determined by the IRS and may change annually; employees should check the current limits for the specific year.

Can employees at Peabody Energy change their contribution percentage at any time?

Yes, employees at Peabody Energy can change their contribution percentage at any time, typically through the benefits portal or by contacting HR.

What investment options are available in Peabody Energy's 401(k) Savings Plan?

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

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

Yes, Peabody Energy has a vesting schedule for the company match, meaning employees must work for the company for a certain period before they fully own the matched contributions.

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

Employees at Peabody Energy can access their 401(k) account information through the company's benefits portal or by contacting the plan administrator.

What happens to Peabody Energy's 401(k) Savings Plan if an employee leaves the company?

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

Are there loans available against the 401(k) balance at Peabody Energy?

Yes, Peabody Energy's 401(k) Savings Plan may allow employees to take loans against their account balance, subject to specific terms and conditions.

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

Peabody Energy announced significant restructuring plans in 2024, including job cuts and the closure of some mining operations. This decision aims to streamline operations and reduce costs amid fluctuating coal prices.