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

Is a Rollover into an IRA the Right Move for You as a Crane Holdings Employee?

Healthcare Provider Update: Healthcare Provider for Crane Holdings Crane Holdings typically engages with a variety of healthcare providers, but specific contracts may vary based on their employee benefits structure. It is advisable for companies to work with major insurers such as UnitedHealthcare, Anthem, or Cigna to provide a competitive benefits package, especially in light of the upcoming healthcare cost changes expected in 2026. Potential Healthcare Cost Increases in 2026 As the healthcare landscape shifts, Crane Holdings should prepare for significant increases in health insurance premiums in 2026. With overarching trends indicating rises of over 60% in some regions due to the expiration of enhanced federal subsidies and escalating medical costs, many consumers-approximately 22 million-could face premiums surging by as much as 75%. Coupled with ongoing inflationary pressures in hospital and provider costs, strategic planning will be essential for mitigating financial impacts and ensuring continued coverage for employees. Click here to learn more

Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Crane Holdings-sponsored plan. You may also gain more investment options than what may have been available in your Crane Holdings-sponsored plan. You may also gain oversight of managing these important retirement assets from your trusted Advisor.

If you roll your retirement plan assets over into an IRA account that you already own through your Advisor, you also receive the benefit of combined statements and holistic investment planning, making it easier to track your overall financial situation.

'Receive the benefit of combined statements and holistic investment planning, making it easier to track your overall financial situation.'

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Some of the benefits of rolling your money into an IRA include:

Tax-deferred growth potential: This generally avoids current income tax and distribution penalties when removed from a Crane Holdings-sponsored retirement plan.

More investment choices: This allows for additional contributions, if eligible. IRAs can be combined and handled by one provider, thereby reducing trustee costs and consolidating statements. Protection from creditors in federal bankruptcy proceedings. The combined amount of your required minimum distributions (RMDs) can be taken from any of your Traditional, SEP or SIMPLE IRAs.

However, there are also some important considerations that Crane Holdings should make before rolling over their money into an IRA, these include:

Internal management fees might be higher than in a Crane Holdings-sponsored retirement plan.
Fees and expenses depend largely on the investments you choose.
Loans from an IRA are not allowed.
Early distributions may be subject to a 10% IRS tax penalty in addition to income tax.
RMDs begin April 1 following the year you reach 70½ and annually thereafter; leaving the money in the former Fortune-500 plan may allow RMDs to be delayed until separation from service.
IRAs are subject to state laws governing malpractice, divorce, creditors (outside of bankruptcy), and other lawsuits; leaving the money in the former Crane Holdings-plan may provide additional protection against creditors.
Net unrealized appreciation (NUA) is the difference between what you paid for employer securities and their increased value. You lose favorable tax treatment of NUA if the funds are rolled into an IRA.

Hopefully, these insights will be helpful as you plan your retirement from Crane Holdings.

For more information about this topic, view our e-book here: https://retirekit.theretirementgroup.com/will-your-retirement-plan-retire-with-you-e-brochure-offer

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What type of retirement savings plan does Crane Holdings offer to its employees?

Crane Holdings offers a 401(k) retirement savings plan to its employees.

Does Crane Holdings provide any matching contributions to the 401(k) plan?

Yes, Crane Holdings provides a matching contribution up to a certain percentage of the employee's salary.

What is the eligibility requirement for employees to participate in Crane Holdings' 401(k) plan?

Employees are eligible to participate in Crane Holdings' 401(k) plan after completing a specified period of service, typically 30 days.

Can employees of Crane Holdings choose how to invest their 401(k) contributions?

Yes, employees of Crane Holdings can choose from a variety of investment options for their 401(k) contributions.

Is there a vesting schedule for the matching contributions at Crane Holdings?

Yes, Crane Holdings has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own those contributions.

How often can employees change their contribution amounts to the 401(k) plan at Crane Holdings?

Employees at Crane Holdings can change their contribution amounts typically on a quarterly basis or as specified in the plan documents.

What is the maximum contribution limit for the 401(k) plan at Crane Holdings?

The maximum contribution limit for the 401(k) plan at Crane Holdings is aligned with IRS guidelines, which may change annually.

Does Crane Holdings allow for loans against the 401(k) plan?

Yes, Crane Holdings allows employees to take loans against their 401(k) balance under certain conditions.

What happens to an employee's 401(k) balance if they leave Crane Holdings?

If an employee leaves Crane Holdings, they can choose to roll over their 401(k) balance to another retirement account, cash it out, or leave it in the Crane Holdings plan if eligible.

Are there any fees associated with the 401(k) plan at Crane Holdings?

Yes, there may be administrative fees and investment fees associated with the 401(k) plan at Crane Holdings, which are disclosed in the plan documents.

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

Crane Holdings has announced changes to their 401(k) plan, including the addition of the JPMorgan Large Cap Growth Fund and the Fidelity Total Bond Fund to their investment options lineup. This is aimed at providing employees with better growth opportunities and more stable investment choices. The company also raised its full-year adjusted EPS guidance, reflecting a strong financial outlook which can positively impact the stability and potential growth of employee retirement benefits

Restructuring Layoffs: Crane Holdings completed a significant restructuring with the separation of Crane Company and Crane NXT into two independent publicly traded companies as of April 2023. This separation is part of a strategic initiative to streamline operations and focus on core business segments. As a result, some layoffs and restructuring within the organization may occur, though specific numbers are not detailed in the available sources. The restructuring aims to enhance shareholder value and operational efficiency.

Employee Stock Options Crane Holdings offers stock options to eligible employees as part of its equity compensation plan. These stock options provide employees the right to purchase shares of Crane Holdings at a predetermined price, typically referred to as the exercise or strike price. These options usually vest over a period, meaning that employees earn the right to exercise their options in increments over several years. For example, options granted in 2023 become exercisable at 25% on the first anniversary, 50% on the second anniversary, 75% on the third anniversary, and fully vested by the fourth anniversary. Crane Holdings’ stock options are available primarily to key employees, including executives and senior management, as a way to retain talent and align their interests with shareholders (CraneCo) (SEC.gov) (SEC.gov). Restricted Stock Units (RSUs) Crane Holdings also grants RSUs, which represent a promise to deliver shares of stock to employees upon the fulfillment of certain conditions, such as continued employment over a vesting period. For instance, RSUs granted in 2023 vest on December 31, 2025, contingent on Crane Holdings achieving specific performance criteria and the employee remaining with the company. These units do not require employees to pay an exercise price; instead, they are given shares outright after meeting the vesting conditions. RSUs are typically awarded to a broader group of employees, including senior executives and key contributors, to incentivize long-term performance and loyalty (SEC.gov) (CraneCo) (CraneCo).

Crane Holdings has made significant strides in its employee health benefits over the past few years. For the years 2022, 2023, and 2024, they have consistently aimed to provide comprehensive health coverage to their employees. Health Benefits Overview 2022: Crane Holdings focused on maintaining a robust health benefits package for its employees. They offered standard health insurance options, including medical, dental, and vision coverage. In addition to these, Crane provided supplemental insurances such as life insurance, disability insurance, and long-term care insurance, which employees could opt into during open enrollment periods at advantageous group rates (Home Page) (Business Wire). 2023: The company continued to enhance its health benefits, introducing more flexibility and additional coverage options. For instance, Crane Holdings improved its wellness programs, incorporating mental health support and telehealth services to better cater to the evolving needs of its workforce (CraneCo) (Home Page). 2024: In line with the latest trends, Crane Holdings expanded its benefits to include more personalized health management tools and resources. This included advanced health savings accounts (HSAs) and flexible spending accounts (FSAs), as well as incentives for participating in preventive health activities

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Check Out Articles for Crane Holdings employees

For more information you can reach the plan administrator for Crane Holdings at 100 First Stamford Pl., Ste. 400 Stamford, CT 6902; or by calling them at 203-363-7300.

https://www.macroaxis.com/stock/CR/Crane-Company https://investors.craneco.com/Investors/press-releases/news-details/2023/Crane-Holdings-Co.-Completes-Financing-For-Upcoming-Separation/default.aspx https://investors.cranenxt.com/press-releases/news-details/2023/Crane-NXT-Co.-Completes-Separation-from-Crane-Company/default.aspx https://intellizence.com/insights/layoff-downsizing/leading-companies-announcing-layoffs-and-hiring-freezes/ https://investors.craneco.com/ https://investors.craneco.com/ https://www.sec.gov/ https://www.sec.gov/Archives/edgar/data/1944013/000119312522305284/d57439dex107.htm https://www.craneco.com/ https://www.theretirementgroup.com/featured-article/5448065/crane-holdings-professionals-be-aware-of-these-important-employee-benefits https://investors.craneco.com/ https://www.businesswire.com/news/home/20230510005561/en/Crane-Company-Reports-First-Quarter-2023-Results-and-Updates-Full-Year-Guidance/ https://www.craneco.com/ https://investors.craneco.com/